|
SEC Memorandum Circular
No.1
Series of 2002
RE:
ANTI-MONEY LAUNDERING OPERATING MANUAL FOR COVERED INSTITUTIONS
The Securities and Exchange Commission, pursuant to its regulatory and
supervisory authority under the Securities Regulation Code, the Corporation
Code, PD 902-A, as amended, the Anti-Money Laundering Act of 2001 and all other
pertinent laws, rules and regulations administered and enforced by the
Commission, hereby issues its Anti-Money Laundering Model Operating Manual to
combat money laundering.
Section
1. The Manual shall cover all Institutions where the Commission is vested by
law the jurisdiction to regulate and supervise under the foregoing enumerated
laws. These institutions are hereinafter referred to as “Regulated
Intermediaries”.
Section
2. All Regulated Intermediaries are hereby directed to comply with the
Manual’s procedural guidelines on the implementation of the Anti-Money
Laundering Act of 2001, as follows:
-
Filing of Covered Transaction Report
-
Filing of Suspicious Transaction Report
-
Establishment of Customer Identification
System
-
Maintenance and Retention of Record of
Transactions
-
Institution of Reporting Procedures and
Compliance Manuals
-
Establishment of Training and Internal Control
Procedures
Section
3. Regulated Intermediaries shall submit to the
Commission their Statements of Policies and Procedures in accordance with the
Operating Manual for review and approval by the Commission, on or before July
01, 2002.
Section
4. A Regulated Intermediary that fails to submit its Statement of Policies
and Procedures shall be subject to a penalty of P500.00 per day of delay and
which penalty shall continue until said Statement has been submitted.
Section
5. This Circular shall take effect immediately.
Mandaluyong
City, January 22, 2002.
FOR
THE COMMISSION:
(Original
Signed)
LILIA
R. BAUTISTA
Chairperson
|
