BSP Circular No. 1206 consolidates rules requiring fee disclosure for money service businesses

Summary

BSP issued Circular No. 1206, Series of 2024, consolidating regulatory requirements for Money Service Businesses (MSBs) under the new Manual of Regulations for Non-Bank Financial Institutions. The circular covers Remittance Transfer Companies, Money Changers/FX Dealers, E-Money Issuers, and Virtual Asset Service Providers. It requires MSBs to provide transparent disclosure of charges. The rule takes effect 15 calendar days after publication in the Official Gazette or a newspaper of general circulation. M Lhuillier Financial Services, Cebuana Lhuillier and other listed remittance providers operate as MSBs subject to this circular.