Executive Issues Resolution to Combat Money Laundering
13 diciembre 2019

On December 10, the Executive Branch passed Resolution SCVS-INC-DNCDN-2019-0020, to prevent money laundering, terrorism financing and other crimes over which foreign affiliates and companies dedicated to national or international money or securities transfers should keep watch. In turn, the regulations exclude securities firms, stock exchanges, fund and trust administrators, and private insurance companies from these provisions. 

The entities covered by the regulations must ensure that they have control policies and procedures in place to prevent money laundering, terrorism financing and other crimes. They must also adopt appropriate and sufficient control measures aimed at preventing them from being used as instruments for activities related to money laundering and terrorism financing.  

The policies to be adopted by the companies include the following:

  • Establishing guidelines to analyze, evaluate and deal effectively with identified money laundering risks.
  • Ensuring that companies involved are aware of the legal regulations regarding the prevention of money laundering. 
  • Establishing policies and procedures to ensure the knowledge of the customer, supplier, employee, partner/shareholder, market and correspondent, according to each case.
  • Guaranteeing the reserve and confidentiality of the information reported, as well as any data created as a result of compliance with prevention policies and processes. 

The policies and controls included in this regulation will be established in a Manual on the Prevention of Money Laundering and Crime Financing which will contain the following tools and mechanisms:

  • Policies and procedures to link current and new customers; employees, partners/shareholders; suppliers and correspondents; updating and verifying their information.
  • Policies and procedures to preserve and safeguard operational records, as well as the information requested by the authorities.
  • Communication channels and reporting instances, between the compliance officer and other areas of the company.
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