THE Regional Trial Court of Mandaluyong City has convicted the owner and operator of Zhenrihada Money Changing Services (Zhenrihada) for violating Section 901-N of the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI) of the Bangko Sentral ng Pilipinas (BSP), as punishable under Section 36 of Republic Act No. 7653 or The New Central Bank Act.
The criminal case arose from a complaint filed by the BSP with the Department of Justice due to the failure of accused Tadzmahal Biste Andag to register Zhenrihada as a Money Service Business (MSB) with the BSP prior to its operations.
The accused pleaded guilty as charged for violation of the relevant provisions of the MORNBFI. The court sentenced Andag to pay a fine of Php 50,000.00, with subsidiary imprisonment in case of non-payment.
The BSP ensures the compliance of banks and other regulated financial institutions with existing laws, rules, and regulations to ensure the soundness of the financial system and to protect the interest of the general public.
