Thursday, February 03, 2005

foreign exchange dealers, money changers, and remittance agents to register with BSP.

Foreign exchange dealers, dollar remittance agents, and money changers must register with Bangko Sentral ng Pilipinas (BSP). Foreign exchange dealers, dollar remittance agents, and money changers must report suspicious transactions, keep and maintain records for transparency of transaction.
Philippines has been removed from Paris-based Financial Action Task Force (FATF) list of noncompliant country on money laundering.
200 Foreign exchange dealers, dollar remittance agents, and money changers are incorporated, 20 influential in peso-dollar exchange rate.
Foreign exchange dealers, money changers, and remittance agents must submit reports and bookkeeping regulations.
Previously, money changers need only Securities and Exchange Commission incorporation papers and a permit from the municipality or city of operation.
Supervision over the industry was removed from the central bank by the New Central Bank Act of 1993, as well as the liberalization of the country's foreign exchange market.