Regulation for the Prevention of Money Laundering and Terrorism Financing Applicable to Notaries Published
On May 13, 2024, SBS Resolution No. 01754-2024 was published, approving the regulation for the prevention of money laundering (ML) and terrorist financing (TF) applicable to notaries nationwide and to the Centralized Body for the Prevention of Money Laundering and Terrorism Financing (OCP) (ML/TF) (hereinafter, the “Regulation”).
The Regulation repeals SBS Resolution No. 5709-2012, which established special regulations for the prevention of money laundering and terrorist financing applicable to notaries, with the exception of the provisions established in Chapter II of Title II of said regulation, referring to the Transaction Registry (RO).
Below, we summarize the main new features of the Standard:
The Centralized Body for the Prevention of Money Laundering and Terrorist Financing (CLP) is included as an obligated entity before the Peruvian Financial Intelligence Unit (FIU).
The specific aspects of the ML/TF Prevention System for the CLP (ML/TF) are specified (methodologies for analyzing ML/TF and PF risks, due diligence policies and procedures for employee information, training, among others) and for the notary (policies and procedures for managing ML/TF and PF risks, designation of a compliance officer, due diligence policies and procedures for customer, beneficial owner, and employee information, among others).
It is established that the compliance officer of the AML/TF OCP performs his or her duties and responsibilities exclusively.
It is established that the compliance officer for the notary public and the AML/TF OCP must not be, nor have been, an internal auditor of the reporting entity itself during the six (6) months prior to his or her appointment.
It is specified that the notary public and the AML/TF OCP may have an alternate compliance officer.
It is established that the notary public and the AML/TF OCP may use third parties or intermediaries to provide services related to the identification and/or verification of their employees’ information.
It is established that clients, products and/or services, and the geographic area are the main AML/TF and PF risk factors that must be considered by the reporting entity.
It is established that the AML/TF OCP must prepare, develop, and maintain an updated Methodological Guide for the identification and assessment of AML/TF and PF risks, so that notaries nationwide can implement procedures for identifying and assessing such risks. It is established that the AML/TF OCP must develop, develop, and maintain an updated AML/TF and PF risk rating system for the notary’s clients (Client Risk Scoring), taking into account information from the BCI, which allows for obtaining an AML/TF risk rating for the notary’s clients.
It is stipulated that the AML/TF Risk Report (the document through which the notary, through his or her compliance officer, communicates that he or she has indications of possible transactions linked to the crime of money laundering or terrorist financing) must be immediately communicated by the notary to the AML/TF OCP.
It is established that the design and implementation of each notary’s ML/TF Prevention System must be evaluated by the OCP’s ML/TF Prevention and Compliance Directorate.
The Regulation entered into force on May 14, 2024, and notaries nationwide have a period of no more than sixty (60) days from that date to comply with the Regulation, with the exception of matters related to the Regulation’s Operating Rules (RO), which will enter into force with the corresponding resolution issued by the Superintendency of Banking, Insurance, and Private Pension Fund Administrators (SBS) approving a new RO template and its corresponding Instructions.
If any additional clarification is required regarding the legal impact of the information contained in this notice, please contact:
Alfred Kossuth Wieland
