Regulatory Alerts2019-12-05 | CD-SIBOIF-1144-1-DIC5-2019Norm Regulating Trust Operations Conducted by Financial Institutions
The Superintendent of Banks and Other Financial Institutions of Nicaragua issued Resolution No. CD-SIBOIF-1144-1-DIC5-2019 to establish regulatory standards for trust operations performed by authorized financial institutions. The resolution mandates that financial institutions implement comprehensive risk management frameworks, including strict board oversight, enhanced due diligence, and segregation of duties to mitigate operational and AML/FT/FP risks. It further defines specific fiduciary obligations, prohibitions against self-dealing, and record-keeping requirements to ensure compliance with Nicaraguan banking and anti-money laundering laws.
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