Regulatory Alerts2024-12-23
Circular No. 1206: Consolidated Rules for Money Service Businesses under the New MORNBFI-M
Bangko Sentral ng Pilipinas issued Circular No. 1206 to consolidate and supersede existing regulations for Money Service Businesses into the new M-Regulations of the Manual of Regulations for Non-bank Financial Institutions. The circular integrates rules for Remittance Transfer Companies, Money Changers, E-Money Issuers, and Virtual Asset Service Providers to enhance regulatory clarity and supervisory authority under Republic Act No. 11211. It establishes comprehensive frameworks for organization, risk management, anti-money laundering compliance, and consumer protection while defining specific registration fees, penalties, and operational requirements for these entities.
Share