Regulatory Alerts2024-11-29 | Norma Prevención LD-FTNorm on the Management of Prevention of Money Laundering, Assets or Goods, and Terrorism Financing Risks
The Superintendent of Banks and Other Financial Institutions of Nicaragua (SIBOIF) issued this comprehensive regulation to establish the framework for preventing money laundering and terrorism financing risks across supervised financial entities. The norm mandates the implementation of a Prevention System (SIPAR), including strict customer due diligence, risk assessment matrices, continuous monitoring, and the appointment of dedicated compliance officers. It further specifies distinct operational requirements for banks, insurance companies, securities markets, and warehouse receipt markets, while enforcing independent audits and mandatory reporting of suspicious and cash transactions.
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