The Central Bank of the Philippines issued a circular letter to BSP-supervised financial institutions advising that the Monetary Board has approved the cancellation of BTI Courier Express Incorporated’s BSP registration to operate as a remittance agent with money changing and foreign exchange dealing operations. The cancellation was approved under Monetary Board Resolution No. 1096.A dated 06 November 2025, pursuant to Section 901-N (now Section 001-M) of the Manual of Regulations for Non-Bank Financial Institutions. The cited grounds were serious and persistent violations of Section 601-N of the manual in relation to Part 9 of the Q Regulations and Republic Act No. 9160 (the Anti-Money Laundering Act of 2001), as amended, and its revised implementing rules, as well as serious violations of Section 901-N (now M-Regulations), including substantial non-compliance with the firm’s Deed of Undertaking.
Central Bank of the Philippines 2026-01-23
Central Bank of the Philippines cancels BTI Courier Express registration as remittance agent with money changing and foreign exchange dealing
The Central Bank of the Philippines has cancelled BTI Courier Express Incorporated's registration to operate as a remittance agent, citing serious and persistent violations of anti-money laundering regulations and non-compliance with its Deed of Undertaking. This decision was made under Monetary Board Resolution No. 1096.A, in accordance with the Manual of Regulations for Non-Bank Financial Institutions.