The National Financial Information Unit of Venezuela (UNIF) published December 2 Circular No. 20,549, which establishes regulations on the preservation of documents and records of financial activities. The objective of the measure is to combat money laundering in Venezuela, as proposed by the Financial Action Task Force (FATF). The measure entered into force on that day.
The circular determines that financial institutions must keep, for at least ten years in physical and digital form, those documents and records that:
- Are required for the reproducing all financial transactions carried out over that period, including relevant codes, amounts and currencies of the operations.
- Provide the necessary evidence that could be used in a criminal investigation.
- Result from the termination of a business relationship.
- Are requested by control agencies such as the Superintendence of Banks (Sudeban) and the UNIF, through forms and daily reports.
By publishing this measure, UNIF affirms its commitment to the guidelines set out by the President of Venezuela, Nicolás Maduro. The president seeks to strengthen the national financial system to resolve the economic crisis engulfing the country since 2017. Other relevant initiatives for banking institutions announced in recent weeks are the increase of the minimum and maximum limits for financing credit cards, the increase of the legal reserve of private banks and strengthening controls on foreign exchange trading operations.