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The Central Bank of the Philippines announced that the Monetary Board canceled MCEX Foreign Exchange’s registration as a money changer and foreign exchange dealer.
Bangko Sentral ng Pilipinas canceled the registration of the Manila-based foreign exchange dealer for violating various laws and regulations governing money services businesses, including the Anti-Money Laundering Act of 2001.
| Technical | Effectiveness |
|---|---|
| Compliant : 8 | High : 0 |
| Largely Compliant : 29 | Substantial : 1 |
| Partially Compliant : 3 | Moderate : 4 |
| Non-Compliant : 0 | Low : 6 |
The Philippines' technical compliance was most recently re-rated in a Aug. 2, 2022 follow-up report.
| Rank : 45/141 |
| Score : 5.67/10 |
| Rank : 113/180 |
| Score : 34/100 |
| Rank : 60/133 |
| Score : 63/100 |