BANKING AND QUASI-BANKING ENTITIES HAVE SECURITY GUARDS.
I once found myself strapped for cash during my last visit at Puerto Galera. There were no readily accessible ATMs at White Beach, except perhaps for a dispensary which issues paper money which you will then exchange for real cash for about Php250.00 or so.
I asked around for other options. I was advised that I could swipe my card at Palawan Express which will issue the amount for a fee. I got curious as I have not encountered this kind of transaction before. I went out looking for the pawnshop which was quite a walk from where I was starting.
When I found the pawnshop along the highway, I was greeted by a security guard who asked what my business was with the establishment. I told him that I was there to have get money by swiping my card. I was led to the reception where a teller handed me a card-swiping device, the one which is used in department stores and groceries.
Long story short, I got my cash and I was charged around Php40.00 or so. Not bad and good to know there is such an alternative to the earlier and higher transaction fee.
Fast forward, yesterday, I found myself at an LBC store. It is primarily a mailing and forwarding business. Since it offered a money-transfer service, many have availed of such convenient service as an alternative to banks and their long queues.
I was making a deposit for a week-long seminar. The amount was a bit substantial. As I was waiting to be called, and observing others, it dawned on me. There are many of us transacting via their money-transfer service. That’s a lot of cash circulating, from those sending to those receiving.
Between a pawnshop and an a LBC, the other has more monetary transactions with huge amounts exchanging hands.
Curiosity struck: Is LBC required to have security guards?
While I am uncertain whether pawnshops are required to have security, most of those I’ve come across have guards. Being regulated by the Bangko Sentral ng Pilipinas (BSP), I suppose pawnshops are held to a higher degree of diligence. If not similar, perhaps almost the same with banks, at least insofar as security posting is concerned.
As I have also noticed, LBC requires an ID or account with them to transact in compliance with laws and regulations on Anti-Money Laundering. This created another question on whether LBC is under BSP supervision. After all, BSP is known for keeping its regulations up to date with business development, with cryptocurrency being the latest to be regulated.
These are musings on business and regulations by the author. No negative remarks are intended. It is again a result of curiosity.