Peru | Cryptocurrencies and prevention of money laundering: regulation for the prevention of LAFT is published
SBS Resolution No. 02648-2024, a crucial regulation for the prevention of money laundering and terrorist financing (LAFT) applicable to Virtual Asset Service Providers (PSAV), was published.
Importance
This resolution is especially relevant for those operating in the virtual assets (cryptocurrencies) market, ensuring that their activities are carried out within a regulatory framework that minimizes risks and promotes transparency.
Scope and Reach
As of July 2023, PSAVs were incorporated as subjects required to report to the UIF-Peru through DS No. 006-2023-JUS.
Now, with this resolution, specific rules are established that will regulate the LAFT Prevention System for all PSAVs domiciled or incorporated in Peru.
What are PSAVs and what activities do they perform?
Virtual Asset Service Providers (VASPs) are entities that facilitate transactions and services related to virtual assets, such as cryptocurrencies (Bitcoin, Ethereum, and others). According to Article 2 of the resolution, VASPs can carry out activities such as:
- Exchange between virtual assets and fiat or legal tender currency.
- Exchange between one or more forms of virtual assets.
- Transfer of virtual assets.
- Custody and/or administration of virtual assets or instruments that allow control over them.
- Participation and provision of financial services related to an issuer’s offering and/or sale of a virtual asset
Obligations of the PSAV
- The PSAV must implement a system for the prevention of money laundering and tax evasion (SPLAFT) by managing the risks to which it is exposed. This includes appropriate policies and procedures for knowing its customers, identifying unusual transactions and ensuring employee training.
- PSAVs must register with the Financial Intelligence Unit (UIF-Peru) as SO and keep their status as obligated subjects up to date.
- In the event of ceasing their activities or modifying their regulations, PSAVs must notify the UIF-Peru within 30 days.
- PSAVs must comply with specific due diligence requirements to know their customers and report suspicious transactions.
Validity:
- The regulation came into force on August 2, 2024.
- Chapter VIII, called “Travel Rules”, which includes specific provisions on the transfer of information in virtual asset transactions, comes into force in two years, in August 2026 .
Adaptation period:
PSAVs have a period of 120 days to adapt to the new provisions. This period is essential to implement the systems and procedures necessary to comply with the standard.
For more details or how to adapt the standard, you can contact us: compliance@cpb-abogados.com.pe