Regulatory Alerts2020-11-03
2020 Guidelines on the Submission and Monitoring of the Money Laundering and Terrorist Financing Prevention Program (MTPP)
The Securities and Exchange Commission issued these guidelines to clarify and enforce the submission and monitoring of Money Laundering and Terrorist Financing Prevention Programs by all covered institutions. The circular mandates that newly registered entities submit their MTPPs within ten days of receiving their license via a sworn certification, while existing institutions must submit revised programs within two months of the circular's effective date. Additionally, financing and lending companies meeting specific capital or foreign equity thresholds are required to submit their MTPPs within sixty days, with non-compliance subject to prescribed penalties.
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