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Saturday, April 09, 2005
Moneychangers urged to register with central bank
* Existing FXD, MC and RA found operating without BSP application for registration after May 17, 2005 shall be subject to applicable penalties under the New Central Bank Act
* Failure to comply will be imposed with a fine of not less than P50,000 nor more than P200,000
THE Bangko Sentral ng Pilipinas (BSP) required all entities, and persons, engaged or desiring to engaged in the business of buying and selling foreign currencies and in the remittance, transfer and transmittal of money in behalf of any person or entity to register with BSP.
The order is mandated by BSP Circular Number 471 that provides rules and regulations governing operations of foreign exchange dealers, moneychangers and remittance agents.
Existing foreign exchange dealers, moneychangers and remittance agents operating as of February 17 this year are given 90 days to register.
Branch offices, however, need not to apply, BSP added. New applicants, BSP said, should register before starting operation.
The bank warned that an existing FXD, MC and RA found operating without BSP application for registration after May 17, 2005 should be subject to applicable penalties under the New Central Bank Act.
Failure to comply will be imposed with a fine of not less than P50,000 nor more than P200,000 or by imprisonment of not less than two years nor more than 10 years at the discretion of the court.
Requirements for registration are: letter of application, incorporation papers as a foreign exchange dealer/money changer and or remittance agent authenticated by the Securities and Exchange Commission or Copy of Certificate of Registration authenticated by the Department of Trade and Industry together with the original document; copy of business license/permit from the city or municipality where the business is located and operates; list of stockholders, partners, proprietors, principal officers; notarized Deed of Undertaking to strictly comply with the requirements of all relevant laws, rules and regulations, signed either by the owner, partner, president or officer of equivalent rank and NBI clearance.
Each new and existing FXD, MC or RA shall be charged a processing fee of P1,000.
(April 9, 2005 issue)
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