CBCS: El Mas Rapidito operates iIlegal money transfer business

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Source: The Daily Herald

PHILIPSBURG — El Mas Rapidito Courier Services N.V. is illegally operating a money transfer company in St. Maarten. The Central Bank of Curaçao and St. Maarten issued a warning notice to the community on Wednesday.

El Mas Rapidito is not licensed by the Central Bank to offer money transfer services and is consequently acting in violation of the mentioned supervision law.

The Central Bank warns all those who are using or have used the services of El Mas Rapidito Courier Services N.V. to be extra vigilant, as their operations are in violation of the mentioned supervision law.

The Central Bank pointed out that pursuant to Article 11, Paragraph 1 of the Foreign Exchange Regulation Curaçao and St. Maarten (2010) states that all institutions or persons are prohibited to engage in the business of money transfer without a foreign exchange license from the Bank.

Any breach of the prohibition may be penalized by imprisonment or fine.