Regulatory Alerts2021-09-10 | CD-SIBOIF-1269-1-SEP10-2021Added · Updated
Norm Reforming Article 10 of the General Standard on Imposition of Fines
Resolution CD-SIBOIF-1269-1-SEP10-2021 amends Article 10 of the General Standard on Imposition of Fines to update fine ranges and classify infractions by severity for supervised financial institutions regarding Anti-Money Laundering, Counter-Terrorism Financing, and Counter-Proliferation Financing (AML/CFT/CPF). The resolution establishes specific monetary fine brackets based on institution type (banks, financial societies, special regime companies, and foreign representative offices) and infringement gravity (minor, serious, very serious), calculated using fine units or percentages of equity/credit portfolio. It also details specific operational and compliance failures constituting each infringement level and authorizes the Superintendent to impose additional sanctions, including temporary suspension of operations, dismissal of officials, and fines for individuals.
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