Regulatory Alerts2019-12-17 | CD-SIBOIF-1147-1-DIC17-2019Norm Reforming the General Standard on the Imposition of Fines
The Board of Directors of the Superintendence of Banks and Other Financial Institutions issued Resolution CD-SIBOIF-1147-1-DIC17-2019 to amend the General Standard on the Imposition of Fines. The resolution updates Article 10 to establish specific fine ranges for financial institutions failing to comply with Anti-Money Laundering, Counter-Terrorist Financing, and Proliferation Financing regulations. It also amends Article 12 to redefine serious infractions related to financial stability, accounting, and operational compliance, subjecting them to fines between 10,001 and 50,000 fine units.
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