VENEZUELA

On January 11, the National Superintendency of Securities (SUNAVAL in Spanish) issued a circular in which it discloses the Suspicious Activity Reporting System (RAS in Spanish) to facilitate the submission of reports related to money laundering activities. The text indicates that the subjects regulated by the entity, such as brokerage firms, must submit their Suspicious Activity Reports to the National Financial Intelligence Unit (UNIF in Spanish) through this platform 30 days after the operation considered risky has been carried out. The regulation is already in force.

According to Article 85 of the Regulations on Money Laundering Risk Management, brokerage firms must issue the aforementioned reports, and in case they have not carried out any activity considered suspicious, they are obliged to send a form 10 working days after the end of the operation to notify SUNAVAL of that fact. The present regulation indicates that this information must be provided through the SAR.

Likewise, the circular states that the Reporting System will function as a means of dissemination of information from the financial entity on regulatory instruments on money laundering and financing of terrorism for its regulated entities. It also mentions that the user and password for accessing the SAR will be informed by e-mail to each financial institution registered with SUNAVAL.