Cancellation of Certificate of Registration of Hermosa Gift Shop

OFFICE OF THE DEPUTY GOVERNOR I FINANCIAL SUPERVISION SECTOR CIRCULAR LETTER NO. CL-2023-__ 012 To : ALL BANGKO SENTRAL NG PILIPINAS (BSP)-SUPERVISED FINANCIAL INSTITUTIONS Subject : Cancellation of Certificate of Registration of Hermosa Gift Shop The Monetary Board, in its Resolution No. 1706 dated 24 November 2022, has approved the cancellation of the BSP registration of Hermosa Gift Shop as Money Changer/Foreign Exchange Dealer, pursuant to Section 901-N of the Manual of Regulations for Non-Bank Financial Institutions (MORNBFI), in view of its significant violations of i) Section 601-N of the MORNBFI, specifically in relation to Sections 921- Q (customer due diligence), 922-Q (covered transaction reporting), and 924-Q (record keeping); ii) Section 901-N of the MORNBFI; and (iii) its Deed of Undertaking. For information and guidance. Digitally signed by Chuchi G. Fonacier Date: 2023.02.10 10:06:44 +08'00' CHUCHI G. FONACIER Deputy Governor 10 February 2023 Classification: GENERAL