BSP shutters Foreignex

Local monetary authorities have revoked the registration of money changer and foreign exchange dealer Foreignex Inc., the fourth company that had its papers voided due to noncompliance with antimoney laundering regulations.

In a statement on Tuesday, the Bangko Sentral ng Pilipinas (BSP) said its highest policy-setting body, the Monetary Board, approved the cancellation of the registration of Foreignex Inc. pursuant to section 901-N of the Manual of Regulations for Non-Bank Financial Institutions.

This section covers regulations on antimoney laundering and combating the financing of terrorism.

Almost a week ago, the Monetary Board also revoked the registration of Nikko Foreign Exchange (Nikko FX), citing “significant and recurring violations” of rules covering nonbank financial institutions, as well as “violations of the executed deed of undertaking” to strictly comply with the rules and regulations of the BSP.

Back in April, it also cancelled the license of Nikko Mart, for violating Republic Act No. 9160, or The Anti-Money Laundering Act of 2001, which seeks to prevent the country’s financial system from being used to “launder” or disguise the origin of money from criminal activity (dirty money) to make it appear legitimate.

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