THE Bangko Sentral ng Pilipinas (BSP) has revoked the registration of Fil-Express International Remittance & Delivery Services Inc. to operate as a money service business (MSB) for violating regulatory provisions.
THE Bangko Sentral ng Pilipinas has revoked the registration of Fil-Express International Remittance & Delivery Services Inc. to operate as a money service business for violating regulatory provisions.The action, approved by BSP 's policymaking Monetary Board under Resolution No. 1209 on Oct. 16, stemmed from Fil-Express' noncompliance of Section 901-N of the Manual of Regulations for Non-Bank Financial Institutions , which outlines requirements for the operation of MSBs.
MSBs comprise any person doing business, whether or not on a regular basis, or as an organized business concern, in one or more of the following capacities: Currency dealer or exchanger; check casher; and issuer of traveler's checks, money orders or stored value.As a result, Fil-Express can no longer operate as an MSB in the Philippines.
Revokes License Of Remittance Firm
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