BSP disqualifies unregistered Tagaytay-based forex dealer

By Joann Villanueva

September 25, 2023, 4:15 pm

<p><em>File photo</em></p>

File photo

MANILA – Bangko Sentral ng Pilipinas’ (BSP) policy-making Monetary Board (MB) has disqualified a Tagaytay-based foreign exchange company for operating unregistered.

In a statement on Monday, the central bank identified the erring player as Riyben Foreign Exchange, which has a branch at Olivarez Plaza, San Jose in Tagaytay City, Cavite.

It said the money exchange entity “and any sole proprietorship owned and/or controlled by the owner/operator” is now disqualified to register with the central bank “and/or obtaining a license with the BSP to engage in any activity that is authorized or supervised by the BSP, for operating as MSB (money service business) without prior BSP registration.”

“The above disqualification is pursuant to Section 901-N of the BSP’s Manual of Regulations for Non-Bank Financial Institutions, and is part of the BSP’s efforts to address the proliferation of entities engaged in the operation of unauthorized MSBs,” it added.

Sec.901-N of the MORNBFI discusses regulations specifically for MSBs, which include remittance and transfer companies (RTC), money changers (MC) and foreign exchange dealers (FXD).

Aside from prior BSP registration, MSBs are also required to register with the Anti-Money Laundering Council Secretary (AMLCS) within 30 calendar days from the actual start of their operation.

“Failure to register shall result in the automatic cancellation of the Bangko Sentral registration as RTC/MC/FXD,” it added. (PNA)