BSP simplifies registration for pawnshop, fx sellers, remittance companies
Lawrence Agcaoili (The Philippine Star) – Might 20, 2019 – 12:00am
MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has additional simplified the registration course of for pawnshops’ cash service companies and remittance companies, bringing down the variety of required paperwork.
BSP Deputy Governor Chuchi Fonacier instructed The STAR the issuance of Round 1039 was according to the rationale and provisions of Republic Act 11032, in any other case referred to as the Ease of Doing Enterprise and Environment friendly Authorities Service Supply Act of 2018.
The variety of documentary necessities was lowered to 4 from the present 11 for pawnshops, in addition to eight for cash service companies together with remittance and switch firm in addition to cash or international change sellers.
“The amendments primarily intention to simplify the documentary or registration necessities for each cash service companies and pawnshops operators,” she stated.
Likewise, Fonacier stated remittance sub-agents (RSAs) are not required to register with the central financial institution in contrast to earlier than whereby RSAs with two workplaces are required to register as remittance and switch firm.
“With the issuance of Round 1039, RSAs shall be thought-about extension workplace and a part of the community of its remittance and switch firm and thus are not required to register with the BSP,” she added.
Nonetheless, Fonacier clarified the remittance and switch firm nonetheless must adjust to the notification necessities for its RSAs and BSP supervisory expectations in accrediting its RSAs.
The remittance and switch firm stays the first entity registered with the BSP and is liable for the RSAs’ compliance with all relevant anti-money laundering legal guidelines in addition to guidelines and rules.
She stated the anti-money laundering coaching requirement has been amended as just for the proprietors, companions, administrators and senior officers of pawnshops and cash providers companies equivalent to president or officer of equal rank and performance.
For different personnel of the entity, Fonacier stated they’re nonetheless required to attend the coaching that won’t essentially be performed by the BSP or AML Council Secretariat.
Beforehand, all personnel concerned within the pawnshop and cash service companies are required to attend anti-money laundering seminars to be performed by the BSP or AML Council Secretariat earlier than the beginning of operations.
Likewise, the brand new round additionally required digital foreign money change operators to submit a listing of working workplaces and web sites each semester.
The digital foreign money change operators have been additionally required to take care of an inside management system commensurate to the character, dimension, and complexity of their respective companies.