Published April 5, 2021, 7:00 AM
All financing and lending companies are now required by the Securities and Exchange Commission (SEC) to register with the Anti-Money Laundering Council (AMLC).
These firms are also directed to report suspicious transactions and comply with other rules and standards aimed at combating money laundering and terrorism financing in the country.
The Commission has issued a Memorandum Circular to amend the SEC Guidelines on Anti-Money Laundering and Combating the Financing of Terrorism for SEC Covered Institutions and the 2020 Guidelines on the Submission and Monitoring of the Money Laundering and Terrorist Prevention Program (MTTP).
The amendment adds all financing and lending companies among the SEC-supervised covered persons, or those required to comply with the requirements and standards provided under the Anti-Money Laundering Act (AMLA) and the Terrorism Financing Prevention and Suppression Act (TFPSA).