Regulatory Alerts2024-04-15
CL-2024-021: Cancellation of the Bangko Sentral ng Pilipinas (BSP) Registration of Nikko Mart (NIKKO)
The Bangko Sentral ng Pilipinas issued this circular to inform supervised financial institutions of the final cancellation of Nikko Mart's money service business registration. The Monetary Board approved the revocation due to serious violations of the Anti-Money Laundering Act and its implementing rules, following the denial of Nikko Mart's motion for reconsideration. This action terminates Nikko Mart's authorization to operate as a remittance and transfer company with money changing or foreign exchange dealing capabilities.
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