SEC intensifies reforms, launches beneficial ownership registry

The Securities and Exchange Commission (SEC) is intensifying reforms by launching a beneficial ownership registry, tightening oversight of financial institutions and non-profits, and drafting new crypto asset regulations to prevent the Philippines from returning to the Financial Action Task Force's (FATF) 'gray list'.

Chairperson Emilio B. Aquino emphasized at a press conference on Thursday that sustained efforts are crucial as the country prepares for another mutual evaluation by FATF in 2027.

Key reforms include Project HARBOR, a beneficial ownership registry system to improve transparency and compliance with global standards, along with intensified regular offsite and onsite visits to non-profit organizations (NPOs).

The SEC is also drafting new rules on crypto-asset service providers (CASP) to mitigate risks associated with virtual currencies and other digital assets.

Aquino noted that these measures will help identify and pursue individuals involved in investment scams more effectively while also aiding in the recovery of scam victims' funds.

SEC vowed to continue cooperating with other government agencies to combat money laundering and other illicit financial activities, ensuring compliance with evolving global AML/CFT standards.