Daily TribuneUnder the law, money laundering happens when non-banks fail to identify clients properly and their true financial capacity, and are unable to report suspicious acts or information about clients to the authorities.
Bangko Sentral ng Pilipinas
The Bangko Sentral ng Pilipinas (BSP) canceled the business registration of Nikko Mart (NIKKO), a money changer and remittance service provider.
In a statement on Saturday, the BSP said NIKKO committed “serious” violations of anti-money laundering rules under section 901-N of the Manual of Regulations for Non-Bank Financial Institutions.
The manual was created to include provisions of the amended Anti-Money Laundering Act of 2001 which prohibits financial transactions by non-bank institutions in completing crimes, such as kidnapping, illegal gambling, swindling, plunder, and terrorism.
Under the law, money laundering happens when non-banks fail to identify clients properly and their true financial capacity, and are unable to report suspicious acts or information of clients to the authorities.
Canceled since 2023
The BSP said its Monetary Board initially canceled NIKKO’s registration through Resolution 918 A dated 13 July 2023.
However, the company appealed for reconsideration of the BSP’s decision.
The BSP affirmed its decision on 11 January 2024 through Resolution 52.
Last year, the BSP also canceled the certificate of registration of other remittance service providers, namely Coinville Phils. Inc. and BEXPRESS Inc.
The BSP continues to monitor and investigate financial firms as President Ferdinand Marcos Jr. ordered government agencies to remove the Philippines from the gray list of the Paris-based Financial Action Task Force.
The list includes countries with weak measures against money laundering. The Philippines has been on the gray list since 2021.
