The Central Bank of the Philippines issued a circular letter notifying BSP-supervised financial institutions that the Monetary Board has cancelled the BSP registrations of Prince Rockwell Money Changer Corporation and Kings Hopewell Group Corp as money changers and foreign exchange dealers, and of World Reliance Trading Corp as a remittance agent with money changing and foreign exchange dealing operations. The cancellations were approved under Monetary Board Resolution Nos. 22.A, 22.D and 22.G dated 4 January 2024, pursuant to Section 901-N of the Manual of Regulations for Non-Bank Financial Institutions, due to serious and persistent violations of Section 601-N in relation to Part 9 of the Q Regulations and Republic Act No. 9160 (Anti-Money Laundering Act of 2001), as amended, and its Revised Implementing Rules and Regulations, as well as violations of Section 901-N and the entities’ respective deeds of undertaking. The Monetary Board subsequently denied with finality the entities’ requests for reconsideration under Resolution Nos. 519, 519.A and 519.B dated 22 May 2025.
Central Bank of the Philippines 2025-07-03
Central Bank of the Philippines cancels registrations of Prince Rockwell, Kings Hopewell and World Reliance and denies reconsideration
The Central Bank of the Philippines has cancelled the registrations of Prince Rockwell Money Changer Corporation, Kings Hopewell Group Corp, and World Reliance Trading Corp due to serious violations of anti-money laundering regulations. The cancellations, approved by the Monetary Board under various resolutions, were based on breaches of Section 601-N and related regulations. Requests for reconsideration by the entities were denied with finality.