BSP warns public to avoid dealings with unlicensed 'Bank of Humanity'

The Bangko Sentral ng Pilipinas (BSP) on Tuesday warned the public against transacting with Bangko Maharlika Ltd., which is currently operating under the name "The Bank of Humanity," saying the entity is neither licensed nor regulated by the central bank.

"Bangko Maharlika Ltd. is not licensed, authorized, regulated, or supervised by the BSP and is not registered with the Securities and Exchange Commission," BSP said in an advisory.

The central bank urged the public to verify the legitimacy and regulatory status of entities offering financial products, services, or investment opportunities before entering into any transaction.

It also reminded consumers that individuals who deal with unlicensed and unregulated entities may not be protected under laws and regulations governing BSP-supervised financial institutions.

The BSP encouraged the public to remain vigilant and report any information or complaints involving Bangko Maharlika Ltd. or The Bank of Humanity to the appropriate regulatory or law enforcement authorities. —LDF, GMA News