Regulatory Alerts2021-03-30
SEC Memorandum Circular No. 04 s. 2021 Amending AML/CFT Guidelines for Financing and Lending Companies
The Securities and Exchange Commission issued this circular to mandate Anti-Money Laundering and Combating the Financing of Terrorism compliance for all registered financing and lending companies. It requires these institutions to register with the Anti-Money Laundering Council, submit a risk-based Money Laundering and Terrorist Financing Prevention Program, and adhere to specific supervision standards within two months. Failure to comply with these amended guidelines subjects the entities to penalties and sanctions enforced by the Commission's Anti-Money Laundering Division.
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