PH central bank revokes license of local money changer

Money changer NIKKO reportedly committed “serious violations” of money laundering laws.

The Bangko Sentral ng Pilipinas (BSP) has cancelled the registration of Nikko Mart (NIKKO) to operate as a remittance and transfer company (RTC) with money changing/ foreign exchange dealing (MC/FXD) after purported law violations.

NIKKO reportedly committed serious violations of Republic Act No. 9160 or The Anti-Money Laundering Act of 2001, the central bank said in a statement posted on its website.

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The Monetary Board has approved the cancellation of NIKKO’s BSP money service business registration.
 
Further, the board, in its Resolution No. 52 dated 11 January 2024, denied with finality the motion for reconsideration of NIKKO on the cancellation of its registration.