HALISTER1: Philippine BSP Boosts Oversight on Remittance, Money Changers

Philippine BSP Boosts Oversight on Remittance, Money Changers

(Bloomberg) -- Monetary Board approved updated comprehensive framework enhancing Bangko Sentral ng Pilipinas’ oversight over operations of remittance companies, money changers and foreign exchange dealers to boost compliance with Anti-Money Laundering Law, BSP says in statement.
  • There are >18,000 central bank-registered money service businesses, 6,700 of which are also registered pawnshops
  • BSP will regulate all remittance and transfer companies and other money-service businesses now required to notify BSP when they start operations, change partners, transfer location, close or transfer ownership; they shall also submit activity reports to BSP, and they must also register with Anti-Money Laundering Council for purposes of covered and suspicious transactions reporting
  • NOTE: Tetangco Eyes More Banking Reforms in Last Months of Second Term Link
  • NOTE: Anti-Laundering Body Building More Cases on Heist Link
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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BSNZ PM (Bangko Sentral ng Pilipinas)

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