Regulatory Alerts2017-01-18 | CD-SIBOIF-980-1-ENE18-2017Added · Updated
Norm for the Management and Prevention of Terrorism Financing and Proliferation of Weapons of Mass Destruction Financing Risks (GPR-FT/FP)
The Board of Directors of the Superintendence of Banks and Other Financial Institutions of Nicaragua issued Resolution CD-SIBOIF-980-1-ENE18-2017 to establish Norm GPR-FT/FP for supervised financial institutions. The regulation mandates the implementation of a Risk-Based Approach and the maintenance of databases for at least five years to manage risks associated with money laundering, terrorism financing, and the proliferation of weapons of mass destruction. It requires institutions to adopt preventive measures, conduct risk assessments, and report detected funds or assets to the Financial Analysis Unit in compliance with United Nations Security Council resolutions.
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