The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) has cancelled the registration license of Prince Rockwell Money Changer Corporation, Kings Hopewell Group Corp., and World Reliance Trading Corp.

These companies were registered to operate as Money Changers/Foreign Exchange Dealers and Remittance Agents with Money Changing/Foreign Exchange Dealing operations. The cancellation, initially approved in Resolution Nos. 22.A, 22.D, and 22.G dated 4 January 2024, were due to “serious and persistent violations”.

The violations include breaches of Section 601-N and Section 901-N of the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI).

These are in relation to Part 9 of Q Regulations of the MORNBFI and Republic Act (RA) No. 9160, also known as The Anti-Money Laundering Act of 2001, as amended, and its Revised Implementing Rules and Regulations (RIRR). The firms also violated their respective Deeds of Undertaking.

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