Philippine court convicts owner of unregistered money exchange business
The owner and operator of Globexmc can no longer own and operate an MSB.
A Philippine regional court has convicted Globexmc Foreign Exchange Services for operating an unregistered money service business (MSB) engaged in foreign exchange dealing.
Globexmc owner and operator Shelly Mohammad Tillah reportedly violated the Bangko Sentral ng Pilipinas’ (BSP) Manual of Regulations for non-bank financial institutions and the New Central Bank Act.
The Regional Trial Court of Makati City found Tillah guilty beyond reasonable doubt and sentenced a PHP50,000 fine without the right to avail of the benefits of probation.
Tillah can no longer own and operate an MSB, and is disqualified from registering with the BSP any entity engaged in the business of remittance services, money changing, or foreign exchange dealing.