THE Securities and Exchange Commission (SEC) has released a notice to all registered Non-stock Corporations to comply the submission of their Mandatory Disclosure Form (MDF) on or before Feb. 28, 2020.
SEC has deemed this compliance necessary in order to establish the regulatory framework for the protection of SEC non-profit organizations from Money Laundering (ML) and Terrorist Financing (TF) abuse in accordance to the Commission’s mandate to assist in the implementation of Anti-Money Laundering Act (AMLA) and in line with the recently released SEC Memorandum Circular, No. 25 Series of 2019 entitled 2019 Guidelines for the Protection of SEC Registered Non-Profit Organizations (NPO) from Money Laundering and Terrorist Financing Abuse otherwise known as 2019 NPO Guidelines.
All Non-stock corporations should fill out the form online by accessing the link provided at the Notice Section posted last Jan. 8, 2020 in the Securities and Exchange Commission official website. After following the instructions, they should submit one (1) original copy of the signed and notarized printed form together with supporting documents, if any, to the Enforcement and Investor Protection Department – Anti-Money Laundering Division (EIPD – AMLD) located at PICC Secretariat Building, Philippine International Convention Center (PICC) Complex, Pasay City, via mail.
The Extension Offices (EOs) in Region VI, namely, SEC – Iloilo Extension Office (IEO) at SEC Bldg., Gen. Hughes St., Iloilo City and SEC – Bacolod Extension Office at P. Hernandez St. Extension, Brgy. Taculing, Bacolod City may also receive MDFs near their area.
According to SEC-IEO officer-in-charge, Atty. Russell Ildesa, “The submission of MDF will promote transparency and maintain public trust in NPOs that is why we encourage them to provide their most recent and complete information to ensure that these NPOs are not being exploited or misused. The Commission will take proportionate actions in the event that certain NPOs are identified as being at risk of ML or TF abuse. They will be subjected to monitoring and other requirements prescribed by the Commission.”
Failure to comply with the requirements violates Section 9.5 of the said Memorandum which results to the revocation of the Certificate of Incorporation of the non-complying Non-Stock Corporation./PN
