The Bangko Sentral ng Pilipinas (BSP) Monetary Board on Friday revoked the authority of Owen & Sons Pawnshop, Foreign Exchange and Remittance Services, Inc.’s to operate as a pawnshop citing violations as a money service business.
In a statement, the BSP said it also cancelled the Owen & Sons’ registration as a foreign exchange dealer (FXD)/money changer (MC) and remittance transfer company (RTC).
“The Monetary Board has revoked the Bangko Sentral ng Pilipinas authority to operate as pawnshop and cancelled the registration to operate as FXD/MC and RTC of Owen & Sons Pawnshop, Foreign Exchange And Remittance Services, Inc. pursuant to Sections 172-P and 901-N of the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI), respectively,” BSP said.
This, “in view of non-compliance with Republic Act No. 9160 (The Anti-Money Laundering Act of 2001), as amended, and its revised implementing rules and regulations (RIRR), MORNBFI-P Regulations, Sections 501-P and 601-N, in relation to Part 9 of the MORNBFI-Q Regulations, Section 901-N of the MORNBFI, and for violation of its Deeds of Undertaking as pawnshop and money service business,” it added.
Owen &Sons is a company engaged in Pawnshop located in Sto. Rosario, San Fernando, Pampanga.
