2020 Guidelines on the Submission and Monitoring of the Money Laundering and Terrorist Financing Prevention Program (MTPP)

October 13, 2020SEC MEMORANDUM CIRCULAR NO. 29-20TO:All SEC Covered Persons   SUBJECT:2020 Guidelines on the Submission and Monitoring of the Money Laundering and Terrorist Financing Prevention Program (MTPP) WHEREAS, SEC Memorandum Circular No. 16, Series of 2018 or the 2018 Guidelines on Anti-Money Laundering and Combating the Financing of Terrorism for SEC Covered Institutions (hereinafter referred to as the "2018 AML/CFT Guidelines") require all SEC Covered Institutions, as defined therein, to revise their Money Laundering and Terrorist Financing Prevention Programs (hereinafter referred to as the "MTPP"); WHEREAS, under the 2018 AML/CFT Guidelines, the revised MTPPs are required to be submitted to the Commission through the Operating Departments having supervision over such Covered Institutions, copy furnished the Anti-Money Laundering Division of the Enforcement and Investor Protection Department (AMLD-EIPD), within six (6) months from the effectivity of the said guidelines;WHEREAS, the 2018 AML/CFT Guidelines became effective on 23 November 2018, thus, the deadline for the submission of the revised MTPPs fell on 23 May 2019;WHEREAS, the revision of the MTPPs refers to the revision of the Anti-Money Laundering...