What Are The Requirements To Have To Register With The Sec

SEC: All lending firms must register with AMLC

All financing and lending companies are now required by the Securities and Exchange Commission (SEC) to register with the Anti-Coin Laundering Quango (AMLC).

These firms are as well 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 Coin Laundering and Terrorist Prevention Plan (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-Coin Laundering Human action (AMLA) and the Terrorism Financing Prevention and Suppression Act (TFPSA).

Prior to the subpoena, the SEC only required financing and lending companies with more than than forty percent foreign participation in their voting stocks and those with paid-up majuscule of at least P10 million to comply with the AMLA, the TFPSA and their implementing rules and regulations (IRR).

"The subpoena aims to protect financing and lending companies from abuse and misuse by money launders and terrorists, and more than importantly the integrity of the financial organization, the overall economic system and the people who would ultimately suffer from such illicit activities," SEC Chairperson Emilio B. Aquino said.

Equally covered persons, all financing and lending companies shall comply with all the requirements under the AMLA, the TFPSA, their respective IRR, and other AMLC issuances.

They shall also have the duty to cooperate with the AMLC in the discharge of the latter'southward mandate and in the execution of its lawful orders and issuances, to protect their businesses from existence used for money laundering or terrorism financing, as mandated by the 2018 IRR of the AMLA.

Thus, all financing and lending companies must register in the online reporting system of the AMLC and submit proof of such registration to the Anti-Money Laundering Division of the SEC Enforcement and Investor Protection Department (AMLD-EIPD) within ii months from the effective date of the newly issued memorandum circular.

The SEC too directs all financing and lending companies to codify and implement a comprehensive and risk-based MTTP, which must comply with the requirements of the AMLA, TFPSA, their respective IRR, the 2018 AML/CFT Guidelines and other AMLC issuances.

Failure to comply with the provisions of the newly issued memorandum round will subject field the concerned financing or lending company to the penalties provided under the 2018 AML/CFT Guidelines, which include a fine of P10,000 to P1 million, plus upwards to P2,000 for each twenty-four hours of continuing violation.

CLICK Here TO SIGN-UP

["banking-finance","business","business-news","stock-market-foreign-exchange","business concern"]