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SUSCRIBETE BOLETIN

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NEWS AND BULLETINS

REFORM OF THE MONEY LAUNDERING CONTROL LAWS, FINANCING OF TERRORISM AND OTHER CRIMES FOR THE CORPORATE SECTOR

On March 25, 2024, the Superintendency of Companies, Securities and Insurance issued Resolution No. SCVS-INC-DNCDN-2024-0006, through which the Control Standards for the Management of the Risk of Money Laundering, Financing were reformed of Terrorism and Other Crimes, applicable to the corporate sector.

 

Below we present the main modifications:

 

  1. New Obligated Subjects

 

It is included in the category of obligated subject:

 

  • Companies that incorporate accounting services into their economic activities, if they carry out operations and transactions linked to the activities determined by the Financial and Economic Analysis Unit (hereinafter, “UAFE”).
  • Companies that offer legal or corporate services, whose operations and transactions are determined by the UAFE.
  • Vehicle dealers that include specialized machinery.
  • Companies that provide the factoring service.
  • Companies that are virtual asset service providers that carry out activities determined by the UAFE for or on behalf of another person.

 

The new obligated subjects must mainly comply with the following:

 

  • Implement a risk prevention and management system for money laundering, terrorist financing and other crimes.
  • Designate a compliance officer.
  • Prepare a Money Laundering and Terrorist Financing Prevention Manual.
  • Annually approve the reports presented by the compliance officer through a general meeting of shareholders.
  • Hire an external audit based on the parameters established by the Superintendence of Companies, Securities, and Insurance.
  • Comply with the Organic Law on Prevention, Detection and Eradication of the Crime of Money Laundering and the Financing of Terrorism, its regulations, and all additional regulations on this matter.

 

  1. Mandatory External Audit

 

Obligated entities that meet one of the following conditions must hire external auditors to review compliance and effectiveness of the risk prevention system for money laundering, terrorist financing and other crimes:

 

  • Total assets equal to or greater than US$ 500.000, or;
  • Income obtained within the audited period equal to or greater than US$ 300.000, or;
  • The transactions or operations reported to the UAFE within the audited period equal to or greater than US$ 300.000.

 

  1. Compliance Officer

 

  • The Compliance Officer that is designated or qualified for an obligated subject may not be qualified as a Compliance Officer in the sectors of: Insurance or Securities Markets sectors, nor by the Superintendence of Banks, Superintendence of Popular and Solidarity Economy, Financial and Economic Analysis Unit or other State Institution.
  • When a business group appoints the same Compliance Officer, it must request qualification from the Superintendency of Companies, Securities, and Insurance.
  • In the case of business groups, the Compliance Officer must have a employment or contractual relationship with any of the companies that comprise it or be dependent on the Holding company that is the head of the business group.
  • Compliance Officers must participate in at least 2 annual trainings from the UAFE and the Superintendence of Companies, Securities, and Insurance.

 

  1. National Directorate for the Prevention of Money Laundering of the Superintendency of Companies, Securities, and Insurance.

 

It is included as part of the faculties of the National Directorate for the Prevention of Money Laundering:

 

  • The execution of on-site or off-site inspections of companies subject to the control of the Superintendence of Companies, Securities, and Insurance.
  • Control and supervision when warning signs or indicators of possible crimes of money laundering, financing of terrorism and other crimes are evident.
  • Information requirements regarding money laundering that have not been cleared or overcome will be reflected in the certificate of good standing issued by the Superintendence of Companies, Securities and Insurance.

 

  1. Companies that provide accounting services

 

Companies that provide accounting services to the following sectors are subject to compliance with the rules on the prevention of money laundering:

 

  • Purchase and sale of real estate assets.
  • Administration of money, securities, and other client assets.
  • Administration of bank, savings, or securities accounts.
  • Organization of contributions for the creation, operation, or administration of companies.
  • Creation, operation or administration of companies and purchase and sale of commercial entities.

 

  1. Companies that provide legal or corporate services

 

Those companies that provide legal or corporate services to the following sectors are subject to compliance with the rules on the prevention of money laundering:

 

  • Purchase and sale of real estate assets.
  • Administration of money, securities, and other assets.
  • Administration of bank, savings, or securities accounts.
  • Organization of contributions for the creation, operation, or administration of companies.
  • Creation, operation, administration of companies, and purchase and sale of commercial entities.
  • Creation, operation, administration, purchase, and sale of trust contracts.
  • Acting as an agent for the creation of companies or trust contracts.
  • Acting as (or arranging for another person to act as) a director or agent of a company, partner in a partnership or similar position in relation to other companies.
  • Provision of a registered address, commercial address, or physical space, postal or administrative address for a company, partnership, or any other legal entity.
  • Acting as (or arranging for another person to act as) trustee of a trust deed.

 

If legal advice focuses on the defense or representation of clients within judicial, administrative, arbitration or mediation processes, the above does not apply.

 

© TobarZVS 

This publication contains information of general interest and does not constitute legal opinion on specific issues. Any analysis will require legal advice from the Firm.


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