Regulatory Alerts2024-06-10
CL-2024-029: Cancellation of Registration as Money Changer/Foreign Exchange Dealer of FOREIGNEX INC.
The Monetary Board of the Bangko Sentral ng Pilipinas issued Circular Letter CL-2024-029 to formally cancel the registration of FOREIGNEX INC. as a Money Changer and Foreign Exchange Dealer. This action was taken pursuant to Resolution No. 250.A dated 29 February 2024 due to the entity's gross violation of the Manual of Regulation for Non-Bank Financial Institutions and its Deed of Undertaking. The directive serves as official notice to all BSP-supervised financial institutions regarding the revocation of FOREIGNEX INC.'s operational license.
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