Regulatory Alerts2021-08-03 | CD-SIBOIF-1262-1-AGOS3-2021Norm Reforming Articles 3 and 12 of the General Norm on the Imposition of Fines
The Board of Directors of the Superintendence of Banks and Other Financial Institutions issued Resolution CD-SIBOIF-1262-1-AGOS3-2021 to amend the General Norm on the Imposition of Fines. The reform expands the scope of Article 3 to explicitly include representative offices of foreign banks and financial entities, aligning with anti-money laundering obligations. It also updates Article 12 by refining the classification of infractions into minor, moderate, and serious categories with corresponding fine ranges to replace provisions now covered by other regulatory frameworks.
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