Conasev Resolution No. 033-2011

Lima, May 9, 2011

VISTO:

The Joint Memorandum No. 605-2011-EF/94.04.1/94.06.1 of the Legal Advisory Office and the Secondary Markets Directorate, with the favorable opinion of the General Management;

CONSIDERING:

That, through Law No. 27693 modified by Laws No. 28009 and No. 28306, the Financial Intelligence Unit of Peru (UIF-Peru) was created, an entity with legal personality of public law, responsible for receiving, analyzing, processing, evaluating, and transmitting information for the detection of money laundering and terrorist financing, as well as for assisting in the implementation by obligated subjects of the system to detect suspicious operations of money laundering and terrorist financing;

That, through Supreme Decree No. 018-2006-JUS, the Regulation of the Law that created the UIF-Peru was approved, which establishes and defines the scope of the system for the prevention of money laundering and terrorist financing, which includes, among others, the policies and procedures that must be implemented by obligated subjects for the adequate identification of clients, the recording of operations, the communication of unusual and/or suspicious operations to the UIF-Peru, the control and supervision actions of said procedures, as well as the participation of the Compliance Officer, Internal Audit, and External Audit, as collaborators of the prevention system;

That, subsequently, through Law No. 29038, the UIF-Peru was incorporated into the Superintendence of Banks, Insurance and Private Pension Fund Administrators (SBS) as a specialized unit;

That, in accordance with Law No. 27693, its amendments, and its Regulation, the subjects obligated to provide information to the UIF-Peru are, among others, stockbroker societies, product agent societies, securities intermediary societies, mutual fund administrator societies for investment in securities, investment fund administrator societies, fund administrator societies, collective fund administrator companies, securitization societies, stock exchanges and other centralized trading mechanisms, securities clearing and settlement institutions, as well as other subjects obligated to report in accordance with regulations on the prevention of money laundering and terrorist financing and that, according to law, are under the supervision and control of the National Supervisory Commission for Companies and Securities - CONASEV;

That, in accordance with the Regulation of the Law, the National System for the Prevention and Detection of Money Laundering and Terrorist Financing comprises the set of structured and integrated organs, norms, methods, and procedures to conduct and develop the prevention and detection of suspicious operations of money laundering and terrorist financing, as well as the System for the Prevention and Detection of Money Laundering and Terrorist Financing and the Systems to detect Suspicious Operations, Internal Control, and Control, which allow for adequate identification of clients and workers of the obligated subjects, knowledge of the market, the recording of operations, the communication of unusual or suspicious operations to the UIF-Peru, the control and supervision actions of said procedures, as well as the participation of the Compliance Officer, Internal Audit, and External Audit, as collaborators of the prevention system;

That, according to Article 17 of the Regulation of Law No. 27693 and its respective amendments, it corresponds to the supervisory bodies of the obligated subjects in coordination with the UIF-Peru to exercise the function of control and supervision of the system for the prevention of money laundering and terrorist financing as provided in Law No. 27693 and its amendments, for which the supervisory body may issue regulations, regarding the obligated subjects under its supervisory scope, that are necessary in order to establish requirements and clarifications to safeguard compliance with the Law and the Regulation;

That, in this sense, it is necessary to issue the regulations for the prevention of money laundering and terrorist financing applicable to the obligated subjects that are under the control and supervision of CONASEV; and,

Being in accordance with what is established in literal a) of Article 2 of the Unified Concordant Text of the Organic Law of CONASEV, approved by Legislative Decree No. 26126, and its amendments, as well as what is established in Article 17 of Supreme Decree No. 018-2006-JUS, Regulation of Law No. 27693 and its respective amendments that creates the Financial Intelligence Unit of Peru, and what was agreed upon by the Board of Directors of CONASEV, meeting in its session of March 14, 2011;

IT IS RESOLVED:

Article First.- Approve the Rules for the Prevention of Money Laundering and Terrorist Financing, which consist of thirty-five (35) articles, (02) complementary and final provisions, and four (04) annexes.

“Rules for the Prevention of Money Laundering and Terrorist Financing

TITLE I

OF THE GENERAL PROVISIONS

Article 1.- Scope of Application

1.1. The Rules for the Prevention of Money Laundering and Terrorist Financing are applicable to the companies under the supervision and control of CONASEV as follows: i) stockbroker societies, ii) securities intermediary societies, iii) mutual fund administrator societies for investment in securities, iv) investment fund administrator societies, v) securitization societies, vi) stock exchanges, vii) securities clearing and settlement institutions, viii) collective fund administrator companies, and any other subject under the competence of CONASEV obligated to report in accordance with regulations on the prevention of money laundering and/or terrorist financing.

1.2. Investment fund administrator societies and securitization societies are included in this rule regardless of whether they manage autonomous patrimony constituted by public or private offering.

Article 2.- Definitions

Obligated subjects must consider the following definitions:

a) Integral risk management: Set of objectives, policies, mechanisms, procedures, internal norms, and actions that are executed to identify, measure, monitor, limit, control, avoid, report, and reveal the different risks to which the obligated subject is exposed.

b) Beneficial Owner: Any natural person who, without necessarily having the status of client, is the owner or recipient of the resources or assets subject to the contract or is authorized or empowered to dispose of them.

c) Good Judgment: The discernment or judgment formed, at least, from the knowledge of the client and the market, of the experience, training, and institutional commitment of the workers of the obligated subjects to report, for the prevention of money laundering and terrorist financing.

d) Client: Any natural or legal person to whom the obligated subjects provide any service or supply any product inherent to their activity.

e) CONASEV: National Supervisory Commission for Companies and Securities.

f) Exclusive dedication: Performance of functions or responsibilities required of the Compliance Officer excluding the performance of any other function or position in the obligated subject or in other companies of the economic group. When the Compliance Officer is Corporate, they will exercise their functions on behalf of the economic group or part of it; in any case, the Corporate Compliance Officer will perform their duties on an exclusive dedication basis.

g) Days: Business days.

h) Terrorist Financing: Crime typified in literal f) of Article 4 of Legislative Decree No. 25475 and its amendments.

i) FATF: Financial Action Task Force.

j) Money Laundering: Crime typified in the Penal Law against Money Laundering, Law No. 27765 and its amendments.

k) Law: Law that creates the Financial Intelligence Unit of Peru (UIF-Peru), Law No. 27693 and its modifying norms.

l) Securities Market Law: Unified Ordered Text of the Securities Market Law, approved by Supreme Decree No. 093-2002-EF and its modifying norms.

m) Investment Funds Law: Investment Funds and their Administrator Societies Law, Legislative Decree No. 862 and its modifying norms.

n) Collective Funds Law: Legislative Decree No. 21907, Legislative Decree No. 22014, Law No. 27659; and their amendments.

o) OFAC List: List issued by the Office of Foreign Assets Control of the U.S. Department of the Treasury (U.S.), which includes countries, persons, and/or entities that, in the opinion of the U.S., collaborate with terrorism and drug trafficking.

p) Manual: Manual for the Prevention of Money Laundering and Terrorist Financing.

q) Suspicious operations: Operations detected as unusual, of civil, commercial, or financial nature, carried out or intended to be carried out, which have an unusual magnitude or speed of rotation, or conditions of unusual or unjustified complexity, and that, based on the information available to the obligated subject regarding their client, through the application of norms for client knowledge, lead them to presume that the funds used in that operation proceed from some illicit activity, or that, for any reason, do not have an apparent economic or lawful basis.

r) Unusual operations: Operations carried out or intended to be carried out, whose amount, particular characteristics, and periodicity do not relate to the economic activity of the client or fall outside the parameters of normality current in the market or do not have an evident legal basis.

s) Politically Exposed Persons (PEP): Those natural persons who have held or have held prominent public functions in the last two (2) years, whether in national or foreign territory, and whose financial circumstances may be subject to public interest.

t) Regulation: Regulation of the Law that creates the Financial Intelligence Unit of Peru, approved by Supreme Decree No. 018-2006-JUS and its amendments.

u) Obligated Subjects: Companies under the supervision and control of CONASEV that are considered obligated subjects to report to the UIF-Peru, mentioned in Article 1 of this rule.

v) Superintendence: Superintendence of Banks, Insurance, and Private Pension Fund Administrators.

w) UIF-Peru: Financial Intelligence Unit of Peru, specialized unit of the Superintendence.

x) Affiliation and economic group: The concepts defined in the Regulation of Indirect Ownership, Affiliation, and Economic Groups, approved by CONASEV Resolution No. 090-2005-EF/94.10 and its modifying norms.

Article 3.- Purpose and Scope of the system for the prevention of money laundering and terrorist financing

3.1 The system for the prevention of money laundering and terrorist financing aims to allow obligated subjects to detect unusual operations and the timely prevention or detection of suspicious operations, carried out or intended to be carried out, in order to prevent and avoid that the products and/or services they offer to the public are used for illicit purposes, linked to money laundering and/or terrorist financing.

3.2 The Board of Directors and the General Manager, or equivalent bodies of the obligated subjects, are responsible for compliance with this rule and other provisions on the prevention of money laundering and terrorist financing. All workers in the different areas of the obligated subjects to report, regardless of the denomination they adopt according to their organizational structure, must apply the system for the prevention of money laundering and terrorist financing according to the functions they perform within their organization, keeping in mind for this purpose the Code of Conduct and Manual for the Prevention of Money Laundering and Terrorist Financing that the obligated subject establishes for said effect in accordance with this rule and other provisions on the matter. Likewise, obligated subjects must ensure that their directors, managers, and workers have a high level of integrity, gathering information on their personal, professional, asset, and credit history backgrounds, requiring the presentation of a sworn asset declaration. This information must be recorded in the file of each director, manager, and worker of the obligated subject, and must be kept permanently updated.

3.3 Obligated subjects must have a system for the prevention of money laundering and terrorist financing composed of policies and procedures that allow them to address any specific risk associated with commercial relationships or operations, as well as to have the various mechanisms established in the Law, the Regulation, the Securities Market Law, Investment Funds Law, and Collective Funds Law, as applicable, as well as by this rule.

3.4 The prevention system not only has its own supervision mechanisms but these are complemented with the support of the Compliance Officer, internal audit, and external audit of the obligated subject, fulfilling various obligations and requirements established in the Law, the Regulation, as well as by this rule.

Article 4.- Code of Conduct

4.1 Obligated subjects must prepare a Code of Conduct intended to ensure the proper functioning of the system for the prevention of money laundering and terrorist financing, which will be mandatory for all directors, control or administration bodies, authorized representatives, and in general for all personnel of the obligated subject.

4.2 The Code of Conduct referred to in the preceding paragraph must be approved by the Board of Directors or equivalent body of the obligated subject and must highlight the mandatory nature of the procedures that integrate the system for the prevention of money laundering and terrorist financing, in accordance with current regulations on the matter, establishing conduct norms that generally govern the actions performed by all personnel of the obligated subject in this matter.

4.3 The Code of Conduct must state that any non-compliance with the system for the prevention of money laundering and terrorist financing will be considered a very serious, serious, or minor offense, which will be previously determined by the obligated subjects according to the type of offense in question, applying the corresponding sanctions in accordance with the provisions and procedures determined by the obligated subjects. The sanctions imposed must be recorded in the corresponding personal files, which will be available to CONASEV when so required.

4.4 Obligated subjects must carry out adequate internal dissemination of their Code of Conduct, ensuring that all persons indicated in the preceding paragraph 4.1 acquire knowledge of it, as well as its mandatory observance, leaving a record of this in their personal files. Likewise, they must require the signing of a document by which these persons assume the commitment to comply with what is established in the Code of Conduct, in the exercise of their functions. This document must be registered in their personal files.

4.5 The code of conduct may form part of the internal conduct norms that govern the obligated subjects or another code, manual, or regulation of similar nature, provided that the code of conduct intended to ensure the proper functioning of the system for the prevention of money laundering and terrorist financing develops its own norms, in accordance with the regulations governing it. Considering the same characteristics, obligated subjects that are part of an economic group may have the same Code of Conduct.

4.6 The Board of Directors or equivalent body of the obligated subjects must designate one or more persons responsible for evaluating transgressions to the Code of Conduct, as well as deciding and applying the corresponding sanctions. In those cases where the obligated subjects have persons designated for similar purposes, they may perform these responsibilities. The imposed sanctions must be communicated to CONASEV in the semi-annual reports referred to in this Regulation.

Article 5.- Training Programs

5.1 Obligated subjects must develop an annual training program in order to instruct their workers on the current regulations in matters of prevention of money laundering and terrorist financing, as well as regarding the policies, mechanisms, and procedures established by the same obligated subjects.

5.2 The training program requires that, at least once a year, a training event be held that includes all personnel of the obligated subject in order to instruct them on the current regulations, any modifications that may have been incorporated into the prevention system, on the alert signals to detect suspicious operations, the typologies of money laundering and terrorist financing detected in the obligated subject or in other companies, and other aspects that the Compliance Officer considers relevant.

5.3 Workers who have direct contact with clients, considering the particular characteristics of the labor they perform, as well as those who work directly under the orders of the Compliance Officer, if applicable, require more training, at least two (2) times a year, according to the products or services offered by the obligated subjects.

5.4 Without prejudice to what is established in the preceding paragraphs, new personnel of the obligated subjects must be informed about the scope of the system for the prevention of money laundering and terrorist financing, according to the functions corresponding to them, no later than within thirty (30) calendar days following the date of entry; this must be carried out in coordination with the Compliance Officer.

5.5 The training programs must be constantly reviewed and updated by the Compliance Officer, in order to evaluate their development and effectiveness, as well as to adopt the improvements considered pertinent by proposing their implementation.

5.6 Finally, the Compliance Officer must have at least (2) two specialized trainings per year, distinct from those given to the workers of the obligated subjects and which may be carried out by any means in order to be instructed in detail on the current regulations, their modifications, typologies of money laundering and terrorist financing, alert signals to detect unusual and suspicious operations, supervision methodologies, and other aspects related to the system for the prevention of money laundering and terrorist financing.

TITLE II

OF THE SYSTEM FOR THE PREVENTION OF MONEY LAUNDERING AND TERRORIST FINANCING

CHAPTER I

OF CLIENT AND MARKET KNOWLEDGE

Article 6.- Clients

6.1 Clients are all natural and legal persons with whom commercial relationships are initiated or maintained for the provision of any service or the supply of any product inherent to the securities market or the collective funds system, in accordance with what is established in the Securities Market Law, Investment Funds Law, Collective Funds Law, as well as with the provisions issued by CONASEV and other pertinent regulations, as applicable. The Law, the Regulation, the Securities Market Law, the Investment Funds Law, and the Collective Funds Law, as applicable, as well as this rule, are applicable to all clients of the obligated subjects, whether they are habitual or occasional, national or foreign.
6.2 For the purposes of client and market knowledge in the case of stock exchanges and other centralized trading mechanisms, clients shall be understood to be stockbroker societies; and in the case of securities clearing and settlement institutions, clients shall be understood to be their participants and the issuers who have an open issuer account.

6.3 The prevention system must contain procedures that allow acquiring sufficient and updated knowledge of clients, as well as include those that allow and facilitate the adequate follow-up of commercial operations carried out by clients who are PEPs or other clients who, in the opinion of the obligated subjects, and by reason of their profile, could be more exposed to money laundering and terrorist financing.

6.4 The client shall be considered both the agent and the principal, the representative and the represented, as well as the ordering party and/or beneficiary of the commercial operations or services requested from the obligated subjects, if applicable. Likewise, the seller and the buyer, the reporter and the reported in stock operations. The person in whose name the acquired good and/or service will appear through the collective funds system shall also be considered a client.

Article 7.- Client Knowledge

7.1 Client knowledge requires their adequate identification, defining their activity profiles and determining the purpose and nature of the commercial relationship, to facilitate the detection of unusual and suspicious operations.

7.2 Obligated subjects must develop policies and procedures intended to obtain adequate knowledge of the identity of their clients, including the processing of forms to be completed by them. To this effect, clients must be requested to present public or private documents, in accordance with the Law and the Regulation, in order to obtain the information indicated below, verify the information provided even before initiating the commercial relationship, and keep it updated. Likewise, obligated subjects may require clients to submit a Sworn Declaration on the Origin of Funds, in those cases where it is considered necessary for the aforementioned purposes, which must be in writing and signed by the client.

In this sense, the following must be registered and verified by reliable means, as applicable:

In the case of natural persons:

a) Full names.

b) Type and number of identity document.

c) Place and date of birth.

d) Legal capacity.

e) Nationality and country of residence.

f) Particular features

g) Address, telephone number, and email, if applicable.

h) Usual occupation, trade, or profession.

i) Workplace and position held, as well as length of service, if applicable.

j) Public office or function performed in the last two (2) years, as well as the name of the institution, if applicable.

k) Purpose of the relationship to be established with the obligated subject.

l) Whether or not the person is qualified as a PEP.

m) In the case of PEPs, the names of their relatives up to the second degree of consanguinity and second degree of affinity, and of the spouse or concubine, if applicable.

In the case of Legal Entities:

a) Trade name or corporate name.

b) Unique Taxpayer Registry (RUC), if applicable.

c) Corporate purpose and main economic activity.

d) Identification of directors and shareholders, partners, or associates who directly or indirectly hold more than 5% of the social capital, contribution, or participation of the legal entity, considering the information required for natural persons, insofar as applicable, identifying those who are PEPs.

e) Location and telephone number of the main office or premises, agencies, branches, or other locations where they carry out activities related to their business.

f) Representatives, considering the information required in the case of natural persons; as well as verifying the granting of the corresponding powers.

g) Identification of administrators and regarding them, the information required for natural persons must be presented, insofar as applicable.

h) Identification of administrators considering the information required for natural persons, insofar as applicable.

i) Legal entities linked to the client, qualified according to the regulations on the matter.

j) Purpose of the relationship to be established with the obligated subject.

7.3 Obligated subjects must endeavor to have information regarding the approximate average monthly income of their clients, whether natural or legal persons, as well as establish specific procedures to determine cases of clients who have singular or outstanding characteristics, linked to the type and characteristics of usual operations they carry out in the market, considering information on amounts, currency, accounts involved, places of execution, dates, periodicity, type and volume of operations, mode of operation, economic activity, and other information or characteristics considered relevant. Additionally, the country of origin of the funds involved must be taken into account (determining if the country meets minimum standards for customer knowledge), if applicable, and whether commercial relationships will be carried out through electronic or similar means, if applicable. This information must be recorded in writing in specific formats that will form part of the individual file of each client.

7.4 Obligated subjects, based on the information obtained through their policies and procedures for the adequate knowledge of their clients, must, at their good judgment, identify those clients they consider could be sensitive to money laundering or terrorist financing operations, hereinafter referred to as "sensitive clients" and, as a consequence, reinforce their customer knowledge procedure in these cases.

Obligated subjects must also reinforce the customer knowledge procedure in the following cases:

a) Non-resident clients, national or foreign.

b) Clients who receive transfers from countries considered non-cooperative by the FATF, with risk related to money laundering and terrorist financing, with little banking supervision, or from countries included in the OFAC list.

c) Clients who act through a representative or clients whose shareholders, partners, or associates directly or indirectly hold more than 5% of their social capital, contribution, or participation, if applicable, whether natural or legal persons foreign.

d) Trusts.

e) Non-domiciled companies.

f) Politically exposed persons (PEPs) or those who administer public resources. Obligated subjects must have appropriate risk management systems and must reinforce their customer knowledge procedures when one of their clients becomes a PEP or an official who administers public resources, as applicable, after having initiated commercial relations with the obligated subject.

g) Legal entities in which a politically exposed person (PEP) owns at least 5% of the social capital, contribution, or participation and which, according to the good judgment of the obligated subject, pose a high risk of money laundering and terrorist financing.

h) Other circumstances identified by the good judgment of the obligated subjects.

The "sensitive clients" and those indicated in letters a) to h) of the previous paragraph must additionally be incorporated into a special register, which must also be recorded in the file of said clients.

7.5 To reinforce their customer knowledge procedures, obligated subjects must, at a minimum, carry out the following additional measures, insofar as applicable:

a) Identify the origin of the funds.

b) Obtain information on the main clients, if applicable.

c) Conduct at least one (1) review per year of the client's profile, background, documentation, among other aspects, as well as, if domiciled in Peru, conduct a visit to their home or offices, when deemed necessary, if the review of the client's profile, background, and documentation does not correspond to what was declared.

d) The decision to accept the client will be the responsibility of the highest managerial level of the obligated subject, who may delegate this function to another managerial position within the organization, however retaining the responsibility for the acceptance or non-acceptance of the client.

e) Conduct inquiries or obtain additional information from the client, even in the case that they act through a representative.

f) Update the client's information, additionally in the case of legal entities, such update must be carried out at least once a year, and includes that of their shareholders, partners, or associates who directly or indirectly hold more than 5% of their social capital, contribution, or participation, if applicable.

7.6 The procedures for client identification applied by an obligated subject with respect to the same client or a set of linked clients do not exempt other obligated subjects belonging to the same economic group from applying said procedures when they establish commercial relations with said clients.

7.7 Likewise, obligated subjects must endeavor to identify the beneficial owner, adopting reasonable measures to verify their identity to the extent that due diligence allows.

Article 8.- Verification of Information

8.1 For the verification of information on client identification, additionally, obligated subjects will endeavor to conduct visits to their homes or offices, carry out personal interviews, or perform other procedures that allow them to obtain security that their clients have been duly identified and achieve knowledge of their clients, leaving documentary evidence thereof in the individual file of each client, indicating the place, date, and time thereof, as well as their results. Likewise, obligated subjects must take into account that information provided by their clients that they are unable to verify constitutes a warning signal for the detection of suspicious operations.

8.2 For the purpose of verifying information, obligated subjects will act with due diligence paying greater attention in the case that any of their clients show a pattern of operations that does not correspond to their profile or line of business, or that it is known that they are being investigated for money laundering or terrorist financing by competent authorities or that they are linked to natural or legal persons subject to investigation or judicial processes related to money laundering or terrorist financing, and in general, the warning signals detailed in Annex I of this regulation regarding unusual or suspicious operations must be taken into account.

8.3 In cases where obligated subjects use third parties to comply with verification services, or to attract new business or to carry out commercial activities typical of obligated subjects, insofar as this is permitted, such intermediaries or third parties must comply with what is provided in this regulation, the Law, and its Regulations, so that, among other aspects, they must adopt adequate measures to obtain information regarding identification data and all relevant documentation related to customer knowledge. In any case, obligated subjects are responsible for compliance with what is stated in this paragraph and are not exempt from any responsibility by the fact that this obligation is carried out by an intermediary or third party.

Article 9.- Market Knowledge

Market knowledge is a complement to customer knowledge, which allows obligated subjects to determine the ranges within which the usual operations carried out by their clients are located, according to market characteristics. In such a way that obligated subjects are capable of detecting operations that fall outside the activity profiles of clients or the parameters of normality prevailing in the market to which they correspond, comparing the operations carried out by clients with similar activity profiles, resulting in unusual or suspicious.

CHAPTER II

ON THE REGISTRY OF OPERATIONS

Article 10.- Registry of Operations

10.1 Obligated subjects must register the operations referred to in numeral 9.2 of article 9 of the Law, that their habitual or occasional clients carry out for amounts equal to or greater than ten thousand US dollars (US$ 10,000.00) or its equivalent in national currency or other currency, if applicable. Likewise, they will register multiple operations carried out in one or several offices or subsidiaries and that in total equal or exceed fifty thousand US dollars (US$ 50,000.00) or its equivalent in national currency or other currency, if applicable, when carried out for or on behalf of the same person during a calendar month, in which case they will be considered as a single operation. The exchange rate applicable to fix the equivalent in national currency or other currencies, if applicable, will be obtained by averaging the daily selling exchange rates, corresponding to the month prior to the operation, published by the Superintendency.

10.2 The registry may be carried out through computer systems and must contain at least the information indicated in article 7 of the Regulations. Likewise, regarding the natural and/or legal persons involved in the operation, the identification of the person who physically carries out the operation must be registered, as well as the person on whose behalf the operation is carried out and the beneficiary or recipient thereof, if any. For these purposes, obligated subjects must use the form included in Annex II of this regulation.

Obligated subjects, considering the particular characteristics they develop, must elaborate the formats for the registration of clients and information indicated in numerals 7.4 and 7.5 of article 7 of this regulation. Said formats must be approved by the Board of Directors or equivalent body of the obligated subject.

10.3 The information records that obligated subjects have on their clients and the operations they carry out may be used for the purposes of the Registry of Operations, provided that they are duly adapted to the requirements exigible for the money laundering and/or terrorist financing prevention system and contain at least the information referred to in article 7 of the Regulations.

10.4 For the purposes of the Registry of Operations referred to in this regulation, stock exchanges and other centralized trading mechanisms, as well as clearing and settlement institutions for securities, must consider, to comply with this obligation, all operations or entries that are currently the subject of their records.

10.5 In cases where, due to the particular characteristics of the operation of obligated subjects, it is necessary to modify any aspect related to the registration of operations, in accordance with numeral 9.8 of article 9 of the Law, such modification must be approved by the General Management of CONASEV, upon duly substantiated request, and a favorable report from UIF-Peru.

10.6 Obligated subjects will present within fifteen (15) calendar days following the close of each quarter to UIF-Peru, in the medium it establishes, a list of cash operations that they have recorded in the Registry of Operations. For these purposes, cash operations are understood to be those carried out in obligated subjects as a consequence of the development of the ordinary business of clients, involving the delivery or receipt of money in bills or coins, national or foreign, as applicable. Obligated subjects will provide said information through the electronic medium and the opportunity established by UIF-Peru by Resolution of the Superintendent of Banks, Insurance, and Private Pension Fund Administrators.

10.7 CONASEV, based on the particular characteristics of obligated subjects and exceptionally, may exclude them from the obligation to keep the Registry of Operations. For this effect, obligated subjects must present to CONASEV their duly substantiated request. Based on the technical-legal report issued by the competent areas of CONASEV and its own evaluation, carried out by virtue of the information on file in its database, it will resolve the request presented by the obligated subject, prior to a favorable report from UIF-Peru. The authorization granted by CONASEV, if any, may be subject to revocation later when it considers that due to the particular characteristics of the obligated subject, the said exclusion is no longer justified.

Article 11.- Conservation and Availability of the Registry

11.1 Obligated subjects must maintain the registry of operations accurately and completely from the day the operation was carried out and for a period of five (5) years. For this effect, computer means, microfilming, or similar means that allow their conservation and easy recovery of the information contained in the registry for consultation and internal or external reporting to competent authorities as per Law, which have the character of confidentiality according to article 12 of the Law and article 13 of the Regulations, will be used.

11.2 Obligated subjects must maintain a backup copy, which must be available to CONASEV, UIF-Peru, and/or the Public Ministry, in accordance with the Securities Market Law and the current regulations that are applicable, within forty-eight (48) hours of being requested, without prejudice to the power of CONASEV and UIF-Peru to request this information in a shorter period, when they deem it convenient.

Article 12.- Clients Excluded from the Registry

12.1 Obligated subjects, in accordance with article 9 of the Regulations and based on their good judgment, according to the definition of letter a) of article 2 of this regulation, as well as under their responsibility, may exclude certain habitual clients from the registry of operations, taking into account their activity profiles, and that the sufficient, updated, and duly justified knowledge they have of said habitual clients allows them to consider that their activities are lawful, provided that they meet at least the following conditions:

a) Be residents in the country.

b) Not have registered background for suspicious operations.

c) Have at least two (2) years as habitual clients in the systems supervised by CONASEV and one (1) year in the company before being excluded from the registry.

d) Carry out operations with some frequency that exceed the minimum amounts required for the Registry of Operations.

12.2 Compliance Officers will be responsible for approving or not the exclusion of clients from the Registry of Operations, for which they must previously carry out an evaluation and review of the activities of habitual clients as well as compliance with the requirements indicated above prior to the exclusion from the operations registry and, additionally, periodically, once excluded from said registry.

12.3 When it is known that the client excluded from the registry of operations is allegedly linked to money laundering and/or terrorist financing activities, CONASEV will evaluate the compliance of the Compliance Officer's functions and the alleged commission of the crime of Omission of Reporting of Suspicious Operations, in accordance with the Law.

Article 13.- Procedures for Exclusion from the Registry

13.1 For the adequate control and follow-up of clients excluded from the registry of operations, obligated subjects must implement and apply the following procedures, as well as others they consider necessary:

a) Design an appropriate form or computer registry that allows documenting the authorization process and periodic review of the criteria considered for the exclusion of each client, maintaining a centralized file thereof, which will be available to CONASEV.

b) Carry out a prior individual evaluation of the exposure and risk of the activity profile presented by each client, taking into account the purposes described in the applicable regulations and leaving evidence thereof in the form or registry indicated above. The authorization of the Compliance Officer must be substantiated by at least two (2) favorable and independent opinions, one of which must be from the personnel responsible for contacting the client directly.

c) At least once (1) each semester of the year, a formal review of the list of clients excluded from the registry must be carried out to verify if they continue to satisfy the criteria applied for their exclusion, leaving evidence and comments thereof in the corresponding form or registry.

13.2 The procedures indicated above, as well as the policies adopted by obligated subjects for the qualification of clients excluded from the registry of operations, must be incorporated into the Manual. The list of excluded clients and the corresponding justification must be available to CONASEV, in accordance with the Securities Market Law and the current regulations that are applicable, when so required and within the period indicated.

CHAPTER III

ON THE COMMUNICATION OF SUSPICIOUS OPERATIONS

Article 14.- Reports of Suspicious Operations (ROS)

14.1 Obligated subjects must communicate to UIF-Peru the operations carried out or attempted that, according to their good judgment according to the definition of letter b) of article 2 of this regulation, are considered suspicious regardless of the amounts involved, within a period not exceeding thirty (30) calendar days from having detected them.

14.2 A suspicious operation will be considered detected when, having previously identified an operation as unusual, after the analysis and evaluation carried out by the Compliance Officer, they may presume that the funds used proceed from some illicit activity, or that, for any reason, they do not have an apparent economic or lawful basis.

14.3 Obligated subjects must attend, within the period required of them, the information requests or expansion of information from UIF-Peru or another competent authority, in accordance with the Securities Market Law and other current regulations. In case that due to the magnitude and/or complexity of the information requested, an additional period is required to present said information, obligated subjects may request said period from the competent authority that has requested the information, in order to provide the information as soon as possible.

14.4 The Compliance Officer must leave documentary evidence of the analysis and evaluations carried out for the qualification of an operation as suspicious or not, in the corresponding registry.

14.5 Annex I titled "Warning Signals" contains a list of warning signals that obligated subjects must take into account for the purpose of detecting suspicious operations. The foregoing does not exempt obligated subjects from communicating other operations they consider suspicious according to their money laundering and terrorist financing prevention system.

14.6 What is stated in the previous numeral is without prejudice to CONASEV and UIF-Peru providing additional criteria for the detection of suspicious and unusual operations, in accordance with what is stated in the Regulations.

14.7 The communication of the Report of Suspicious Operations (ROS) that obligated subjects carry out through their Compliance Officers has a confidential and private character, according to the duty of secrecy, between obligated subjects and UIF-Peru; in accordance with what is provided in article 12 of the Law and article 13 of the Regulations. Obligated subjects must communicate the ROS to UIF-Peru through the electronic medium established by Resolution of the Superintendent of Banks, Insurance, and Private Pension Fund Administrators.

14.8 Obligated subjects must have a document controlling the numbering of suspicious operation reports, called Registry of Suspicious Operations, which contains the date of the operation, type of operation, amount involved in the operation, date of detection as unusual, date of detection as suspicious, and date of communication to UIF-Peru.

14.9 Obligated subjects must have a document controlling the numbering of operations classified as unusual, called Registry of Unusual Operations, which contains the date of the operation, type of operation, amount involved in the operation, date of detection of the operation as unusual, and criteria for not having been considered suspicious.

Article 15.- Content of the ROS

15.1 Suspicious operation reports must contain the following minimum information:

a) Identity of the client or clients involved in the operation, indicating full name, date of birth, identity document number, nationality, profession or occupation, address, and telephone, in the case of natural persons; as well as trade name or corporate name, Unique Taxpayer Registry number (RUC), corporate purpose, address, telephone, and legal representative, in the case of legal entities. Regarding the legal representative, the information required for natural persons must be included.

b) When third parties intervene in the operation, the full names of said persons and other available information about them must be indicated.

c) Indicate whether the client or clients have previously carried out a suspicious operation, specifying the documentation with which the competent authorities were notified regarding said operation.

d) Relationship and description of the operations carried out, mentioning dates, amounts, currencies, accounts used, linked accounts, place of execution, and supporting documents attached to the report, such as documents used for fund transfers, account statements, copies of payment instruments, copies of testimonies, etc.

e) Irregularities and considerations that led to classifying said operations as suspicious; and,

f) Other information and documentation considered relevant.

15.2 Annex III of this standard contains the form that obligated subjects must use for the Report of Suspicious Operations to be communicated to UIF-Peru. Without prejudice to the adjustments that obligated subjects may make, provided they are duly justified and correspond to the specific characteristics of each obligated subject.

15.3 The ROS must not feature the identity of the Compliance Officer, nor any other element that could contribute to identifying him, for which said officer must use the secret codes or keys assigned to him and to the obligated subject. Likewise, in all other communications addressed to the Deputy Superintendent of UIF-Peru, the Compliance Officer must only use the secret codes or keys assigned.

CHAPTER IV

ON THE MANUAL FOR THE PREVENTION OF MONEY LAUNDERING AND/OR TERRORISM FINANCING

Article 16.- Manual for the Prevention of Money Laundering and Terrorism Financing and its Minimum Content

16.1 The system for the prevention of money laundering and terrorism financing must be embodied in the Manual prepared by the obligated subjects, which will contain the policies, mechanisms, and procedures established by the obligated subjects, specifically designed for the prevention and detection of money laundering and terrorism financing, in compliance with the Law, the Regulation, the Securities Market Law, the Investment Funds Law, and the Collective Funds Law, as well as this standard and other provisions on the matter.

16.2 The Manual must contain as a minimum the information indicated in Annex IV of this standard. Without prejudice to the foregoing, obligated subjects must incorporate into the Manual, in addition to the "Alert Signals" referred to in Annex I of this standard, a list of those operations that due to the nature of the client's economic activity they consider unusual or likely to be communicated to UIF-Peru if suspected, and must disseminate this list among the personnel in charge of preventing and detecting said operations.

16.3 The Manual must be approved by the Board of Directors or equivalent body of the obligated subjects, be permanently updated, and be available to CONASEV and UIF-Peru when requested.

16.4 The Manual for the Prevention of Money Laundering and Terrorism Financing may form part of another manual or norm of similar nature that governs the obligated subject, provided that it develops its own rules in accordance with the Law, the Regulation, and this standard. Considering the same characteristics, obligated subjects that are part of an economic group may have a single Manual.

CHAPTER V

ON THE SUPERVISION OF THE PREVENTION SYSTEM

SUBCHAPTER I

ON CONTROL, SUPERVISION, AND IMPLEMENTATION OF THE PREVENTION SYSTEM

Article 17.- Supervision Actions and Procedures

17.1 CONASEV, considering the importance of the case, as well as the operational capacity it has available, may execute specific supervision actions on an obligated subject. In these cases, supervision may be carried out with the participation of UIF-Peru.

17.2 In cases where CONASEV carries out supervision actions on obligated subjects with the participation of UIF-Peru, it will communicate in a timely manner and according to its internal procedures, the report containing the results of the supervision actions to UIF-Peru and to the Board of Directors or equivalent body of the obligated subject, evaluating that there is no impediment to its communication.

17.3 In cases where CONASEV carries out supervision actions on the money laundering and terrorism financing prevention system without the participation of UIF-Peru, it may confidentially inform UIF-Peru of the start of the inspection visit to the obligated subject.

17.4 CONASEV will communicate to UIF-Peru cases of presumed money laundering and terrorism financing detected in the exercise of its supervision functions.

17.5 CONASEV will communicate to UIF-Peru the sanctions imposed on obligated subjects and on the persons and bodies of the obligated subject subject to sanction, for cases of non-compliance with the Law, the Regulation, and this standard.

Article 18.- Collaborators of the prevention system

18.1 In the exercise of the control and supervision labor of the money laundering and terrorism financing prevention system, CONASEV has not only its own supervision mechanisms but also, additionally, has the support of the Compliance Officer, internal audit, and external audit of the obligated subjects.

18.2 The reports to be issued by the Compliance Officer, internal auditors, and external auditors must refer to the activities carried out by the obligated subjects regarding the policies and procedures adopted to prevent money laundering and terrorism financing, in accordance with the minimum content established for said reports in this standard.

Article 19.- Implementation of the system to detect suspicious operations

The Board of Directors and General Manager of the Obligated Subjects required to report, or their equivalent bodies, in accordance with Article 19 of the Regulation, will be responsible for implementing in the companies they represent the system to detect suspicious operations of money laundering and terrorism financing, as well as designating on an exclusive basis a Compliance Officer who will be responsible, along with them, for monitoring compliance with the system.

SUBCHAPTER II

ON THE COMPLIANCE OFFICER

Article 20.- On Designation

20.1 In accordance with what is provided in literal a of numeral 10.2.1 of Article 10 of the Law and numeral 20.1 of Article 20 of the Regulation, the Compliance Officer is the official on exclusive dedication, designated by the Board of Directors and the General Manager of the obligated subject, responsible, along with them, for monitoring compliance with the money laundering and terrorism financing system within the obligated subject.

20.2 The Compliance Officer will have a direct labor link with the obligated subject and a manager position, which must be consistent with the benefits corresponding to the other managers of the obligated subject; it will depend, hierarchically, within the functional organizational chart, directly on the Board of Directors or similar body; enjoys absolute autonomy and independence in the exercise of the responsibilities and functions corresponding to it in accordance with the Law, the Regulation, and this standard, and will report periodically on its management directly to the President of the Board of Directors of the obligated subject or equivalent body, being able to coordinate daily aspects of its labor, logistical topics or similar, and unrelated to the handling of suspicious information with the General Manager or equivalent body of the obligated subject.

Likewise, the obligated subject must provide the Compliance Officer with the necessary resources and infrastructure for the adequate fulfillment of its responsibilities, functions, and confidentiality, as appropriate. Regarding the situation and development of the personnel assigned to the Compliance Officer, the evaluation that the Compliance Officer achieves with the Board of Directors or equivalent body will be taken into account, mainly.

The obligated subject must designate the official who will replace the Compliance Officer in case of temporary absence. It will not be required that this person hold the manager position, when the absence of the Compliance Officer is up to thirty (30) days.

20.3 Obligated subjects will inform CONASEV and UIF-Peru of the designation of the Compliance Officer within a maximum period of fifteen (15) calendar days from the date of designation, attaching the documentation that accredits that it meets the requirements indicated in articles 23 and 24 of this regulatory standard and indicating as a minimum the following information:

a) Full name.

b) Identity document number.

c) Nationality.

d) Position.

e) Address of the office, agency, or branch where it works; and

f) Contact data (telephones, facsimile, email, among others).

Likewise, this information must be updated according to the changes that occur and communicated within the same period established for the designation.

20.4 In case of designation of a new Compliance Officer, this must be communicated to CONASEV and UIF-Peru, indicating the reasons that justify the new designation. Except in cases of force majeure and in no case for more than thirty (30) calendar days, the outgoing Compliance Officer must remain in the position until the incorporation of the new Compliance Officer.

20.5 The designation of a Compliance Officer does not exempt the obligated subject nor the directors and workers from the obligation to apply the policies, mechanisms, and procedures of the money laundering and terrorism financing prevention system, in accordance with the functions that correspond to them.

20.6 Companies may designate a Committee for the Prevention of Money Laundering and Terrorism Financing composed of first-level management officials and which will be presided over by the Compliance Officer. This Committee will have the function of assisting the Compliance Officer in the analysis and evaluation necessary to determine if an unusual operation is suspicious or not; however, the Compliance Officer is the only one who can classify the operation as suspicious and proceed with its communication to UIF-Peru, in accordance with the Law.

Likewise, this Committee may serve as support to the Compliance Officer in the adoption of policies and procedures necessary for the proper functioning of the prevention system, including supervision methodologies and risk management, as well as in the analysis of the determination of sensitive clients and excluded clients, among others. The referred Committee must meet at least two (2) times a year, being able to increase said number of meetings if considered necessary. The functions of the Committee for the Prevention of Money Laundering and Terrorism Financing will be developed in the Manual in which the names of the people who make up the Committee with their respective positions must be recorded, which must be duly updated.

Article 21.- On the Guarantee and Confidentiality of Identity

UIF-Peru will assign secret codes or keys to the Compliance Officers, with which they will be identified, without exception, in all communications that obligated subjects make to UIF-Peru, observing the guarantees of confidentiality and security as appropriate to protect the reserve of identity of the Compliance Officer, in accordance with numeral 2 of Article 10-A of the Law. UIF-Peru must notify the assignment of said codes or keys to the Compliance Officer. Likewise, CONASEV will keep the reserve of said identity in the communications of the reports that the Compliance Officer is obliged to present.

Article 22.- Exclusion of the obligation to designate an exclusive dedication compliance officer

22.1 Obligated subjects that due to their special characteristics, referred to the size of their organization or complexity or volume of operations, consider that it does not justify designating an exclusive dedication compliance officer, must request from CONASEV to be excluded from said obligation.

22.2 For this purpose, obligated subjects will request from CONASEV to be authorized to have a non-exclusive dedication compliance officer, attaching to their request a technical report that supports the viability of having a non-exclusive dedication Compliance Officer indicating the special characteristics of the obligated subject that justify the exclusion. CONASEV will inform UIF-Peru of the exclusion requests and request its favorable opinion. Obtained the authorization, the obligated subject will designate the compliance officer observing what is provided in this Regulation and will communicate said designation to CONASEV for the purpose of verifying if said person satisfies the requirements provided in this Regulation.

22.3 Without prejudice to what is stated in the previous numerals, the following obligated subjects are excluded from the obligation to designate an exclusive dedication Compliance Officer, considering the size of their organization, the low complexity or volume of their operations, the particular characteristics of their operability and/or the functions they perform:

a) Stock Exchanges.

b) Compensation and Settlement Institutions for Securities.

c) Obligated subjects during the first six (06) months of having obtained the operating authorization, after said period they must adapt to the corresponding requirement, considering the criteria established in the regulation.

d) Other obligated subjects that CONASEV authorizes in a particular manner.

22.4 The exclusion of other obligated subjects according to literal c) of the previous numeral, will be conferred by an authorizing resolution of CONASEV, prior to the agreement of UIF-Peru.

22.5 CONASEV may leave without effect the exception in mention when the conditions that supported the exclusion vary.

22.6 The mentioned exclusion will be without effect of full right when the obligated subject communicates to CONASEV the designation of an exclusive dedication compliance officer.

Article 23.- Requirements of the Compliance Officer

The Compliance Officer must meet, at least, the following requirements:

a) Be designated by the Board of Directors and the General Manager of the obligated subject to report, or their equivalent bodies, and hold a manager position. The General Manager nor the members of the board of directors of the obligated subject cannot be designated as Compliance Officer.

b) Depend hierarchically, within the functional organizational chart, directly on the board of directors or equivalent body of the obligated subject to report, for the purposes of the money laundering and terrorism financing prevention system.

c) Have experience in follow-up and control of operations and/or regulatory compliance.

d) Have sufficient knowledge in the main activity developed by the obligated subject. When it is a Corporate Compliance Officer, it must have knowledge of the operability of the companies under the competence of CONASEV.

The knowledge in the operability of the companies under the competence of CONASEV can be accredited by a sworn statement issued by the Obligated Subject of having trained the proposed person through induction programs.

e) Not be nor have been the internal auditor of the obligated subject, understood as any official who exercises the attributions and responsibilities regarding the internal control of the obligated subject, within the six (6) last months prior to the designation.

f) Not have been declared bankrupt, or convicted for commission of intentional crimes or be subject to any of the impediments indicated in Article 365 of the General Law of the Financial System and the Insurance System and Organic of the Superintendence of Banks, Insurance, and Private Pension Fund Administrators, Law No. 26702 and its modifications, with the exception of paragraph 2 of the mentioned article, in cases where an exclusive dedication Compliance Officer is not required.

g) Others established by CONASEV.

The requirements referred to in paragraphs e) and f) can be accredited through a sworn statement, the other requirements must be accredited through the corresponding documentation.

Article 24.- Corporate Compliance Officer

24.1 When it comes to obligated subjects that form the same economic group, the Board of Directors of said companies may designate a natural person who serves as Corporate Compliance Officer, provided that this person meets the requirements indicated above for the exercise of the Compliance Officer function and has the approval of the CONASEV line organ, as well as the agreement of UIF-Peru.

24.2 In order to process the approval of the designation of the Corporate Compliance Officer, any of the obligated subjects under the competence of CONASEV must present a request accompanied by the following documentation and information:

a) List of companies that make up the economic group, including those that are not supervised by CONASEV. If this information has already been provided previously to CONASEV this requirement will not be required.

b) Technical report signed by the legal representative of the applicant that supports the viability of the economic group of having a Corporate Compliance Officer, based on the money laundering and terrorism financing risks it faces, demonstrating that said position will not harm or put in danger the compliance with current regulations and the correct development of the prevention system, of the obligated subjects forming the economic group that it represents, whether or not supervised by CONASEV, as well as exposing what measures will be implemented so that this does not happen.

c) Comply with the requirements established in Article 23°. The obligated subject must justify in what way the experience referred to in paragraph c) of the previous article will allow the proposed person to develop as a corporate compliance officer. Likewise, it must accredit the knowledge referred to in paragraph d) of the previous article.

d) Sworn Statement indicating that the appointment of the Corporate Compliance Officer has the approval of the Board of Directors or similar body and General Manager of each of the obligated subjects that make up the economic group, whether or not supervised by CONASEV;

e) The list of personnel that will be in charge of the Corporate Compliance Officer, as appropriate, and of the people who are in charge of coordinating directly with the Compliance Officer on topics related to the prevention system, and who work in each of the obligated subjects that are part of the economic group it represents, whether supervised or not by CONASEV; and,

24.3 Obtained the approval of CONASEV, the obligated subject will request the agreement from UIF-Peru for the pertinent purposes. Likewise, the obligated subject must send to CONASEV a copy of the agreement granted by UIF-Peru, within a period of seven (07) days counted from the notification of said authorization.

Article 25.- Functions of the Compliance Officer

25.1 The functions of the Compliance Officer are the following:

a) Monitor compliance with the system to detect suspicious operations of money laundering and terrorism financing.

b) Verify the application of the policies and procedures implemented by the obligated subjects for client knowledge, market knowledge, as well as the necessary procedures to ensure the level of integrity of directors, managers, and workers, regarding which it will also verify that the necessary information is collected within the framework established in the Regulation.

c) Evaluate in advance the possibility of excluding a client from the operations register and, if appropriate, approve its exclusion from said register, as well as periodically review the evaluations carried out on clients excluded from the operations register and the procedures implemented for the exclusion of clients from the operations register. Likewise, review the independent opinions referred to in paragraph b) of Article 13 and other evaluations carried out on clients proposed to be excluded from the register.

d) Verify the adequate conservation and custody of the documents required for the prevention of money laundering and terrorism financing.

e) Promote the definition of strategies of the obligated subject to prevent money laundering and terrorism financing.

f) Take the necessary actions, to ensure that the personnel of the obligated subject, considering the specific functions of each of them, has the appropriate level of training that allows them to detect unusual and suspicious operations, as well as for the adequate dissemination of the Code of Conduct and the Manual.

g) Propose alert signals for the prevention of the crime of money laundering and terrorism financing to be incorporated in the Manual.

h) Keep a control of the operations communicated by the personnel as unusual.

i) Analyze the unusual operations detected, with the advice of the Committee for the Prevention of Money Laundering and Terrorism Financing if it exists, with the purpose of determining the operations that could be classified as suspicious.

j) Classify unusual operations as suspicious, if appropriate.

k) Periodically review on the United Nations website, the Lists on persons involved in terrorist activities (Resolution No. 1267), in order to detect if any of them is carrying out any operation with the obligated subject.

l) Periodically review on the FATF website, the List of Countries and Territories Non-Cooperative, as well as the OFAC List, which can serve as a consultation tool for client knowledge.

m) Prepare and notify the reports of suspicious operations to UIF Peru, on behalf of the obligated subject.

n) Be the interlocutor of the obligated subject before UIF-Peru.

o) Issue semi-annual reports on the functioning and level of compliance of the anti-money laundering and counter-terrorist financing prevention system within the obligated entity.

p) Present quarterly reports on their management to the President of the Board of Directors or equivalent body of the obligated entity required to report.

q) Those others that are necessary to monitor the functioning and level of compliance of the anti-money laundering and counter-terrorist financing prevention system and the detection of suspicious transactions.

25.2 For the proper fulfillment of their functions, the Compliance Officer must prepare an Annual Work Program that must be approved by the Board of Directors or equivalent body of the obligated entity before December 31 of each year for its timely application. This program must indicate, among other aspects, the activities, methodology, and deadlines and dates for the execution of the functions and responsibilities described above.

25.3 In cases where, due to the particular characteristics of the operations of the obligated entities, it is necessary to modify any aspect related to the minimum content of the Compliance Officer's semi-annual reports, it must be approved by the General Management of CONASEV, upon duly substantiated request and a favorable report from UIF-Perú.

Article 26.- Quarterly Reports of the Compliance Officer

26.1 The quarterly reports that the Compliance Officer must present to the President of the Board of Directors of the obligated entity, regarding their management, must contain, at a minimum, a reference to any action taken to observe the monitoring of compliance with the system to detect suspicious transactions of money laundering and terrorist financing, taking into consideration any clarification or expansion that the Board of Directors or equivalent body of the obligated entity has previously required, as well as any other information according to the particular characteristics of each obligated entity. These reports will be available to CONASEV when so required.

26.2 The quarterly reports must be presented to the President of the Board of Directors of the obligated entity within fifteen (15) calendar days following the expiration of each quarter.

26.3 Corporate Compliance Officers must present a quarterly report for each of the companies supervised by CONASEV that are part of the economic group they represent.

Article 27.- First Semi-Annual Report of the Compliance Officer

The Compliance Officer's report corresponding to the first half of the year must contain, at a minimum, information relative to:

a) Detail of whether the Compliance Officer's functions are performed on an exclusive dedication basis or not, or if they were designated as a Corporate Compliance Officer, and if they have support staff.

b) Description of the size of the organization of the obligated entity or the economic group under their charge, unless such information has been previously provided to CONASEV.

c) Description of new typologies of suspicious transactions detected, in relation to the previous report, if any.

d) Description of procedures implemented to detect, prevent, and control money laundering and terrorist financing.

e) Detail on the observance of the Manual.

f) Description of the analysis of unusual transactions detected.

g) Statistics of unusual transactions detected by month.

h) Statistics of suspicious transactions reported by month.

i) Corrective actions taken based on observations from internal audit, external audit, and CONASEV, if any.

j) Sanctions applied to workers during the semester due to non-compliance with the prevention system, including information on the workers involved.

k) Progress and degree of compliance with the Annual Work Program.

l) Evidence of submission of the semi-annual report sent to the Board of Directors or equivalent body of the obligated entity.

m) Other important aspects at the discretion of the Compliance Officer.

Article 28.- Second Semi-Annual Report of the Compliance Officer

28.1 The Compliance Officer's report corresponding to the second half of the year must contain, in addition to what is stated in the preceding article, an annual evaluation regarding the adequacy and compliance of the obligated entity's policies and procedures, referred to at a minimum to the following aspects:

a) Knowledge of the client and the market.

b) Declaration of having complied with the formal review of the relationship of clients excluded from the transaction register and communication of results; as well as the number of clients excluded from the transaction register during the year and those who, while excluded, have been reincorporated, referencing the number of periodic evaluations that the Compliance Officer has carried out on clients excluded from the transaction register during the year, as provided in subsection c) of Article 13 of this regulation.

c) Training of staff on topics related to the prevention of money laundering and terrorist financing, which includes information on the training received. The number of workers and times they were trained during the year must be indicated, including specialized training for the Compliance Officer.

d) Compliance with the Code of Conduct by all persons indicated in numeral 4.1 of Article 4 of this regulation, indicating those cases where it has been breached and the corrective measures adopted, as well as information regarding the signing of the document referred to in numeral 4.4 of Article 4 of this regulation.

e) Knowledge of the staff, including managers and Board members, through the evaluation of their personal, professional, and asset backgrounds.

f) Transaction register, analysis, and verification that said register is being properly filled out by the responsible staff.

g) Maintenance of client information and their transaction records for the legal period.

h) Annual statistics of suspicious transactions reported to UIF-Perú by month.

i) Annual statistics of unusual transactions detected.

j) Changes and updates to the Manual.

k) Information on staff, if any, who work with the Compliance Officer to perform the functions indicated in Article 25 of this regulation, as well as indicating the training received in matters of prevention of money laundering and terrorist financing.

l) Sanctions applied to workers during the year due to non-compliance with the prevention system, including information on the identity of the workers involved.

m) Observations formulated by internal audit, external audit, and CONASEV, if any, as well as the actions taken regarding them and their timeliness.

n) Annual statistics of communications attended from UIF-Perú, CONASEV, Public Ministry, Judicial Power, and any other competent authority.

o) Indicate whether the Compliance Officer has complied with reviewing and, if applicable, updating the training programs, as well as having complied, if applicable, with communicating to all directors, managers, and workers of the obligated entity the changes in the prevention system regulations.

p) Compliance with the Annual Work Program.

q) Evidence of submission of the semi-annual report sent to the Board of Directors or equivalent body.

r) Other important aspects at the discretion of the Compliance Officer.

28.2 In the event that significant changes occur in the following semester regarding the annual evaluation of the aspects mentioned above, such changes must be described in the next semi-annual report of the Compliance Officer, as well as the impact these modifications have had on the anti-money laundering and counter-terrorist financing prevention system.

Article 29.- Deadlines for the submission of the Compliance Officer's semi-annual reports

29.1 The Compliance Officer's semi-annual reports must be brought to the knowledge of the Board of Directors or equivalent body of the obligated entity, within the calendar month following the expiration of the respective semi-annual period, before being presented to CONASEV and UIF-Perú.

29.2 The semi-annual reports must be presented to CONASEV and UIF-Perú no later than within fifteen calendar days following the date on which the reports were brought to the knowledge of the Board of Directors or similar body of the obligated entity. These reports must present evidence of having been presented in advance to the Board of Directors of the obligated entity.

29.3 Corporate Compliance Officers must present a first and second semi-annual report for each of the obligated entities supervised by CONASEV that are part of the economic group they represent.

SUBCHAPTER III

ON INTERNAL AND EXTERNAL AUDIT

Article 30.- Internal Audit

30.1 The design and application of the anti-money laundering and counter-terrorist financing prevention system is the responsibility of each obligated entity and must be evaluated by its Internal Audit to verify compliance with said system, as well as the norms established in the Law, the Regulation, and other related provisions on the prevention of money laundering and terrorist financing, based on the general principles of internal control and applicable audit techniques.

30.2 Those obligated entities that do not have an Internal Audit, but that according to the provisions issued by CONASEV have an official or body that exercises the attributes and responsibilities regarding the internal control of the obligated entity, must comply with the functions established in the Law, the Regulation, and this regulation, referred to Internal Audit; otherwise, they will be exempt from said obligations.

30.3 The evaluation of the prevention system within the framework of the Law, the Regulation, and other pertinent provisions, must be presented to CONASEV and UIF-Perú through a report, as an annex to the second semi-annual report of the Compliance Officer.

Article 31.- Minimum Duties of Internal Audit

The Internal Audit Area of the obligated entities or the official or body that exercises internal control functions, according to what is established in numeral 30.2 of Article 30 of this regulation, in order to comply with the provisions established in the Law, the Regulation, this regulation, and other applicable norms, must carry out the following minimum duties:

a) Execute the necessary actions for the verification of compliance with the anti-money laundering and counter-terrorist financing prevention system in a timely, permanent, and documented manner, including the evaluation of the design and adequate functioning of the system.

b) Verify compliance with the provisions established in the Law, the Regulation, this regulation, and other related provisions on the prevention of money laundering and terrorist financing.

c) Carry out permanent follow-up on the implementation of observations and recommendations formulated as a result of the evaluation of the prevention system.

d) Design an Annual Special Audit Plan for the anti-money laundering and counter-terrorist financing detection system, with the minimum content established in the following article of this regulation, as well as comply with what is stated in said Annual Plan.

e) Present to the Board of Directors of the obligated entity the reports they prepare and a copy of the same to the Compliance Officer.

Article 32.- Annual Special Audit Plan

The Internal Audit Area or the official who exercises internal control functions, according to what is established in numeral 30.2 of Article 30 of this regulation, must elaborate an Annual Special Audit Plan for the anti-money laundering and counter-terrorist financing detection system, oriented to improve the internal control system for prevention, which must be approved by the Board of Directors or equivalent body of the obligated entities before December 31 of each year and sent to CONASEV within the same deadline for the submission of the Compliance Officer's report corresponding to the second half of the year, for which it must be delivered timely to the Compliance Officer. Said Annual Plan must consider at a minimum:

a) References to the evaluation tasks necessary to fulfill the function of verifying compliance with the anti-money laundering and/or counter-terrorist financing prevention system, as well as to evaluate the design and adequate functioning of said prevention system. For this purpose, greater attention must be paid to the following aspects:

Establishment of policies and procedures that ensure adequate knowledge of the client, as well as knowledge of the market.
Existence of the Manual in accordance with current legal provisions, as well as the scope of its compliance.
Development of training programs that cover all staff of the obligated entity.
Level of compliance with the provisions established in the Law, the Regulation, this regulation, and other legal provisions on the matter.
Implementation of the Transaction Register in accordance with the provisions established in the Law, the Regulation, this regulation, and other legal provisions on the matter.
Timeliness of the communication of suspicious transactions to UIF-Perú, which does not imply access to information protected by the duty of confidentiality provided for in Article 12 of the Law and numeral 13.1 of Article 13 of the Regulation.
Evaluation of the criteria applied by the Compliance Officer to not consider a specific transaction suspicious.
Opinion regarding the designation of the Compliance Officer on an exclusive dedication basis or not, considering the size of the organization, complexity, and volume of operations, as appropriate.
Other actions necessary for the proper fulfillment of their functions.

b) Audit procedures and techniques specifically designed with the purpose of evaluating and verifying compliance with the anti-money laundering and counter-terrorist financing prevention system implemented by the obligated entities.

c) Objectives to be achieved in the improvement of the internal control system specifically for the evaluation of compliance with the prevention system.

d) Schedule of tasks.

Article 33.- Minimum Content of the Internal Audit Report

33.1 For the preparation of the report indicated in Article 30 of this regulation, the Internal Audit or whoever fulfills the internal control functions, according to what is established in numeral 30.2 of Article 30 of this regulation, must consider at least the following aspects:

a) Objective and description of the scope of the evaluation performed. b) Evaluation basis, specifying the evaluated period.

c) Procedures and audit techniques applied for the verification of compliance with the anti-money laundering and counter-terrorist financing prevention system implemented in the obligated entity, as well as compliance with the norms on the matter.

d) Description of the results obtained in the verification of compliance with the anti-money laundering and counter-terrorist financing prevention system, especially the observed deficiencies.

e) Compliance with the tasks scheduled for the respective period, according to the Annual Special Audit Plan.

f) Report on the actions taken by the obligated entity regarding the observations and recommendations of internal or external audits.

g) Conclusions and Recommendations.

33.2 When it concerns obligated entities that are part of the same economic group, and have an Internal Audit dependent on the parent company, this may perform the Internal Audit labor of said obligated entities provided that it issues a differentiated report for each of the obligated entities supervised by CONASEV. Copies of the Internal Audit reports will be delivered to the Corporate Compliance Officer, in order to be attached and sent with the semi-annual report of the compliance officer.

Article 34.- External Audit

34.1 In accordance with the Law and the Regulation, external audits must issue, at the request of the obligated entities, a special non-complementary report to the audited annual financial statements, called the Annual Independent Compliance Report, on the evaluation and compliance with the norms of the anti-money laundering and counter-terrorist financing prevention system of the obligated entities. Such evaluation does not imply access to information protected by the duty of confidentiality, provided for in Article 12 of the Law and Article 13 of the Regulation.

34.2 The Annual Independent Compliance Report must be carried out by an external audit firm distinct or, in its case, by an audit team completely distinct from the one that issued the opinion on the annual financial statements of the obligated entity. In the latter case, the audit team must be distinct from the one that carried out the examination of the annual financial statements during the last two (2) years.

In the case of the same external audit firm, it must attach to the Annual Independent Compliance Report a sworn declaration in which it declares that none of the members of the audit team participated in the preparation and issuance of the opinion on the annual financial statements of the obligated entity.

34.3 Without prejudice to the foregoing, CONASEV, when it deems necessary, according to numeral 22.4 of Article 22 of the Regulation, may request the obligated entity to hire external audits for the realization of special independent compliance reports on the anti-money laundering and counter-terrorist financing prevention system of the obligated entity, called the Special Independent Compliance Report, in addition to the Annual Independent Compliance Report.

34.4 The Annual Independent Compliance Report, as well as the Special Independent Compliance Report issued by external audits, must be supported, when CONASEV so requires, by those responsible for their issuance based on the working papers, which must evidence the audit labor performed and the conclusion reached.

Article 35.- Annual Independent Compliance Report

35.1 The Annual Independent Compliance Report, as well as the Special Independent Compliance Report, must contain, at a minimum, the results of the evaluation of the aspects indicated in Article 23 of the Regulation. Likewise, it must contain the observations, recommendations, conclusions, and opinions that are formulated on the evaluation of the anti-money laundering and counter-terrorist financing prevention system, and of each of the evaluated aspects.

35.2 The obligated entities must present to CONASEV the Annual Independent Compliance Report on the evaluation of the anti-money laundering and/or counter-terrorist financing prevention system, within the deadline regulated by CONASEV for the annual presentation of audited financial statements.

35.3 Notwithstanding the provision in the previous numeral, UIF-Perú may request at any time from the obligated entity or the external audit firm a copy of said report, which must be sent within a maximum deadline of five (5) days of being requested.

FINAL COMPLEMENTARY PROVISIONS

First.- Exemption of liability

In accordance with Article 13 of the Law, the obligated entities and their workers, officials, directors, and other authorized representatives, are exempt from criminal, civil, and administrative liability, as appropriate, derived from the due compliance with this regulation.

Second.- Integral administration of risks associated with Money Laundering and Terrorist Financing

The obligated entity must execute and implement continuously the necessary activities for the integral administration of risks associated with money laundering and terrorist financing, in accordance with the provisions issued by UIF-Perú and the general nature provisions established by CONASEV.

ANNEX I

ALERT SIGNALS

Introduction

The Securities Market, due to the nature and diversity of financial products and instruments, as well as the complexity of some operations carried out in it, is susceptible to being used as a means to carry out operations with resources of illicit origin, a crime known as money laundering.

The diversity and complexity of operations in the Securities Market contribute to increasing opportunities to carry out actions aimed at money laundering, which makes it more difficult for obligated entities to detect unusual or suspicious transactions.

In this sense, alert signals have been identified that obligated entities must take into account, to prevent and, if applicable, detect transactions presumably linked to money laundering or terrorist financing. Therefore, in case any of the operations or situations indicated below are identified, they must be analyzed and evaluated with the purpose of determining if they constitute unusual or suspicious transactions to communicate them to UIF-Perú.

Finally, it must be taken into account that this guide is not an exhaustive list, so obligated entities must consider other scenarios that escape the parameters of normality, which could determine cases of unusual or suspicious transactions, using for these purposes a reasonable criterion, in accordance with the norms of due diligence, knowledge of the client, and other provisions established in the Law, its Regulation, and this regulation.

Alert Signals

Unusual behaviors relative to clients

It is known that the client is being investigated or prosecuted for money laundering or related crimes or for terrorist financing.
The client evades or refuses to provide the information required by the obligated entity, or such information is inconsistent, difficult to verify.
The client's landline or mobile phone is permanently disconnected or one of the numbers does not match the information initially supplied.
The client insists on meeting with the staff of the obligated entity in a place other than their offices to carry out their transactions.
The client shows unusual indifference regarding the risks they assume and/or commissions, or in relation to other costs of the transactions.
The client constantly carries out transactions using or attempting to use only cash as a means of payment instead of other means of payment.
The client carries out frequent or significant transactions that are unrelated to their declared economic activity and/or their asset and/or financial situation, or that exceed the amounts they usually operate with.
Transactions carried out frequently, of little magnitude if considered in isolation, but which are significant in aggregate, and with no apparent relation to the client's condition and characteristics.
Fractionated transactions carried out in order to evade disclosure rules or obligations.
The client carries out complex transactions without an apparent purpose.
Transactions agreed upon at prices unrelated to market prices, as well as fictitious transactions.
Transactions carried out repeatedly between the same parties, and even more so in those where one of them has continuous gains or losses.
Money loan transactions that are suddenly cancelled in a manner unfavorable to the client, without a reasonable basis for the source of the funds.
Trading in securities that is not based on a real intention to execute them, since their position is only used temporarily or transiently as a counterparty to buy and sell transactions.
Current accounts in portfolios that have been inactive for a long time or have little movement, which unexpectedly and without apparent justification, show transactions for large sums of money.
The client requests or prefers that acquisitions of securities made abroad be kept in the global account of the intermediary agent.
The client is reluctant to have policies issued in their name related to said transactions.
Transactions carried out with securities through trusts, mandates, and commissions, for considerable amounts and in cash.
Transactions in which the client does not operate on their own account, but for a hidden principal, being reluctant to provide information regarding said principal.
Frequent instructions to transfer balances in favor of third parties without support in a transaction known to the subject obliged to report.
The client requests that the subject obliged transfer funds resulting from transactions carried out in their name or on behalf of their representatives to third parties or abroad.

Special attention must be paid when the transfer is directed to financial institutions located in tax havens.

The client acquires a large number of shares or participations and puts them in the name of different commercial companies or persons, without an apparent cause or economic relationship.
Frequent instructions to transfer balances in favor of third parties without support in a transaction known to the subject obliged.
Surprise sale of securities when their behavior is favorable, or sale at prices lower than those offered in the market.
Existence of clients among whom there would be no kinship, financial and/or commercial linkage, whether natural or legal persons, however they are represented by a single person. Special attention must be paid when said clients have their domicile fixed in tax havens.
Transactions carried out with funds originating from countries or territories considered as "tax havens" or identified as non-cooperative by the FATF in the fight against money laundering, as well as frequent or high-value transfers to said countries.
Transactions involving clients resident in countries considered tax havens or countries considered non-cooperative by the FATF.
The client requests to be excluded from the transaction register without justified cause.
The client authorizes that the receivable from their operation be destined to cover the payment that another client must make for the execution of their transactions.
The client assumes the payment of commissions, contributions, taxes, and any other cost or tax generated by the execution of their transactions, not only concerning the part that corresponds to them but also that of their counterparty or those of other apparently unrelated transactions.
The client buys bearer shares. Special attention must be paid when the shares have been issued by extraterritorial entities.
The client wishes to acquire investments with postal orders, traveler's checks, bank drafts, or other instruments, especially for amounts that are slightly below the threshold established for registration.
The client carries out securities transactions through a trust or a similar intermediary; characterized by considerable cash transactions or transactions through an extraterritorial entity that has no relationship with the client's activity.

Unusual behaviors regarding the issuers of securities placed by private offer intermediated or administered by the subjects obliged

Yield of debt instruments that observe significant differences with those offered by the market.
Frequent security issuers whose captured resources have no relation to the declared economic activity and/or their asset/financial situation.
Security issuers with negative or low operating results, however always generating extraordinary income that reverses the operating loss or vice versa.
Security issuers with high operating results, however always generating extraordinary expenses that reverse the operating profit.

Unusual behaviors regarding the workers of the subjects obliged

The worker's lifestyle is unrelated to the level of their declared income.
Constantly avoids or refuses to take vacations.
Records frequent and unjustified absences.
Frequently remains in the office outside of working hours, without justified cause.
Provides their own address to receive client documentation.
Carries out business where the identity of the beneficiary is unknown, contrary to the normal procedure for the type of transaction in question.
An unusual and/or sudden growth in the number of transactions under the worker's charge occurs.

ANNEX IV

BASIC CONTENT OF THE MANUAL FOR THE PREVENTION OF MONEY LAUNDERING AND TERRORIST FINANCING

The Manual for the Prevention of Money Laundering and Terrorist Financing aims to ensure that all shareholders, directors, control or administration bodies, authorized representatives, and in general all personnel of the subject obliged, have access to the policies and procedures that must be observed for the prevention of money laundering and terrorist financing; therefore, it must contain, at a minimum, the following aspects:

Policies

The general guidelines established with the objective of ensuring an institutional commitment to prevent money laundering and terrorist financing in subjects obliged to report, as well as the guidelines or norms established in the Code of Conduct.

Prevention mechanisms regarding the client and the workers of the subject obliged

2.1 Criteria for establishing knowledge of the client and the market, in accordance with this regulation.

2.2 Description of the procedures and methodology for obtaining, verifying, and updating client information, indicating the levels or positions responsible for its execution.

2.3 Procedures for evaluating the personal, labor, and asset background of personnel.

2.4 Alert signals to determine unusual or suspicious behaviors by personnel.

2.5 Alert signals for the detection of unusual or suspicious transactions.

2.6 Internal controls implemented by the subject obliged to prevent or detect suspicious money laundering and terrorist financing transactions, as well as to detect areas of highest risk in the subject obliged in accordance with this regulation.

2.7 Training programs and the mechanisms implemented to promote continuous training of personnel in the latest money laundering and terrorist financing techniques and their prevention.

2.8 Internal sanctions for non-compliance with the Code of Conduct, the Manual, the prevention system as a whole, as well as with current legal provisions.

Registration and communication procedures for transactions

3.1 Procedures for recording and conserving the information and documentation required, in accordance with current regulation.

3.2 Forms for the registration of transactions (ROP) and reporting of suspicious transactions (ROS).

3.3 Internal procedures for consultation and communication of unusual and/or suspicious transactions.

3.4 Procedures for reporting suspicious transactions to the UIF-Perú in due time.

3.5 Procedures for attending to information requests made by competent authorities.

Review of the prevention system

4.1 Identity, hierarchy, and functions of the Compliance Officer and personnel under their charge, as well as the minimum tasks of Internal and External Audit.

4.2 Communication channels between the main office, branches or subsidiaries, subsidiaries, and representatives, with the different instances within the subject obliged for the purposes of the prevention system.

4.3 Consultation mechanisms between the Compliance Officer and all areas of the subject obliged, as well as with representatives. In case the Compliance Officer is Corporate, the consultation mechanisms between all subjects obliged of the economic group must be indicated.

Legislation on the prevention of money laundering and terrorist financing

5.1 Decree Law No. 25475 and its amendments, which criminalizes in letter f) of Article 4 the Crime of Terrorist Financing.

5.2 Law No. 27693, Law creating the Financial Intelligence Unit of Peru (UIF-Perú), and its amendments.

5.3 Law No. 27765, Criminal Law Against Money Laundering, and its amendments.

5.4 Law No. 28306, Law that modifies articles of Law No. 27693.

5.5 Regulation of Law No. 27693, Supreme Decree No. 018-2006-JUS, and its amendments.

5.6 Norms for the Prevention of Money Laundering and/or Terrorist Financing issued by CONASEV.

5.7 Other norms on the matter.

International instruments
United Nations Convention against Transnational Organized Crime or Palermo Convention
Vienna Convention
Resolutions of the United Nations Security Council
40 Recommendations of the FATF
IX Special Recommendations of the FATF.

Article Second.- Modify Annex XIX of the Sanctions Regulation, approved by CONASEV Resolution No. 055-2001-EF/94.10, whose text will be drafted as follows:

"Annex XIX
Of the common infractions of companies under the supervision and control scope of CONASEV that are considered subjects obliged to report to the Financial Intelligence Unit of Peru (UIF-Perú), of directors and managers, as well as of the Compliance Officer, Internal Auditors or other internal control officials or acting in their stead, and External Auditors of said subjects, in accordance with norms on the prevention of money laundering and terrorist financing.

1.- Grave

1.1 Not communicating within the established timeframe the suspicious transactions detected in accordance with norms on the prevention of money laundering and terrorist financing.

1.2 Not having records or not implementing them in accordance with norms on the prevention of money laundering and terrorist financing.

1.3 Not having the necessary procedures for compliance with norms on the prevention of money laundering and terrorist financing or, having them, failing to comply with said procedures.

1.4 Not having the documentation or evidence of the analysis or evaluation that must be carried out in the exercise of functions in accordance with norms on the prevention of money laundering and terrorist financing.

1.5 Not having, or not having approved, or not having updated the Code of Conduct or the Manual for the Prevention of Money Laundering and Terrorist Financing in accordance with provisions established in norms on the prevention of money laundering and terrorist financing or, having them, failing to comply with their provisions.

1.6 Not designating the Compliance Officer or doing so without observing the requirements established by money laundering and terrorist financing prevention regulation.
1.7 Not fulfilling the functions assigned to the Compliance Officer, in accordance with money laundering and terrorist financing prevention regulation.

1.8 Not providing the necessary facilities for the Compliance Officer, internal audit or acting in their stead, and external audit to fulfill the functions corresponding to them in accordance with norms on the prevention of money laundering and terrorist financing, adequately and in a timely manner.

1.9 Not substantiating based on working papers the Annual Independent Compliance Report issued by external audit or the Special Independent Compliance Report issued at the request of CONASEV, linked to the evaluation of the money laundering and terrorist financing prevention system.

1.10 Not executing the recommendations made regarding the subject obliged's prevention system, by internal or external audit or those indicated by CONASEV.

1.11 Not maintaining the confidentiality of the information referred to in the norms on the prevention of money laundering and terrorist financing.

1.12 Obstructing or delaying, directly or through their personnel, the supervision actions that CONASEV is required to carry out directly or coordinated with the Financial Intelligence Unit of Peru (UIF-Perú).

1.13 Denying or not delivering in a timely manner the information requested by CONASEV or the Financial Intelligence Unit of Peru (UIF-Perú) within the framework of norms on the prevention of money laundering and terrorist financing.

1.14 Committing acts or omissions that constitute non-compliance with any of the provisions established in the norms on the prevention of money laundering and terrorist financing.

2.- Minor

2.1 Not having an annual training program or not executing it, in accordance with norms on the prevention of money laundering and terrorist financing.

2.2 Not presenting to CONASEV and the Financial Intelligence Unit of Peru (UIF-Perú), or not doing so within the established timeframe as appropriate, the respective Reports or the Special Annual Audit Plan, established by norms on the prevention of money laundering and terrorist financing or not approving them, or presenting them without fulfilling the minimum content and formalities established.

2.3 Not having fulfilled the internal dissemination of the Code of Conduct; or not having ensured that directors, control or administration bodies, authorized representatives, and workers of the subject obliged have acquired knowledge about the content of the Code of Conduct.
2.4 Not fulfilling the elaboration of the Annual Work Program, or not fulfilling the approval of said program in accordance with what is established by the regulation on the Prevention of Money Laundering and Terrorist Financing.

2.5 Not fulfilling the functions assigned to the internal auditor or official exercising internal control functions, in accordance with money laundering and terrorist financing prevention regulation.

2.6 Non-compliance with provisions regarding the elaboration of the Annual Independent Compliance Report as established in money laundering and terrorist financing prevention norms when it concerns the same audit firm, or not fulfilling to substantiate them when required by CONASEV.

Article Third.- This resolution shall enter into force as of October 1, 2011.

Article Fourth.- Repeal, from the effective date of this resolution, the "Norms for the Prevention of Money Laundering and/or Terrorist Financing", approved by CONASEV Resolution No. 087-2006-EF/94.10.

[pic]
Michel Canta Terreros
President

Conasev Resolution No. 033-2011

Lineage: Amended

Timeline

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