Regulatory Alerts2016-09-13 | CD-SIBOIF-959-2-SEPT13-2016Added · Updated
Resolution Reforming Article 11 of the General Standard on Imposition of Fines Applicable to General Warehouses
The Board of Directors of the Superintendence of Banks and Other Financial Institutions amended Article 11 of the General Standard on Imposition of Fines applicable to General Warehouses to align infractions and sanctions with the updated regulatory framework. The resolution classifies violations into minor, moderate, and serious categories, specifying detailed operational and compliance failures for each level. It establishes fine ranges of 250 to 1,000 units for minor infractions, 1,001 to 3,000 units for moderate infractions, and defines serious infractions involving credit limits, insurance deficiencies, and unauthorized storage. These provisions apply to general warehouses subject to the Superintendence's oversight.
Topics
Share