Regulatory Alerts2021-10-12 | RESOLUCIONES DE DIRECTORIO N° 118/2021Added · Updated
Board Resolution No. 118/2021 Approving the Regulation for the Transfer of Family Remittances
The Board of Directors of the Central Bank of Bolivia approves the Regulation for the Transfer of Family Remittances, replacing the previous 2012 regulation for international remittances. This new framework regulates the transfer of family funds entering or leaving Bolivia, authorizing supervised entities licensed by the Financial System Supervisory Authority (ASFI) to provide these services, including via electronic payment instruments. It establishes institutional responsibilities, requiring compliance with anti-money laundering and counter-terrorist financing rules from the Financial Investigations Unit (UIF), and mandates transparency regarding exchange rates, fees, and processing times.