Regulatory Alerts2020-11-03
SEC Memorandum Circular No. 30 s.2020: Revision of Foreign Corporation GIS to Include Beneficial Ownership
The Securities and Exchange Commission of the Philippines mandates that all registered foreign corporations disclose their beneficial owners in their General Information Sheet. Resident agents and country heads must exercise due diligence to obtain and update this information, submitting changes via a Notification Update Form within thirty days of occurrence. Failure to comply results in penalties for both the corporation and its responsible officers under existing anti-money laundering and corporation code regulations.
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