In the Official Gazette N ° 319 of September 4, 2018, was published the Resolution No. SCVS-DSC-2018-0029, issued by the Superintendence of Companies, Securities and Insurance (SCSI), which contains an updated version of the "Rules for the prevention of money laundering, financing of terrorism and other crimes". Its objective is to specify details (that did not contain the previous rule) regarding the policies, procedures and mechanisms to prevent money laundering, terrorist financing and other crimes, which must observe the obliged subjects or companies, regulated by the Superintendence of Companies, Securities and Insurance.
This rule applies to all obligated subjets according to Article 5 of the Organic Law on Prevention, Detection and Eradication of the Money Laundering and the Financing of Crimes, which are: cooperatives, foundations and non-governmental organizations; natural and legal persons who habitually dedicate themselves to the commercialization of vehicles, boats, ships and aircraft; the companies dedicated to the service of national or international transfer of money or values, national and international transportation of parcels or postal packages, mails and parallel mails, including their operators, agents and agencies; tourism agencies and tour operators; natural and legal persons who habitually devote themselves to investment and real estate brokerage and construction; racetracks; the mountains of piety and the pawnshops; the negotiators of jewels, metals and precious stones; dealers of antiques and works of art; the notaries; the artistic promoters and raffle organizers; Property and commercial registrars, however, do not include the Stock Exchanges, Securities Houses and Administrators of Funds and Trusts, nor the private insurance companies.
Among the main provisions that are:
- The requirement for the implementation of control policies and procedures to prevent money laundering, the financing of terrorism and other crimes by the obligated subjects, as well as the minimum requirements that both the policies and procedures must contain.
- The need to have a Compliance Officer, and detailing their duties and functions within the company and against the supervisory authority.
- The implementation of the Prevention Manual and the methodology that the company must implement to determine the client's profile and risk.
- The due diligence that must be applied to the clients as well as to the employees, suppliers and correspondents of the Obligatory Subject.
The specific standard when extended or simplified due diligence should be carried out.
- The minimum information that the Obliged Subject must obtain prior to the start of a commercial or contractual relationship.
Finally, because these standards are mandatory for the Obligated Subjects, it is indicated that their lack of compliance will be reflected in the Certificate of Compliance with Obligations issued by the (SCSI).
This resolution repeals Resolution No. SCV.DSC. 14,009 dated June 30, 2014, also issued by the SCSI that contained the above rules of prevention for the crime of money laundering, financing of terrorism and other crimes, however, what this update seeks to the Law, is to fill the legal gaps of the previous regulations.