Regulatory Alerts2018-11-09
Added · Updated
Guidelines for the Protection of SEC Registered Non-Profit Organizations from Money Laundering and Terrorist Financing Abuse
The Securities and Exchange Commission requires all registered Non-Stock Corporations and applicants to submit specific information listed in Annex A within six months of the guidelines' effective date. The document establishes a risk-based classification system with Low, Medium, High, and Blacklisted ratings, each triggering distinct compliance obligations such as audited financial statements, sworn statements of funds, internal audit systems, and mandatory background checks. NPOs classified as Medium or High Risk must additionally attend sustained outreach programs and maintain detailed records of transactions for at least five years. Failure to comply with these mandatory disclosures and requirements constitutes grounds for the revocation of registration.
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