THE Regional Trial Court of Makati City has convicted the owner and operator of Globexmc Foreign Exchange Services (Globexmc) for violating the Bangko Sentral ng Pilipinas’ (BSP) Manual of Regulations for Non-Bank Financial Institutions (MORNBFI) and the New Central Bank Act.
The criminal case arose when Shelly Mohammad Tillah, owner and operator of Globexmc, operated the unregistered money service business (MSB) engaged in foreign exchange dealing.
The court found Tillah guilty beyond reasonable doubt and was sentenced to pay a fine of PHP50,000.00 without the right to avail of the benefits of probation. Further, with her criminal conviction, Tillah can no longer own and/or operate an MSB, as she is now disqualified from registering with the BSP any entity engaged in the business of remittance services, money changing, or foreign exchange dealing, pursuant to Section 901-N of the MORNBFI, as amended.
The BSP continues to promote compliance with existing laws among banks and non-bank financial institutions performing quasi-banking functions to safeguard the interest of the general public.
