The Bangko Sentral ng Pilipinas (BSP) has canceled the registration of a Money Service Business (MSB), FIL-EXPRESS INTERNATIONAL REMITTANCE & DELIVERY SERVICES, INC., due to a regulatory compliance violation.
What’s the significance: The BSP has cancelled multiple registrations this year, including Virtual Asset Services Providers (VASP) license of several crypto exchanges.
Key details:
- The BSP’s Monetary Board, in Resolution No. 1209 dated October 16, 2024, approved the cancellation.
- The violation relates to Section 901-N of the Manual of Regulations 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 16 October 2024, approved the cancellation of the BSP registration of FIL-EXPRESS INTERNATIONAL REMITTANCE & DELIVERY SERVICES, INC. on the basis of violation of the provision/requirement under Section 901-N of the Manual of Regulations for Non-Bank Financial Institutions for a Money Service Business.”
BSP Statement
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 Service Business Loses BSP License Over Compliance Issues
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