Regulatory Alerts2018-11-28
SEC Memorandum Circular No. 17 s.2018: Revision of the General Information Sheet to Include Beneficial Ownership Information
The Securities and Exchange Commission of the Philippines issued Memorandum Circular No. 17, Series of 2018, requiring all registered domestic corporations to disclose beneficial ownership information in their General Information Sheets. This mandate implements the Anti-Money Laundering Act by defining beneficial owners as natural persons with ultimate effective control and specifying required data points such as names, addresses, and tax identification numbers. Corporations must initially comply with these disclosure requirements by January 1, 2019, and submit updates within seven days of any changes to ensure accurate records for preventing money laundering and terrorist financing.
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