BSP Blacklists 4 Manila Money Service Businesses for Skipping License

The Bangko Sentral ng Pilipinas (BSP) has permanently barred four Manila City-based entities and their respective proprietors from registering or securing licenses to operate under its supervision.

The Monetary Board, the Central Bank’s policymaking body, found that the businesses had operated as money service businesses (MSBs) without prior BSP registration, citing Section 901-N of the Manual of Regulations for Non-Bank Financial Institutions in executing the disqualifications.

Moreover, the enforcement action extends to any sole proprietorships owned or controlled by the same individuals.

The BSP remains firm in its resolve to ensure that financial service providers operate within the bounds of the law.

Vicente T. de Villa III, Director, Financial Supervision Department, Bangko Sentral ng Pilipinas

The Blacklisted Entities

Hanie Money Changing Services

• Owner: Karim B. Jabail
• Location: 1227 A. Mabini St. corner P. Faura St., Ermita

Jonathan Sanoy Money Changer

• Owner: Jonathan A. Sanoy
• Location: LS-05 Main Station Building, Tutuban Center, Tondo

Czasha Money Changer

• Owner: Marna G. Fernandez
• Location: 1620 A. Mabini St., Malate

Rajahs Money Changer

• Owner: James Michael D. Lim
• Location: 1C 15 & 17 G/F 999 Shopping Mall Building 2, Soler St., Binondo

What is a Money Service Business?

MSBs are non-bank financial institutions that offer services including currency exchange, money transfers, and remittance operations. In the Philippines, MSBs must register with the BSP to ensure adherence to financial regulations and to deter illicit activities such as money laundering.

The Central Bank has previously disqualified other MSBs and virtual asset service providers for operating without authorization

In 2021, several unregistered entities were sanctioned by the BSP, as reported by BitPinas. These enforcement actions form part of the BSP’s broader initiative to maintain financial system integrity and protect consumers.

This article is published on BitPinas: BSP Blacklists 4 Manila Money Service Businesses for Skipping License

What else is happening in Crypto Philippines and beyond?