The Bangko Sentral ng Pilipinas said its Monetary Board canceled the registration of Nikko Mart to operate as a remittance and transfer company (RTC) with money changing /foreign exchange dealing.
The BSP said the MB, in its Resolution No. 918.A, approved the cancellation of the BSP money service business registration of Nikko to operate as an RTC with MC/FXD.
It said this is pursuant to Section 901-N of the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI), “in view of the serious violations of Republic Act No. 9160 or the Anti-Money Laundering Act of 2001, as amended, and its revised Implementing rules and regulations.
It said it was also in violation of Section 601-N of the MORNBFI, in relation to Part 9 of the MORNBFI Q-Regulations, Section 901-N of the MORNBFI and the notarized deed of undertaking.
Nikko tried to appeal the earlier MB resolution, but the board issued Resolution No. 52 on Jan. 11, 2024, denying with finality the company’s motion for reconsideration on the cancellation of its registration.
Nikko Mart is the 15th money service business (MSB) whose registration was revoked by the BSP.
MSBs refer to pawnshops, foreign exchange dealers and remittance agents.