Philippine Central Bank disqualifies Money Service Businesses operating without prior registration

The Bangko Sentral ng Pilipinas (BSP) issued Circular Letter No. CL-2021-088 which handed down disqualifications on five Money Service Business (MSB) operators for operating without prior BSP registration. 


The disqualification extends to the MSBs as well as any sole proprietorship owned and/or controlled by their respective owners/operators. 


With the issuance, the BSP has made it clear that the filing of applications is not enough basis to start the operations of MSBs. 


To view the entire circular, please click here.

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