On July 29th, the Banking Superintendence (SBS) published Resolution SBS No. 2891-2018, which approves the Basic Accounts Regulations. The new regulation aims to control and supervise the use of electronic money and prevent money laundering. The resolution also modifies the Regulations on Electronic Money Transactions (approved by Resolution SBS No. 6283-2013) and the Regulations on Complementary Channels of Customer Service for Companies in the Financial System and Electronic Money Issuers (approved by Resolution SBS No. 4798-2015). These provisions are in effect as of October 1st, 2018, the date on which SBS Resolution No. 2108-2011 loses validity.
The “Basic Accounts Regulations” regulate a type of savings deposit account that authorized financial system companies make available to individuals. To be considered a “basic account” it must meet a number of conditions relating to ownership, daily deposit and withdrawal limits (US$305), movement limits (US$1220 per month) and balance (US$610), among others. The resolution also incorporates Chapter II on Market Conduct Management and Chapter III which includes aspects applicable to money laundering and financing of terrorism.