Regulatory Alerts2019-12-27
2019 Guidelines for the Protection of SEC Registered Non-Profit Organizations from Money Laundering and Terrorist Financing Abuse
The Securities and Exchange Commission of the Philippines issued these guidelines to establish a regulatory framework protecting non-profit organizations from money laundering and terrorist financing abuse. The document mandates risk-based supervision, requiring NPOs at risk to implement good governance systems, internal audits, and enhanced due diligence for politically exposed persons. Additionally, all registered non-stock corporations must submit a Mandatory Disclosure Form to enable sector classification and monitoring, with non-compliance serving as grounds for revocation of their Certificate of Incorporation.
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