Regulatory Alerts2025-01-02
Added · Updated
Financial Intermediation Companies, Credit Administration Companies, Credit Granting Entities, Financial Services Companies, Exchange Houses, Fund Transfer Companies and Peer-to-Peer Lending Platform Administration Companies – Obligations and Strong Customer Authentication
The Central Bank of Uruguay replaced Article 364 and added Article 364.1 to the Compilation of Regulations and Control Norms of the Financial System, imposing new obligations on issuers of electronic instruments and requiring strong customer authentication. Issuers must now provide written information on user obligations, ensure secure authentication methods including double-factor authentication for remote transactions, and maintain detailed logs of operations and access. Strong customer authentication requires combining at least two factors from distinct categories (knowledge, possession, inherence), with advanced electronic signatures accepted for remote loan requests. These rules apply to financial intermediation companies, credit administration companies, credit granting entities, financial services companies, exchange houses, fund transfer companies, and peer-to-peer lending platform administration companies, effective March 1, 2025.