In a decisive move to safeguard the integrity of the financial system and protect the public, the Bangko Sentral ng Pilipinas (BSP) has recently announced the disqualification of four (4) entities from registering and/or obtaining a license to operate as Money Service Businesses (MSBs) within the Philippines.
Below is a list of the entities disqualified by the Monetary Board from registering with the BSP:
| Entity’s Name | Location | Owner/Operator/Contact Person |
| 1. Hanie Money Changing Services (Hanie) | 1227 A Mabini St. cor. P. Faura St., Ermita, 072, Bgy. 667, Manila | Jabail, Karim B. |
| 2. Jonathan Sanoy Money Changer (Jonathan) | LS-05 Main Station Bldg. Tutuban Center C.M. Recto Ave., Tondo, 004, Bgy 48, Manila | Sanoy, Jonathan A. |
| 3. Czasha Money Changer (Czasha) | 1620 A. Mabini St., Malate 076 Barangay 699, Manila City, Metro Manila | Fernandez, Marna G. |
| 4. Rajahs Money Changer (Rajahs) | 1C 15 & 17 G/F 999 Shopping Mall Bldg. 2 Soler St., Binondo, 028, Bgy. 293 Manila | Lim, James Michael D. |
The disqualification is pursuant to Section 901-N of the BSP’s “Manual of Regulations for Non-Bank Financial Institutions,” and is part of the central bank’s efforts to address the proliferation of entities engaged in the operation of unauthorized MSBs.
Earlier this month, the central bank also issued a warning about UNA Financing Corporation, which it said has been misusing the BSP’s name and logo to deceive individuals.
BSP moves to prevent illicit financial activities by unregistered firms
The Monetary Board, the central bank’s highest policy-making body, has taken this action against Hanie Money Changing Services, Jonathan Sanoy Money Changer, Czasha Money Changer, and Rajahs Money Changer for operating without the necessary prior registration with the BSP.
This stern measure underscores the central bank’s unwavering commitment to clamping down on the proliferation of unauthorized MSBs.
The disqualification extends not only to the listed entities but also to any sole proprietorships owned and/or controlled by their respective owners or operators: Jabail, Karim B.; Sanoy, Jonathan A.; Fernandez, Marna G.; and Lim, James Michael D.
This broad scope aims to prevent these individuals from circumventing the disqualification by establishing new, unregistered ventures.
The BSP’s regulatory framework mandates that all entities engaged in money service activities, such as money changing and remittance services, must first register with the central bank.
This requirement is crucial for ensuring transparency, accountability, and the prevention of illicit financial flows, including money laundering and terrorist financing. Registered MSBs are subject to regular monitoring and compliance checks by the BSP, providing a layer of security for consumers and the broader financial ecosystem.
BSP’s public disqualification serves as warning to unregistered operators
The recent disqualifications highlight the BSP’s proactive stance in identifying and addressing entities operating outside the legal parameters.
By publicly naming these unregistered businesses and barring them from future registration, the BSP sends a clear message to other potential offenders: operating without proper authorization will not be tolerated. This action serves as a strong deterrent and reinforces the importance of adhering to the established regulatory guidelines.
The BSP’s website provides comprehensive information on the registration process for both pawnshops and MSBs, outlining the necessary steps and documentary requirements.
For MSBs, the process involves a three-stage application, starting with an application for BSP approval, followed by the issuance of a Letter of No Objection to register with the Securities and Exchange Commission (SEC) or the Cooperative Development Authority (CDA), and culminating in the application for the Certificate of Authority to Operate as an MSB.
The detailed guidelines and checklists available on the BSP website aim to streamline the application process for legitimate businesses seeking to operate within the regulatory framework. This transparency encourages compliance and facilitates the entry of new players into the market through the proper channels.
The BSP’s intensified efforts to combat unauthorized MSB operations are part of a broader strategy to strengthen the country’s financial integrity and protect consumers from potential risks associated with unregulated entities. Engaging with unregistered MSBs can expose individuals to unfair practices, fraud, and the possibility of their transactions being linked to illegal activities.
By taking decisive action against these four entities, the BSP is not only enforcing its regulations but also actively working to cultivate a financial landscape where all participants operate within the bounds of the law. This commitment to regulatory oversight is essential for maintaining public trust in the financial system and fostering sustainable economic growth.
The BSP urges the public to exercise caution and only transact with MSBs that have been duly registered with the central bank, a list of which is readily available on the BSP’s official website.
