Executive Branch strengthens controls on foreign exchange trading operations
Venezuela
20 diciembre 2018

The National Financial Information Unit (UNIF) issued Circular No. 20,189 December 19, which contains two forms to be filled out by natural and legal persons who buy foreign currency at currency exchange stores. Subsequently, these agencies must send the documents to the UNIF. The objective of the measure is to combat money laundering in Venezuela, as proposed by the Financial Action Task Force (FATF). The circular entered into force on that day.

The main characteristics of the form for natural persons are:

  • Frequency. The form must be prepared by the currency exchange store each time a foreign exchange transaction is carried out.
  • Identification. The agencies must create a file and an identification card for their usual clients. Customers are required to show their ID card or passport. However, currency exchange stores may ask for more information if necessary. The data should be stored on secure physical and digital media.
  • Structure of the form. The general information to be filled covers the currency exchange store, the customer and the transaction. In addition, the customer must complete an affidavit.

The form for legal persons must be drawn up with the same frequency as for natural persons. With regard to identification, the only difference is that this process is carried out through the Tax Information Registry (RIF). Finally, the document shares the structure of the previous form.

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