Regulatory Alerts2002-04-18 | CD-SIBOIF-197-2-MAR01-2002Added · Updated
Norm on the Prevention of Money Laundering and Other Assets (REPEALED)
The Superintendence of Banks and Other Financial Institutions of Nicaragua approved a regulatory framework applicable to all supervised financial institutions to prevent money laundering. The norm mandates the implementation of internal control programs, including designated compliance officers, staff training, independent audits, and strict customer identification and verification procedures. It establishes specific documentation requirements for account opening, defines high-risk client criteria with enhanced due diligence measures, and requires the retention of records for five years after the relationship ends.