The Standards Committee of the Central Reserve Bank issued the new Technical Standards for the Management of Money and Asset Laundering Risks, Financing of Terrorism and Financing of the Proliferation of Weapons of Mass Destruction (NRP-36).

The Central Reserve Bank approved the Regulations at the end of 2022, repealing from that date the “Technical Regulations for the Management of Money and Asset Laundering Risks, and Financing of Terrorism” (NRP-08).

The Regulations seek that the entities that are members of the financial system prevent the aforementioned risks, detect and report any unusual operation or possibly related to the prevention of money laundering.

The obligated subjects must have a continuous and documented process for the management of potential risks and the Compliance Officer will carry out periodic reviews for compliance with what is described in the Regulations.

The Rules also apply to electronic financial transactions, which oblige the entity to keep a log of access and use of the system to track the transactions made by customers.

What is also sought with these Regulations is to adapt them to the Instructions of the Financial Investigation Unit (FIU) of the Attorney General’s Office issued on June 6, 2022.

For more information contact:

Uri Weinstock  | BLP Partner | uweinstok@blplegal.com