Regulatory Alerts2024-06-20
Guidance Paper on Beneficial Ownership Due Diligence
The Bangko Sentral ng Pilipinas issued this guidance to require supervised financial institutions to enhance their beneficial ownership due diligence processes to combat money laundering, terrorist financing, and proliferation financing. The document mandates the adoption of a multi-pronged approach that combines ownership thresholds with a control lens to identify and verify the natural persons ultimately owning or controlling legal entities. Institutions are urged to strengthen Board and Senior Management oversight, implement risk-based verification measures, and ensure ongoing monitoring of customer ownership structures.
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