SEC Memorandum Circular No. 1, s. 2002 – Anti-Money Laundering Operating Manual for Covered Institutions
SEC Memorandum Circular No. 1, s. 2002 issues the Anti-Money Laundering Model Operating Manual for SEC-regulated intermediaries and requires covered institutions to submit their statements of policies and procedures.
SEC MEMORANDUM CIRCULARS
6/25/20262 min read
SEC Memorandum Circular No. 1, s. 2002
Anti-Money Laundering Operating Manual for Covered Institutions
Document Number: SEC Memorandum Circular No. 1, s. 2002
Date Issued: January 22, 2002
Issuing Agency: Securities and Exchange Commission
Signed by: Lilia R. Bautista, Chairperson
Effectivity: Immediately upon issuance
Overview
SEC Memorandum Circular No. 1, s. 2002 issues the SEC’s Anti-Money Laundering Model Operating Manual for institutions regulated and supervised by the Commission. It directs covered SEC-regulated intermediaries to comply with procedural guidelines on covered transaction reporting, suspicious transaction reporting, customer identification, record retention, reporting procedures, compliance manuals, training, and internal control systems.
Full Text
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:
a. Filing of Covered Transaction Report
b. Filing of Suspicious Transaction Report
c. Establishment of Customer Identification System
d. Maintenance and Retention of Record of Transactions
e. Institution of Reporting Procedures and Compliance Manuals
f. 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 ₱500.00 per day of delay, and such 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
Source
Official Source: Securities and Exchange Commission
Official URL: https://appointment.sec.gov.ph/mc-2002/sec-memorandum-circular-no-01-11/
Citation:
Securities and Exchange Commission. SEC Memorandum Circular No. 1, s. 2002, “Anti-Money Laundering Operating Manual for Covered Institutions,” January 22, 2002.