Regulatory Alerts2019-11-21 | CD-SIBOIF-1140-1-NOV21-2019Norm Reforming Articles 1 and 42 of the Standard for Credit Card Operations
The Board of Directors of the Superintendence of Banks and Other Financial Institutions (SIBOIF) issued Resolution No. CD-SIBOIF-1140-1-NOV21-2019 to amend the Standard for Credit Card Operations, aligning it with Anti-Money Laundering regulations under Law No. 977. The resolution defines non-bank credit card issuers and establishes a mandatory registration system requiring specific documentation, compliance officer appointments, and adherence to transparency policies. It further outlines the registration procedure, sanctions for non-compliance including cancellation, and obligations for special financial regime companies to maintain supervisory oversight.
Share