BSP Circular No. 1206 (Series of 2024) consolidates Money Service Business (MSB) rules into the new M-Regulations of the MORNBFI. It deletes and supersedes Sections 901‑N and 902‑N, consolidates MSB‑specific requirements, and updates cross‑references in the MORNBFI and MORB.
Key Changes
- New MORNBFI‑M framework consolidates MSB rules into a single set of M‑Regulations.
- Sections 901‑N and 902‑N deleted, with related appendices replaced by Annex A and appendices under M‑Regulations.
- Cross‑reference updates across MORNBFI and MORB to point to new M‑Regulation sections.
- Regulatory scope clarified for MSBs under BSP’s expanded authority (RA 11211 amending RA 7653).
Who Is Affected
- Money Service Businesses (MSBs), including RTCs, MCs/FXDs, EMIs, and VASPs.
- Banks and NBFIs with cross‑referenced obligations under MORNBFI/MORB.
- Compliance, licensing, and reporting teams handling MSB regulatory requirements.
Effective Date & Transition
The circular takes effect 15 calendar days after publication in the Official Gazette or a newspaper of general circulation.
Compliance Actions Checklist
- Update internal references from Sections 901‑N/902‑N to M‑Regulations.
- Review MSB licensing and reporting requirements under the new M‑Regulations.
- Align disclosures and audit submissions with updated appendices (e.g., Appendix M‑7).
- Train compliance teams on the consolidated MSB rules and new cross‑references.
FAQs
What happened to Sections 901‑N and 902‑N? They are deleted and superseded by the M‑Regulations (Annex A and appendices).
Does this change MSB scope? It consolidates and clarifies requirements under BSP’s expanded authority, but the MSB scope remains as defined in the rules.
Related Links
- Regulator hub: /regulations/bsp
- Topic hub: /regulations/topics/money-service-businesses
- Ask CHD: /chat (Ask CHD about this regulation)