Regulatory Alerts2014-10-28 | CD-SIBOIF-855-2-SEP30-2014Added · Updated
Resolution Reforming Articles 9 and 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 reformed Articles 9 and 11 of the General Standard on Imposition of Fines applicable to General Warehouses to align infractions and sanctions with the updated regulatory framework. Article 9 establishes fines ranging from 2,500 to 6,600 fine units for deficiencies in Money Laundering Prevention Programs and specific penalties for unauthorized disclosure of suspicious transaction reports. Article 11 classifies infractions into minor, moderate, and grave categories, imposing sanctions of 250 to 1,000, 1,001 to 3,000, and higher amounts respectively for violations such as improper credit provisioning, unauthorized storage, and failure to maintain required insurance or inventory controls.