Regulatory Alerts2014-04-24 | CD-SIBOIF-827-1-MAR28-2014Added · Updated
Norm on Non-Bank Correspondents
The Superintendent of Banks and Other Financial Institutions issued Resolution CD-SIBOIF-827-1-MAR28-2014 to regulate the use of non-bank correspondents by supervised financial institutions. The resolution defines non-bank correspondents, authorizes specific services such as deposits, withdrawals, and fund transfers, and mandates that financial institutions remain directly liable for operations conducted through these agents. It establishes strict requirements for hiring correspondents, including due diligence and contractual obligations, while prohibiting agents from accessing client balance information or operating during communication failures. Financial institutions must also maintain public information notices and report monthly transaction statistics to the Superintendent.