The Bangko Sentral ng Pilipinas (BSP) said it cancelled the license of Nikko Foreign Exchange.
It said in a statement the Monetary Board, in Resolution No. 1571.A dated October 27, 2022, approved the cancellation of the money service business (MSB) registration of Nikko FX to operate as remittance and transfer company (RTC) with money changing/foreign exchange dealing (MC/FXD) activities.
This is pursuant to Section 901-N of the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI) “in view of the (a) significant and recurring violations of (i) Section 601-N of the MORNBFI and (ii) Section 901-N of the MORNBFI; and (b) violations of the executed deed of undertaking.”
It said the Monetary Board, in Resolution No. 407 dated April 8, 2024, denied with finality the request for reconsideration of Nikko FX on the cancellation of its MSB registration to operate as RTC/MC/FXD.
