Daily TribuneThe BSP’S Monetary Board has disqualified Riyben Foreign Exchange and any sole proprietorship owned and/or controlled by the owner/operator from registering with the BSP, and/or obtaining a license with the BSP to engage in any activity that is authorized or supervised by the BSP
The Bangko Sentral ng Pilipinas, or BSP, has directed foreign exchange trader Riyben Foreign Exchange and its sub-agents to stop operating due to lack of registration documents from the central bank.
In a statement released Monday, the BSP said Riyben Foreign Exchange skipped application for registration to establish and operate as a money service business or MSB.
For this reason, the BSP disqualified the company from proceeding with its registration and obtaining a license to operate.
Riyben Foreign Exchange is owned by Benjamin de Guzman and located at San Juan Olivarez Plaza, San Jose, Tagaytay City, Cavite.
"The BSP'S Monetary Board has disqualified Riyben Foreign Exchange and any sole proprietorship owned and/or controlled by the owner/operator from registering with the BSP, and/or obtaining a license with the BSP to engage in any activity that is authorized or supervised by the BSP, for operating as MSB without prior BSP registration," the central bank said.
Under BSP's ambit
The BSP is authorized to require business registrations of non-bank financial institutions such as MSBs as a way to prevent money laundering through remittances, foreign exchange, or fund transfers.
"The above disqualification is pursuant to Section 901-N of the BSP's Manual of Regulations for non-bank financial institutions and is part of the BSP's efforts to address the proliferation of entities engaged in the operation of unauthorized MSBs," BSP said.
