M-2025-013: Sale of Foreign Exchange Against Philippine Peso by AAB Forex Corps

BANGKO SENTRAL NG PILIPINAS
To
OFFICE OF THE DEPUTY GOVERNOR I MONErARV AND ECONOMICS SECTOR Subject All Authorized Agent Banks IAABs) and Subsidiary/Affiliate Foreign EXchange Corporations of AABS IAAB Forex Corps) Sale of Foreign EXchange (FX) Against Philippine Peso PHP) by AAB Forex Corps MEMORANDUM No. 2025- 013 AAB forex corps, which fall under the functional category of money changerSIforeign eXchange dealers'. are subject to the governing regulatory framework' for non-bank financial institutions under the MORNBFl. This excludes, however. the sale of FX against PHP by AAB forex corps which shall be subject to the pertinent regulations under the Manual of Regulations on Foreign EXchange Transactions (FX Manual). as amended'. Correspondingly. the sale of FX against PHP by AAB forex corps to individuals/entities that are riot AABs shall be subject to the documentary requirements, among others, under the FX Manual depending on the nature of the underlying FX transaction. For guidance and compliance. April2025 I .,., ZENO RO D R. ABENO. A Sect r-in-Charge 2 Any entity that engages in money changing/FX dealing business Including on the regulation on large value pay-outs under Section 103. M (General Requirements for the Conduct of Money Service Business Operations) of the Manual of Regulations for Nori-Bank Financial Institutions IMORNBFl) Pursuant to item 3, b. Part One, Chapter I Iceneral Provisions) of the FX Manual