The Bangko Sentral ng Pilipinas (BSP) has revoked the Nikko Foreign Exchange (Nikko FX) registration, marking it as the third money service business to face this action this year. The Monetary Board, BSP’s top policy-making body, made the decision to cancel Nikko FX’s registration as a remittance and transfer company, including money changing and foreign exchange transactions. This decision was based on Resolution No. 1571A, dated October 27, 2022.
The Monetary Board further solidified its stance with Resolution No. 407 on April 8, 2024, denying Nikko FX’s request to reconsider the cancellation of its registration. The central bank cited “significant and recurring violations” of regulations for non-bank financial institutions and breaches of the terms in its deed of undertaking.
In a similar move last April, the BSP revoked the registration of Nikko Mart for serious breaches of the Anti-Money Laundering Act (Republic Act No. 9160). The decision to cancel Nikko Mart’s registration was finalized by the Monetary Board on July 13, 2023.
Additionally, Atomtrans Tech Corp. also had its registration canceled, including operations as a remittance company and a virtual currency exchange service.
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