Anti-money laundering law now applicable to pawnshops, money changers

By Miriam P. Aquino, PIA 1, La Union


SAN FERNANDO CITY — Operators of pawnshops, money changers and remittance centers are also required to observe the provisions on the Anti-Money Laundering Act or Amla before they are given the clearance to operate their businesses.

The Bangko Sentral ng Pilipinas (BSP) said business operators, directors, officers and their employees are required to undergo a two-day seminar that will also cover other rules and regulations governing pawnshops, brokering business, money changers and remittance agents.

Beta Cervantes, acting BSP director for La Union, said operators will not be issued authority to operate, certificate and acknowledge of registration without undergoing the seminar.

β€œThe seminar will update operators and their employees of their duties, innovations on the pawnshop business and other rules governing their business operations,” she said.

She said the seminar is open to all stockholders, proprietors, directors, officers and employees directly involved in the operations of pawnshop, foreign exchange dealer or money changer and remittance agents from La Union and nearby provinces.

Interested parties are invited to pre-register or enroll at the BSP head office or at the nearest BSP regional branch office week prior to the scheduled seminar on April 25 and 26.

The BSP said registrations made after the set deadline shall no longer be considered while walk-in applicants will not be entertained.

A registration fee of P500 will be collected if the participant will be attending the two-day briefing on and P300 for those who will only be attending for a day.#