THE BANGKO SENTRAL ng Pilipinas (BSP) is warning its supervised financial institutions (BSFIs) against doing business with corporations in danger of being suspended for noncompliance with reportorial requirements.
The central bank called on BSFIs to “ensure the conduct of appropriate customer due diligence on their corporate clients/juridical entities, including the updating of their customer’s records/information and risk profile,” according to a memorandum.
The memorandum, signed by Deputy Governor Chuchi G. Fonacier, was issued after the Securities and Exchange Commission (SEC) in December released a list of corporations in danger of being suspended for failure to submit annual reports.
There are a total of 11,677 corporations named on the list.
These firms have failed to submit their audited financial statements and general information sheets for eight years or from 2015 to 2022.
The SEC said these businesses are under evaluation for the possible suspension of their certificates of incorporation.
The BSP directed its BSFIs to refer to the list and conduct their own due diligence.
“Identify if they have customers in the (list), as part of their ongoing due diligence and relationship review, to ensure that they have updated understanding of their customers’ profile based on latest records and information,” the central bank said.
It also instructed financial institutions to advise their concerned customers to directly coordinate with the SEC. — Luisa Maria Jacinta C. Jocson
