The Central Bank of the Philippines’ Monetary Board approved the cancellation of the BSP registrations of Prince Rockwell Money Changer Corporation, Kings Hopewell Group Corp., and World Reliance Trading Corp. to operate as money changers or foreign exchange dealers and remittance agents with money changing or foreign exchange dealing operations. The action was taken in view of serious and persistent violations, including anti-money laundering-related requirements. The cancellations were made pursuant to Section 901-N of the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI) and cited breaches of Section 601-N of the MORNBFI in relation to Part 9 of the Q Regulations of the MORNBFI and Republic Act No. 9160 (the Anti-Money Laundering Act of 2001), as amended, and its Revised Implementing Rules and Regulations. The Monetary Board also cited violations of Section 901-N of the MORNBFI and the entities’ respective Deeds of Undertaking. The Monetary Board subsequently denied with finality the requests for reconsideration filed by the three entities regarding the cancellation of their BSP registrations.
Central Bank of the Philippines 2025-07-16
Central Bank of the Philippines cancels BSP registrations of three money changers and denies reconsideration requests
The Central Bank of the Philippines' Monetary Board revoked the BSP registrations of Prince Rockwell Money Changer Corporation, Kings Hopewell Group Corp., and World Reliance Trading Corp. due to serious violations, including breaches of anti-money laundering requirements. The cancellations were based on Section 901-N of the Manual of Regulations for Non-Bank Financial Institutions. Requests for reconsideration by the entities were denied with finality.