Regulatory Alerts2025-01-14
BSP Memorandum M-2025-001: SEC Notice on Corporations in Danger of Being Suspended for Failure to Submit Annual Reports
The Bangko Sentral ng Pilipinas directed all supervised financial institutions to conduct enhanced customer due diligence on corporate clients listed by the Securities and Exchange Commission as being at risk of suspension for failing to submit annual reports. Institutions must identify if any of their customers appear on this list to update their risk profiles and records in accordance with regulatory manuals. Furthermore, financial institutions are required to advise affected customers to directly coordinate with the SEC to address the compliance issues.
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