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.
Page 1 of 1 FSS Examination Form No. 01-010 * Version 0 * Updated OFFICE OF THE DEPUTY GOVERNOR FINANCIAL SUPERVISION SECTOR CIRCULAR LETTER NO. CL-2024-____ To : All Bangko Sentral ng Pilipinas (BSP) Supervised Financial Institutions Subject : Cancellation of Registration as Money Changer/Foreign Exchange Dealer of FOREIGNEX INC.
The Monetary Board, in its Resolution No. 250.A dated 29 February 2024, approved the cancellation of the BSP registration of FOREIGNEX INC. to operate as Money Changer/Foreign Exchange Dealer, pursuant Section 901-N of the Manual of Regulation for Non-Bank Financial Institutions (MORNBFI), on the basis/ground of gross violation of the provisions/requirements of said regulations, and violation of Deed of Undertaking executed pursuant to Section 901-N of the MORNBFI. For Information and guidance. ATTY. ARIFA A. ALA Sector-in-Charge
10 June 2024