Issuers of Payment Means Required to Submit to External Audit of Operations
12 mayo 2020

On May 12, the Central Bank of Venezuela (BCV, for its acronym in Spanish) published a circular requiring entities issuing payment means to submit to an annual external audit of their operations. The institutions concerned must submit a report to the BCV containing information on the monthly statistics covering the value of their operations, current fees and commissions, and other data. The regulation, which is already in force, is retroactive to 2019. Issuers must thus be audited and submit the information corresponding to 2019 by October 31.

The point of the audit is to check that bank and non-bank payment system administrators comply with the obligations laid down in Resolution 18-12-01. Other relevant information to be included in the report is the percentage of payment system operability and service interruptions, as well as the terms and conditions applicable in the relationship with payment mechanism participants.

The circular also calls for companies to submit details on their procedures to identify and evaluate money laundering risks. The BCV requires external auditors to have “verifiable experience in banking and payment systems activities.”