Regulatory Alerts2024-02-22 | CIEX N° 7/2024Added · Updated
Deposit of Legal Reserve in US Dollars for Sending to the Federal Reserve Bank
Financial Intermediation Entities (EIFs) are now required to classify US dollar cash deposits for legal reserve, intended for the Federal Reserve Bank, as either "Contaminated" or "Non-Contaminated" based on specific criteria such as exposure to mold, bodily fluids, or chemicals. EIFs must adhere to detailed presentation standards for individual bills, straps (100 bills, specific colors, EIF acronym, date, cashier's stamp, 100 gsm paper), and packages (1,000 bills, thermos-sealed, specific elastic banding). Non-compliance leading to remittance return or anomalies like fake bills will result in EIFs bearing all associated costs and charges. Furthermore, EIFs must declare that these deposits originate from legitimate transactions with applied due diligence for AML/CFT/WMD proliferation risks, and for import-related transactions, a sworn declaration (Annex 1) must be presented, with the Central Bank of Bolivia reserving the right to reject such deposits.