Central Bank Extends Entry Into Force of Money Laundering Regulations
16 abril 2020

On April 16, the Central Bank extended the entry into force of the rules on policy, procedures and internal controls to be adopted by regulated institutions to prevent money laundering and terrorism financing taking place in the financial system. The Bank also adjusted the regulation for the Special Temporary Liquidity Facility backed by Financial Guarantee Bills.

Although the prevention of laundering regulations (see here) were supposed to come into force in July, through Circular 4,005, the date will be extended to October 1 as there are operational difficulties due to the COVID-19 pandemic. This policy provides for regulatory improvements by extending the adoption of a risk-based approach, to implement tighter controls.

Entities regulated will be required to perform a specific internal risk assessment, to identify and assess the risks that their products and services could be used to facilitate money laundering and terrorism financing.

Through Circular 4,004, the entity has also adjusted the regulation on the Special Temporary Liquidity Facility backed by Financial Guarantee Bills so that the maximum limit of loans which cooperative banks can take out will be 100% of the Adjusted Net Worth calculated on the basis of the Combined Balance Sheets of the Cooperative Systems.