Strict record-keeping and internal controls have been ordered by the Bangko Sentral ng Pilipinas for so-called money service businesses.
Non-bank remittance and transfer companies, money changers and foreign exchange dealers (RTC/MC/FXD) “shall ensure proper records maintenance, and shall conform to the Philippine Financial Reporting Standards/Philippine Accounting Standards,” central bank Deputy Governor Chuchi Fonacier said in a memorandum dated August 1.
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