Regulatory Alerts2021-09-10 | CD-SIBOIF-1269-1-SEP10-2021Norm Reforming Article 10 of the General Standard on Imposition of Fines
The Board of Directors of the Superintendence of Banks and Other Financial Institutions issued Resolution CD-SIBOIF-1269-1-SEP10-2021 to amend Article 10 of the General Standard on Imposition of Fines. The reform updates fine ranges for banks, financial societies, and other entities based on the severity of infractions related to Anti-Money Laundering, Counter-Terrorism Financing, and Counter-Proliferation Financing. It also establishes detailed classifications for minor, serious, and very serious infractions and defines additional administrative sanctions, including suspension of operations and removal of officials.
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