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Monetary Board Cancels Registration of PCO Foreign Exchange Center

03.01.2018

The Monetary Board cancelled the Certificate of Registration as a Foreign Exchange Dealer/Money Changer of PCO Foreign Exchange Center. The cancellation was due to significant violations of Sections 4104N and 4511N of the Manual of Regulations for Non-Bank Financial Institutions - N Regulations, which include violation of its Deed of Undertaking on compliance with all the requirements, rules and regulations of the BSP regarding the registration and operations of money service business; non-compliance with the Anti-Money Laundering Act and its Implementing Rules and Regulations; failure to notify BSP of the transfer of its place of business; and operating outside the registered place of business.

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