He Central Bank of the Philippines (BSP) has canceled the registration of a Money Services Business (MSB), FIL-EXPRESS INTERNATIONAL REMITTANCE & DELIVERY SERVICES, INC.due to a regulatory compliance violation.
What is the meaning: The BSP has canceled multiple registrations this year, including the Virtual Asset Service Providers (VASP) license of several crypto exchanges.
Key details:
- The BSP Monetary Board, through Resolution No. 1209 of October 16, 2024, approved the cancellation.
- The violation relates to Section 901-N of the Regulations Manual for Non-Bank Financial Institutions, which governs compliance standards for MSBs.
- The circular, signed by BSP Deputy Governor Chuchi G. Fonacier, was issued on December 6, 2024.
“The Monetary Board, in its Resolution No. 1209 dated October 16, 2024, approved the cancellation of the BSP registration of FIL-EXPRESS INTERNATIONAL REMITTANCE & DELIVERY SERVICES, INC. for violation of the provision/requirement of Section 901-N of the Manual of Regulations for Non-Bank Financial Institutions for Money Service Businesses.”
BSP Declaration
BSP Cancellations
This 2024, BSP sent numerous press releases to the media announcing cancellations of the licenses it issued to the following financial institutions:
What’s next: Applications for VASP, e-money and digital banks will resume in 2025.
This article is published on BitPinas: Money services company loses BSP license over compliance issues
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