The Bangko Sentral ng Pilipinas has disqualified five money service businesses that it said were operating without central bank registration, and has also barred their sole proprietors from registering future sole proprietorships with the BSP.

The sanctions cover foreign exchange and remittance operators in Makati City, Pampanga and Davao City. According to the central bank, the measure is part of its broader effort to protect financial consumers and preserve the integrity of the domestic financial system.

Scope of the sanctions

The action was imposed through a Monetary Board resolution targeting unregistered money service businesses. The BSP said the disqualification applies not only to the named storefronts but also to any other business ventures owned or controlled by the same operators.

Under the enforcement measure, the affected proprietors are permanently disqualified from registering any future sole proprietorships with the central bank. The case concerns businesses engaged in money changing, foreign exchange or remittance activity without BSP authority.

Businesses and operators named by the BSP

The five businesses identified by the central bank are Shara-P Money Changing Services in Makati City, operated by Omar Sakaluran Pedreña; JNJ Money Changing Services in Makati City, operated by Jabidi Abdulbaki Sakaluran; Downtown Money Changer in Pampanga, operated by Maria Benedicta Amanda C. David; and Ponio Money Changing Services in Pampanga, operated by Rizalin L. Ponio.

The fifth business is Jamelah-Arham Gift Shop, doing business as Jamelah-Arham Money Changer, in Davao City. The BSP identified Bokari Panumpang Hadjisalim as its operator.

Regulatory basis

The central bank linked the sanctions to Circular No. 1206, series of 2024. That circular codified supervisory frameworks, anti-money laundering controls and consumer disclosure requirements for remittance transfer companies, money changers, foreign exchange dealers and virtual asset service providers.

Under the circular, non-bank entities that operate without BSP authorization can face administrative blacklisting and permanent disqualification from formal registration. The latest action shows the BSP applying those enforcement tools against operators it said were conducting business outside the registration framework.

What comes next

The BSP did not announce additional penalties in the reported action beyond the disqualification and permanent bar on future sole proprietorship registration. The confirmed next step is that the named businesses, along with other ventures owned or controlled by the same operators, fall under the scope of the blacklisting order.

The move also serves as a reminder that money service businesses and other covered non-bank financial operators are expected to secure central bank authority before offering services. In this case, the BSP framed the sanctions as part of continuing institutional enforcement rather than a one-off action.

Source: bitpinas.com