New Regulatory Framework Proposed for Registration of Exchange Houses and Loan Companies by SBS

The Superintendency of Banking, Insurance and AFP (SBS) pre-published a project that establishes a new regulatory framework for the registration of exchange houses and loan and/or pawn companies.

This standard is applicable to the aforementioned companies under the supervision of the SBS, through the Financial Intelligence Unit of Peru (UIF), regarding the prevention of money laundering and the financing of terrorism, the proposal states.

Thus, the regulator proposes that the registry of exchange houses and exchange companies loans It must be prior to the start of its activities and the communication of the designation of the Compliance Officer to the FIU-Peru. This registry is independent of the license or authorization granted for its operation by the respective Municipality, if applicable, and after registration in the Public Recordsas appropriate.

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Besides, Those companies that have more than one commercial establishment or premises must register each one of them in the Registry, the process is free, after evaluation of the information and has an indefinite validity, which eliminates the requirement to renew it every seven years.

In the event that the exchange houses or loan companies and/or endeavor lose their status as obligated subjects, their registration in the Registry will be cancelled.

Likewise, when these companies have the status of permanent deregistration or permanent deregistration ex officio in the National Superintendency of Tax Administration (SUNAT)the registration in the Registry will be canceled.

Electronic platforms

The draft standard specifies that, in the case of carrying out the activity electronically, the respective municipal authorization is presented, only when it is granted by its competent authorities.

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Along these lines, for companies that operate electronically without being registered in the Registry, the SBS may request, as appropriate, from the supplier or the competent authority, the blocking of the electronic medium through which they carry out their activities.

The provisions also apply to digital companies that have a premises or physical space for the development of their activities. Upon confirmation of non-compliance with registration, the SBS requires them to cease their activities and, if said inconsistency persists, the Superintendency notifies the resolution to close the premises, which must remain in said state until its registration is regularized.

The SBS proposal grants a period of 60 days for the exchange houses and registered loan and/or pawn companies and those that are processing their registration in the Registry, adapt to the new Registry Standard.

The regulator will receive comments on this project through an electronic form that will remain active until October 23, 2023.

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