SBS Implements New Regulations for Loan and Currency Exchange Companies: What You Need to Know

2024-05-04 20:44:00

One of the measures established in that framework was the creation of a mandatory program for companies and people who carry out financial or currency exchange operations. The IS Banking, Insurance and AFP Supervision (SBS) who was in charge of that registry.

Last February, this supervisor issued a resolution regarding the aforementioned companies, to adapt the standard to the challenges that the digital transformation process imposes in all economic activities. Therefore, it was decided that loan and currency exchange companies, as well as a personal method, can work electronically by using technological platforms.

The new regulation also determined the reasons for canceling registration in the aforementioned program.

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When can the SBS cancel the registration of exchange and loan houses?

In this way, loan or currency exchange companies will have their registration canceled when they lose their status as subject to the obligation to report suspected money laundering operations, or when the Individual Taxpayer Registry (RUC) in a permanent state of discharge.

Their registration will also be revoked when they submit false information at the time of registration; use a name, company name or technology platform other than the one declared; other activities for which they require authorization from the SBS, without having it, and when they use the logo of that supervision to promote their operations, or when it advertises that it supports their activities or offers he guarantees them.

In this sense, the SBS shows that the new regulations are adapted to the current times, in which there is a greater use of technology to carry out commercial activities, including money loans and foreign currency exchange, starting from the use of the applications.

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SBS denies that the new rule seeks to formalize the base drop

So, that holds “It is not correct to assert that the new rule seeks to form ‘fall on fall’ loans, since those behind these types of schemes are criminal organizations that operate outside the law.”

In March, the president said Federation of Municipal Savings Banks (Fepcmac)Jorge Solis, that the pawn and/or loan shopss They multiply at an alarming rate, and in many cases are even the legal arm of the ‘hit it off’ criminal scheme. He expressed his disagreement and concern about the intention of SBS which establishes requirements for registration in the register, updating and cancellation for the aforementioned companies.

In addition, the representative of the savings banks warned about the risks associated with the formation of these activities, since it could facilitate the access of citizens to loans of dubious origin and abusive interest rates, which would increase the vulnerability of the population towards risky financial practices and’. drop by drop’ of crime.

However, the SBS emphasized that the purpose of the rule is to regularize and formalize activities that are deeply rooted in the country, such as money lending and currency exchange, with a view to supervising them exclusively for money laundering money and prevent terrorism financing. He noted that this does not make entities within the scope of supervision of the SBS, but that they are under their monitoring in that specific aspect.

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