Regulatory Alerts2018-11-06
Added · Updated
Law No. 27693 Creating the Financial Intelligence Unit - Peru
Law No. 27693 establishes the Financial Intelligence Unit (UIF) as a public law entity with functional, technical, and administrative autonomy, attached to the Ministry of Economy and Finance, to analyze and transmit information to prevent and detect money laundering. The law mandates that financial institutions, securities firms, real estate developers, car dealers, casinos, notaries, and other designated entities report suspicious and unusual transactions to the UIF. It requires these obligated subjects to implement internal compliance programs, appoint compliance officers, and maintain transaction records for ten years, while granting them legal immunity for good-faith reporting and imposing strict confidentiality obligations on all parties involved.