THE Bangko Sentral ng Pilipinas (BSP) has revoked the registration of Fil-Express International Remittance & Delivery Services Inc. to operate as a money service business (MSB) for violating regulatory provisions.
The action, approved by BSP's policymaking Monetary Board (MB) under Resolution No. 1209 on Oct. 16, stemmed from Fil-Express' noncompliance of Section 901-N of the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI), which outlines requirements for the operation of MSBs.