SBS Regulations and Compliance: Stay Informed on Financial Register Updates

2024-05-04 20:44:00

One of the measures established in the aforementioned framework was the creation of a mandatory register for companies and persons carrying out financial or currency exchange operations. The Superintendency of Banking, Insurance and AFP (SBS) was responsible for the aforementioned register.

Last February, this supervisor issued a resolution regarding the aforementioned companies, to adapt the standard to the challenges arising from the digital transformation process in all economic activities. Thus, it was established that loan and currency exchange companies can operate, in addition to personal mode, electronically using technological platforms.

The new regulation also sets out reasons for deletion of registration in the said register.

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When can SBS cancel the registration of exchange and loan houses?

In this way, loan or currency exchange companies will have their registration canceled when they lose their status as subject to notification, or when they have Single Taxpayer Registry (RUC) in a state of permanent discharge.

Their registration will also be revoked when they present false information at the time of registration; use a different name, company name or technological platform than that provided; carry out other activities for which they require authorization from the SBS without having it and when they use the logo of that regulatory body to promote their business or make announcements that it endorses or guarantees their activities.

In this sense, SBS indicates that the new regulations adapt to today’s times, where there is greater use of technology to carry out commercial activities, including money lending and currency exchange, starting from the use of the applications.

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SBS denies that the new rule seeks to formalize drop by drop

That is why he maintains it “It is not correct to confirm that the new rule seeks to formalize ‘drop by drop’ loans, since those behind schemes of this type are criminal organizations operating outside the law.

In March, the president of Federation of Municipal Savings Banks (Fepcmac)Jorge Solis, stated that pawnshops and/or loanspp They are spreading alarmingly and in many cases are even the legal arm of the “drop by drop” criminal scheme. He expressed his disagreement and concern regarding the SBS decision which sets out requirements for registration in the register, its updating and cancellation for the aforementioned companies.

Furthermore, the representative of the savings banks warned of the risks associated with the formalization of these activities, since it might facilitate citizens’ access to loans of dubious origin and to abusive interest rates, which would increase the population’s vulnerability to risky financial practices and “drop by drop” crime.

However, the SBS emphasized that the purpose of the rule is to regularize and formalize activities deeply rooted in the country, such as money lending and currency exchange, with the aim of supervising them solely in terms of preventing money laundering and terrorist financing. He noted that this does not make them entities under the scope of supervision of the SBS, but rather they are under its supervision in that specific aspect.

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