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(NAR) VOL. 21 NO.2 APRIL - JUNE 2010

[ SEC MEMORANDUM CIRCULAR NO. 2, May 20, 2010 ]

REVISED GUIDELINES IN THE PREPARATION OF THE ANTI-MONEY LAUNDERING OPERATING MANUAL FOR SEC COVERED INSTITUTIONS



The Securities and Exchange Commission (the “Commission”), in conformity with the provisions of Republic Act No. 9194, amending Republic Act No., 9160 (also known as the “Anti-Money Laundering Act of 2001”) and taking into consideration international best practices in the implementation and enforcement of the anti-money laundering regime and the combating of terrorist financing, hereby issues this “Revised Guidelines in the Preparation of the Anti-Money Laundering Operating Manual for SEC Covered Institutions” (the “Revised Guidelines”).

SECTION 1. All covered institutions as defined in this Revised Guidelines are required to amend their respective Anti-Money Laundering Operating Manual to conform to the attached Revised Guidelines. Covered Institutions which have not submitted their respective manuals shall submit theirs in conformity to the Revised Guidelines.

SECTION 2. All covered institutions shall submit their revised Anti-Money Laundering Operating Manual on or before September 8, 2010 to the Commission.

SECTION 3. The attached Revised Guidelines do not serve as an Operating Manual itself but as a guide to covered institutions in revising and reformulating their own Anti-Money Laundering Operating Manual taking into consideration their respective corporate structure. Therefore, all covered institutions are directed to revise their Anti- Money Laundering Operating Manual and to provide therein specific procedures and policies that would achieve the ends prescribed in the Revised Guidelines.

SECTION 4. A covered institution which fails to submit a revised Anti-Money Laundering Operating Manual on the aforesaid date shall be subject to a penalty of Five Hundred Pesos (P500.00) per every day of delay, and which penalty shall continue until the revised Anti-Money Laundering Operating Manual has been submitted to the Commission.

SECTION 5. This Memorandum Circular shall take effect 15 days after its publication in two (2) national newspapers of general circulation and posting the same in the Commission’s website.

FOR THE COMMISSION:

  (SGD.) MA. JUANITA E. CUETO
  OIC–Commissioner



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