Regulatory Alerts2018-11-09
SEC Memorandum Circular No. 16 s.2018: 2018 AML/CFT Guidelines for SEC Covered Institutions
The Securities and Exchange Commission of the Philippines issued the 2018 AML/CFT Guidelines to mandate that all covered institutions amend their Money Laundering and Terrorist Financing Prevention Programs to align with updated regulatory standards. Institutions are required to submit these revised programs within six months of the guidelines' effectivity, with non-compliance subject to a daily penalty of five hundred pesos. The document further defines the scope of regulated entities, provides detailed definitions of key terms such as beneficial owners and politically exposed persons, and establishes the legal basis for enforcement under Philippine anti-money laundering laws.
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