Advisory on New Guidelines on Anti-Money Laundering and Combating the Financing of Terrorism for SEC Covered Institutions

November 12, 2018SEC ADVISORYADVISORY ON NEW GUIDELINES ON ANTI-MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM FOR SEC COVERED INSTITUTIONSThe Securities and Exchange Commission (SEC) has issued SEC Memorandum Circular No. 16, series of 2018 entitled 2018 GUIDELINES ON ANTI-MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM FOR SEC COVERED INSTITUTIONS ("2018 AML/CFT GUIDELINES"). The Circular shall take effect fifteen (15) days after its publication in two (2) national newspapers of general circulation and its posting in the Commission's website. Please be advised that said Guidelines were published in two (2) national newspapers of general circulation on 08 November 2018 and likewise posted on the SEC website.Under the said Guidelines, all covered institutions referred to therein are required to submit their revised Money Laundering and Terrorist Financing Prevention Programs (MLPPs) within six (6) months from the effectivity of the Guidelines. The revised MLPPs shall be submitted to the Operating Departments having supervision over such covered institutions copy furnished the Anti-Money Laundering Division (AMLD) of the Enforcement and Investor Protection Department (EIPD).For further information, you may...