MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has further simplified the registration process for pawnshops’ money service businesses and remittance firms, bringing down the number of required documents. The number of documentary requirements was reduced to four from the current 11 for pawnshops, as well as eight for money service businesses including remittance and transfer company as well as money or foreign exchange dealers. “The amendments primarily aim to simplify the documentary or registration requirements for both money service businesses and pawnshops operators,” she said. However, Fonacier clarified the remittance and transfer company still needs to comply with the notification requirements for its RSAs and BSP supervisory expectations in accrediting its RSAs. Previously, all personnel involved in the pawnshop and money service businesses are required to attend anti-money laundering seminars to be conducted by the BSP or AML Council Secretariat before the start of operations.

Source: Philippine Star May 19, 2019 16:01 UTC