The Central Bank of the Philippines' Monetary Board disqualified four entities, and any sole proprietorship owned or controlled by their owners or operators, from registering with the Bangko Sentral ng Pilipinas (BSP) or obtaining a BSP license for any BSP-authorized or BSP-supervised activity after finding they operated as money service businesses (MSBs) without prior BSP registration. The disqualification, issued under Section 901-N of the BSP’s Manual of Regulations for Non-Bank Financial Institutions, applies to Hanie Money Changing Services, Jonathan Sanoy Money Changer, Czasha Money Changer, and Rajahs Money Changer. The BSP framed the action as part of its efforts to curb the proliferation of unauthorized MSBs.
Central Bank of the Philippines 2025-05-16
Central Bank of the Philippines disqualifies four unregistered money service businesses from future BSP registration and licensing
The Central Bank of the Philippines' Monetary Board disqualified four entities from registering with the Bangko Sentral ng Pilipinas (BSP) or obtaining a BSP license for any BSP-authorized activity due to operating as money service businesses without prior registration. The disqualification applies to Hanie Money Changing Services, Jonathan Sanoy Money Changer, Czasha Money Changer, and Rajahs Money Changer under Section 901-N of the BSP’s Manual of Regulations for Non-Bank Financial Institutions. This action is part of BSP's efforts to curb unauthorized money service businesses.