2019 NPO Guidelines Issued to Protect SEC-Registered Non-Profit Organizations from Money Laundering and Terrorist Financing Abuse
February 06, 2020
On December 27, 2019, the Securities and Exchange Commission (“SEC”) issued Memorandum Circular No. 25, series of 2019 or the “2019 Guidelines for the Protection of SEC-Registered Non-Profit Organizations from Money Laundering and Terrorist Financing Abuse” (“2019 NPO Guidelines”). The 2019 NPO Guidelines took effect on December 28, 2019.
It defines the term “NPO” as “an SEC registered Non-Stock Corporation that primarily engages in raising or disbursing funds for purposes such as charitable, religious, cultural, educational, social or fraternal purposes, or for the carrying out of other types of good works.” The term includes foundations. On the other hand, it defines “Non-Stock Corporation” as a “corporation with no authorized capital stock and no part of its income is distributable as dividends to its members, trustees, or officers.”
Download and read the complete 2019 NPO Guidelines. The bulletin was authored by SyCipLaw partner Jose Florante M. Pamfilo and associates Lyan David M. Juanico and Gian Carlo B. Velasco.
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