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The Bangko Sentral ng Pilipinas (BSP) on Friday canceled the registration of another money changer and foreign exchange dealer, bringing to five so far this year that it had blocked from operating for not complying with antimoney laundering regulations.
The central bank said its highest policy-setting body, the Monetary Board, voided the registration of Uno Forex Inc. to operate.
The BSP cited “serious violations” in the Manual of Regulations for Non-Bank Financial Institutions and the Anti-Money Laundering Act of 2001. The provisions deal with antimoney laundering and combating financing of terrorism.
READ: BSP halts business of another money remittance firm
Earlier in June, the BSP revoked the registration of money service firm Foreignex Inc. for similar reasons.
The BSP canceled the registration of Nikko Foreign Exchange that same month, citing “significant and recurring violations” of rules covering nonbank financial institutions and “violations of the executed deed of undertaking.”
In April, it canceled the license of Nikko Mart also for “serious violations” of the law.
Atomtrans Tech Corp. had its listing canceled last Jan. 26 also for “noncompliance” with the law.
The manual states the BSP may inquire into or examine bank accounts or investments, including customer identification, account opening and transaction documents, for the purpose of checking compliance by those under its supervision.
Covered are banks, nonbank institutions, quasibanks, trust entities, nonstock savings and loan associations, pawnshops, foreign exchange dealers, money changers, remittance and transfer companies. INQ