All Covered Persons (CPs) are enjoined to consider in their on-going risk-based Customer Due Diligence (CDD) processes the Securities and Exchange Commission’s (SEC) list of revoked, suspended, and delinquent corporations. The registration status of corporations can be viewed in the SEC’s website, through a search tool (https://checkwithsec.sec.gov.ph/) that allows users to verify a company’s status. 

CPs transacting with revoked, suspended, or delinquent corporations are advised, pursuant to Chapter VI, Rule 18 of the 2018 Implementing Rules and Regulations (IRR) of the Anti-Money Laundering Act (AMLA), to require as part of their CDD process the submission of the following: 

1. Received copy of the latest General Information Sheet (GIS) with beneficial ownership information;
2. Certificate of Non-Derogatory Record/Information from the Company Registration and Monitoring Department of the SEC;
3. Relevant order from the SEC lifting an Order of Delinquency/Suspension/Revocation; or,
4. Valid explanation why they should be permitted to continue their transaction despite being unable to submit updated documents as required under the IRR of the AMLA, in line with risk-based supervision policy of the covered institution. 

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Posted: 06 September 2024