RP govt probes remittance firms - Department of Trade

November 11, 2007  --  Got something to say?
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MANILA - The Department of Trade and Industry, Bangko Sentral ng Pilipinas and Securities and Exchange Commission are taking cognizance of complaints from overseas workers about delayed delivery or no delivery at all by remittance companies like Western Union, RCPI, LBC and Federal Express, according to the Philippine Daily Inquirer.

Among the complaints involved delayed delivery, sometimes no delivery at all, of remittances and identification cards required by remittance centers for financial transactions with foreign exchange dealers, money changers and remittance agents, the Inquirer said. Often, beneficiaries of overseas Filipino workers are victimized by money remittance centers that fail to exercise the required diligence in handling the money sent from abroad.

BSP officers present at the meeting cited BSP Circular 471 issued in 2005 that prescribed the rules governing the registration and operations of foreign exchange dealers, money changers and remittance agents.

The circular required FXDs. MCs and RAs to register with BSP prior to operating a business. These types of businesses are also subject to the provisions of Republic Act No 7653 or The New Central Bank Act and RA No. 9160 or the Anti-Money Laundering Act (AMLA) of 2001, as amended by RA No. 9194 and its implementing rules and regulations particularly on customer identification, record keeping and reporting of covered and suspicious transactions.

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