Regulatory Alerts2024-05-31
Cancellation of BSP Registration of NIKKO FOREIGN EXCHANGE to Operate as Remittance and Transfer Company with Money Changing/Foreign Exchange Dealing Activities
The Bangko Sentral ng Pilipinas Monetary Board cancelled the Money Service Business registration of Nikko Foreign Exchange for operating as a remittance and transfer company with money changing activities. This action was taken due to significant and recurring violations of the Manual of Regulations for Non-Bank Financial Institutions and breaches of an executed Deed of Undertaking. The Monetary Board denied Nikko FX's request for reconsideration with finality in April 2024, confirming the cancellation effective May 2024.
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