Regulatory Alerts2017-05-16 | CD-SIBOIF-998-1-MAY16-2017Added · Updated
Resolution Reforming Article 40 of the Standard for the Management and Prevention of Terrorism Financing and Proliferation Financing Risks
The Board of Directors of the Superintendence of Banks and Other Financial Institutions (SIBOIF) amended Article 40 of the Standard for the Management and Prevention of Terrorism Financing and Proliferation Financing Risks to prohibit financial institutions from delegating or outsourcing any stage of transaction monitoring and list screening. While institutions may utilize monitoring systems provided by their cross-border financial groups, they must retain non-delegable responsibility for maintaining, parameterizing, validating, and locally auditing these tools. The resolution entered into force upon notification on May 16, 2017.
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