Regulatory Alerts2014-10-28 | CD-SIBOIF-855-1-SEP30-2014Added · Updated
Resolution Amending Articles 1, 2, 3, 6, 10, and 12, and Annexes 1 and 2 of the Standard on Control, Security, and Surveillance Measures for General Warehouses
The Board of Directors of the Superintendence of Banks and Other Financial Institutions amended Articles 1, 2, 3, 6, 10, and 12 of the Standard on Control, Security, and Surveillance Measures for General Warehouses of Deposit. The resolution imposes obligations on Warehouse Operators to guarantee adequate administration of storage conditions, regulate absences of warehouse keepers, auditors, and guards, and mandates monthly electronic reporting of personnel status within twelve days of each month. It also unifies Annexes 1 and 2 into a single report format for active and terminated warehouse keepers or auditors and specifies minimum security service contract requirements, including a minimum civil liability insurance amount of US$25,000. This standard entered into force upon notification on September 30, 2014.