Regulatory Alerts2024-12-06
Cancellation of BSP Registration of FIL-EXPRESS INTERNATIONAL REMITTANCE & DELIVERY SERVICES, INC. to Operate as Money Service Business
The Bangko Sentral ng Pilipinas issued Circular Letter No. CL-2024-054 to announce the cancellation of FIL-EXPRESS INTERNATIONAL REMITTANCE & DELIVERY SERVICES, INC.'s registration as a Money Service Business. This action was approved by the Monetary Board in Resolution No. 1209 dated 16 October 2024 due to the entity's violation of Section 901-N of the Manual of Regulations for Non-Bank Financial Institutions. The directive serves as formal notification to all BSP-supervised financial institutions regarding this regulatory enforcement measure.
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OFFICE OF THE DEPUTY GOVERNOR I FINANCIAL SUPERVISION SECTOR CIRCULAR LETTER NO. CL-2024-___ To : All Bangko Sentral ng Pilipinas (BSP)-Supervised Financial Institutions Subject : Cancellation of BSP Registration of FIL-EXPRESS INTERNATIONAL REMITTANCE & DELIVERY SERVICES, INC. to Operate as Money Service Business The Monetary Board, in its Resolution No. 1209 dated 16 October 2024, approved the cancellation of the BSP registration of FIL-EXPRESS INTERNATIONAL REMITTANCE & DELIVERY SERVICES, INC. on the basis of violation of the provision/requirement under Section 901-N of the Manual of Regulations for Non-Bank Financial Institutions for a Money Service Business. For information and guidance.
CHUCHI G. FONACIER Deputy Governor 06 December 2024