September 24, 2020
SEC MEMORANDUM CIRCULAR NO. 26-20
| TO | : | All SEC Covered Persons |
| SUBJECT | : | Guidelines in the Implementation of a Risk-Based Approach to Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) and Adoption and Development of a Risk Rating System for SEC Covered Persons |
WHEREAS, the Commission is the government agency having jurisdiction and supervision over all corporations, partnerships or associations who are the grantees of primary franchises and/or licenses or permits issued by the Government;
WHEREAS, as Supervising Authority, it is mandated to assist the Anti-Money Laundering Council (AMLC) in supervising the implementation of the Anti-Money Laundering Act, as amended (AMLA), and the Terrorist Financing Prevention and Suppression Act (TFPSA), and their respective Implementing Rules and Regulations (IRRs), and other AMLC issuances; HTcADC
WHEREAS, in order to be able to focus supervisory resources where the risks are higher, there is a need to identify, assess, and understand the money laundering/terrorist financing (ML/TF) risks to which the sectors of covered persons supervised by the Commission are exposed;
WHEREAS, a risk-based approach to Anti-Money Laundering/Combating the Financing of Terrorism...
