Bank regulators revoked the licenses of two more money changers reportedly caught violating Philippine law against “dusty money.”
In a press statement, the Bangko Sentral ng Pilipinas (BSP) said its Monetary Board cancelled the certificates of registration of Edzen Enterprises and World Wide Money Changer.
Both firms are sole proprietorships whose permits as remittance agent and foreign exchange dealers and money changers were cancelled.
Zenaida Artuz is the owner of Edzen Enterprises while Elliot Artuz is the proprietor of World Wide Money Changer.
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“The cancellation was due to significant violations of their deeds of undertaking, specifically on the commitment to strictly comply with Anti-Money Laundering Act (AMLA), as amended, and its revised implementing rules and regulations; and the minimum procedures on the sale and purchase of foreign currencies by money changers and foreign exchange dealers and the transactional requirements for large value payouts,” the BSP said.
Since 2016, the central bank has been cancelling the licenses of several money changers for various violations of money laundering rules, including know-your-customer rules.
