Regulatory Alerts2016-10-04 | CD-SIBOIF-962-1-OCTU4-2016Added · Updated
Resolution Reforming Article 42 of the Credit Card Operations Regulation
The Superintendence of Banks and Other Financial Institutions amended Article 42 of the Regulation for Credit Card Operations to mandate that non-bank credit card issuers establish an Anti-Money Laundering, Terrorist Financing, and Proliferation of Weapons of Mass Destruction Prevention Program. The resolution creates a Registry of Non-Bank Issuers, requiring applicants to submit specific documentation and demonstrating compliance with risk management standards before registration. Issuers must complete registration within two months of the regulation's entry into force and implement the required AML/CFT/CP program within three months, subject to sanctions including reprimand or cancellation of registration for non-compliance.