THE Bangko Sentral ng Pilipinas (BSP) has cancelled the certificate of registration of remittance firm Philrem Service Corp.’s (Philrem) for its failure to comply with anti-money laundering rules.
In a statement on Wednesday, the BSP said Philrem violated Section 4511N of the Manual of Regulations for Non-Bank Financial Institutions and Circular 706 that include rules and regulations on anti-money laundering activities.
The rules require remittance agents like Philrem to submit to the Anti-Money Laundering Council (AMLC) a report on covered transactions and suspicious transactions.
Philrem was investigated by the Senate for its role in the laundering of the $81 million stolen by hackers from the Bank of Bangladesh that was transferred to the country through the Rizal Commercial Banking Corp. (RCBC).
Officials of the remittance company admitted sending part of the money to businessman Weikang Xu.
The Bureau of Internal Revenue also filed charges against Philrem for tax evasion.
The Monetary Board also canceled the registration of two non-bank financial institutions — Werquick and Peso Remittance which operates as foreign exchange dealers, money changers and remittance agents.
“The BSP will also be working closely with other relevant government agencies, such as the Anti-Money Laundering Council and the Department of Justice, in their investigation of possible criminal and administrative violations under the Anti-Money Laundering Act and its Implementing Rules and Regulations, of the aforementioned entities, including their Directors and Officers,” the BSP said.