The Bangko Sentral ng Pilipinas (BSP) has revoked the licenses of Prince Rockwell Money Changer Corporation, Kings Hopewell Group Corp. and World Reliance Trading Corp., halting their money changing, foreign exchange dealing and remittance operations.
The BSP said the cancellations approved by its Monetary Board (MB) were due to “serious and persistent violations” of Anti-Money Laundering Act (AMLA) regulations, BSP’s money service business operations regulations and their deeds of undertaking.
The cancellations were made pursuant to Section 901-N of the Manual of Regulations for Non-Bank Financial Institutions, which states that any violation of Republic Act No. 9160, or the AMLA of 2001, as amended, and the section’s provisions or requirements would lead to sanctions, including license cancellation.
The Monetary Board also denied the three entities’ requests for reconsideration regarding the cancellation of their BSP registrations.
Resolutions revoking their licenses were filed in January 2024, with a circular letter issued by the BSP on July 3, 2024. The resolutions denying their requests for reconsideration were dated May 22, 2025.
Under RA 9160, money laundering refers to any activity where the proceeds of unlawful activity involving monetary instruments or properties are transacted and appear to originate from legitimate sources.
To prevent such occurrences, the law mandates institutions to identify the true identity of clients, with all transactions recorded and reported to the Anti-Money Laundering Council.
