{"id":10788,"date":"2018-03-13T09:14:17","date_gmt":"2018-03-13T09:14:17","guid":{"rendered":"http:\/\/progresomicrofinanzas.org\/?p=10788\/"},"modified":"2018-03-21T09:36:49","modified_gmt":"2018-03-21T09:36:49","slug":"10788","status":"publish","type":"post","link":"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/en\/10788\/","title":{"rendered":"Amendments to the AML\/AFT Risk Management Regulations"},"content":{"rendered":"
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The Banking, Insurance and Pension Fund Management Authority (SBS in the Spanish acronym) published on December 11th, 2017, its amendments to the Anti-Money Laundering and Anti-Financing of Terrorism (AML\/AFT) Risk Management Regulation, which was approved in SBS Resolution 2660-2015, as analyzed in<\/span> Progreso 4<\/span><\/a>, to add more detail, adjust and include certain new provisions into the secondary legislation for Act 27693, that we also analyzed in<\/span> Progreso 13<\/span><\/a>.<\/span><\/p>\n

The Resolution goes beyond extending the duties and functions of the Compliance Officer. It also enables companies, depending on their size and complexity, to give this role a structural position in the tasks of administrative coordination. The CO\u2019s autonomy and independence to deliver on AML\/AFT responsibilities must be guaranteed, so the position should not be subordinate to other officers.<\/span><\/p>\n

In terms of the AML\/AFT risk assessment for customers, the Resolution makes clear the obligation incumbent on companies to carry out this classification, as well as the frequency with which it must be updated and the procedure to be followed with customers subject to the simplified system.<\/span><\/p>\n

The regulation sets out the provisions for transferring funds applicable to the originating companies, defining the information and\/or supporting documents that should be requested from the originator when electronic or cash transfers are carried out.<\/span><\/p>\n

On the matter of the transaction register, the regulation has included other types of transactions that must now be registered, among them: transfer of securities, payment of commissions on insurance broking, payment of contributions in the case of savings & credit cooperatives that are not authorized to conduct transactions with funds belonging to private citizens, among others. Furthermore, to register transactions, the Resolution differentiates between single and multiple transactions, setting the applicable exchange rate in each case.<\/span><\/p>\n

It also makes it incumbent on companies to request additional information, if necessary, to enable them to determine and substantiate the source of the funds when they are carrying out cash transactions in foreign currency, for the following sums and higher:<\/span><\/p>\n