The Bangko Sentral ng Pilipinas (BSP) has disqualified five Makati-based money service businesses (MSBs) from registering and banning them permanently from applying for any business license.

Bangko Sentral ng Pilipinas

Pawnshops, along with foreign exchange dealers/money changers and/or remittance agents, are referred as MSBs by the BSP. Money transfers and foreign exchange dealership also includes virtual assets.

Disqualified and shut down were: Sam Money Changer; Tasneem Foreign Exchange (FX) Services; Zhamme FX Service; Junaidi Money Exchange Services; and Marygin FX Services.

“The said MSBs were found operating without prior BSP registration, in violation of BSP rules and regulations governing operations and reporting obligations of non-bank entities engaged in remittance and money changing and/or foreign exchange dealing,” said the BSP on Friday, Nov. 12.

The BSP has been intensifying its efforts to crack down on unauthorized MSB operations, it said.

The five MSBs, which were illegally operating in Makati, will be permanently disqualified from registering with the BSP and will not be given a license to engage in any activity that is authorized or supervised by the BSP.

Earlier in June, the BSP also disqualified four MSBs that included LM’s Money Changer, Adahn Money Changer, Mudzmar Money Changing Services, and Zhenrihada Money Changing Services.

Pawnshops and MSBs remain as major financial access points in the country particularly in providing remittance services and other financial services in the countryside.

As of end-2020, the BSP supervises 7,214 MSBs and 14,641 pawnshops.

Source: Manila Bulletin (