Pampanga-based pawnshop’s license to function revoked

The Bangko Sentral ng Pilipinas (BSP) Financial Board on Friday revoked the authority of Owen & Sons Pawnshop, Overseas Alternate and Remittance Companies, Inc.’s to function as a pawnshop citing violations as a cash service enterprise.

In a press release, the BSP mentioned it additionally cancelled the Owen & Sons’ registration as a overseas alternate vendor (FXD)/cash changer (MC) and remittance switch firm (RTC).

“The Financial Board has revoked the Bangko Sentral ng Pilipinas authority to function as pawnshop and cancelled the registration to function as FXD/MC and RTC of Owen & Sons Pawnshop, Overseas Alternate And Remittance Companies, Inc. pursuant to Sections 172-P and 901-N of the Handbook of Laws for Non-Financial institution Monetary Establishments (MORNBFI), respectively,” BSP mentioned.

This, “in view of non-compliance with Republic Act No. 9160 (The Anti-Cash Laundering Act of 2001), as amended, and its revised implementing guidelines and rules (RIRR), MORNBFI-P Laws, Sections 501-P and 601-N, in relation to Half 9 of the MORNBFI-Q Laws, Part 901-N of the MORNBFI, and for violation of its Deeds of Endeavor as pawnshop and cash service enterprise,” it added.

Owen &Sons is an organization engaged in Pawnshop positioned in Sto. Rosario, San Fernando, Pampanga.

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