The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP) has affirmed the cancellation of the registrations of PRINCE ROCKWELL MONEY CHANGER CORPORATION, KINGS HOPEWELL GROUP CORP., and WORLD RELIANCE TRADING CORP. to operate as Money Changer/Foreign Exchange Dealer and Remittance Agent with Money Changing/Foreign Exchange Dealing operations, respectively. This decision comes after serious and persistent violations of regulations and undertakings.
The initial cancellation, approved by the Monetary Board in Resolution Nos. 22. A, 22.D, and 22. G dated 04 January 2024, was made according to Section 901-N of the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI).
The cancellations were primarily due to serious and persistent violations of:
- Section 601-N of the MORNBFI, about Part 9 of Q Regulations of the MORNBFI and Republic Act (RA) No. 9160 (The Anti-Money Laundering Act of 2001), as amended, and its Revised Implementing Rules and Regulations (RIRR);
- Section 901-N of the MORNBFI; and
- Their respective Deeds of Undertaking.
Following the initial decision, the aforementioned entities filed requests for reconsideration. However, the Monetary Board, in its Resolution Nos. 519, 519. A, and 519. B dated 22 May 2025, denied these requests with finality.
This action underscores the BSP’s unwavering commitment to upholding the integrity and stability of the financial system and ensuring strict compliance with anti-money laundering regulations. The BSP continues to remind all supervised entities of their obligations to adhere to all relevant laws, rules, and regulations to prevent the misuse of the financial system for illicit activities.
