Lima, 20 January 2025

S.B.S. Resolution No. 00199-2025

The Superintendent of Banking, Insurance and Private Administrators of Pension Funds

WHEREAS:

That, by SBS Resolution No. 4349-2016, the Regulation on functions and positions held by politically exposed persons (PEP) in matters of prevention of money laundering and financing of terrorism was approved, defining that PEPs are natural persons, national or foreign, who perform or who in the last five (5) years have performed prominent public functions or prominent functions in an international organization; whether in the national territory or abroad, and whose financial circumstances may be the subject of public interest; whose annex contains a list of the positions and/or functions held by PEPs, among which were the workers of State companies and Municipal Savings and Credit Banks, in literal h) of numeral 2 of the Annex of said Regulation;

That, article 40 of the Political Constitution of Peru establishes that workers of State companies or mixed-economy companies are not included in public service and, likewise, article 1 of Supreme Decree No. 157-90-EF, which regulates the operation in the country of Municipal Savings and Credit Banks - and its amendments, establishes that the CMAC have legal personality under private law (not public) and any regulation in which they are included must take into consideration article 60 of the Political Constitution of Peru, which states that business activity, public or non-public, receives the same legal treatment;

That, in this context, and with the purpose of assisting obligated subjects in the application of due diligence in customer knowledge and that only persons who actually hold the positions and perform the functions are included, it is necessary to amend the Regulation on functions and positions held by politically exposed persons (PEP) in matters of prevention of money laundering and financing of terrorism approved by SBS Resolution No. 4349-2016, repealing literal h) of numeral 2 of the Annex, as well as making clarifications on PEPs, the list of functions and positions and the application of the due diligence regime in customer knowledge;

With the approval of the Deputy Superintendencies of Banking and Microfinance, of Legal Advisory and the Financial Intelligence Unit of Peru; and,

In use of the powers conferred in numerals 7 and 9 of article 349 of the General Law of the Financial System and the Insurance System and Organic of the Superintendency of Banking and Insurance, as well as the faculties granted in Law No. 29038 and in exception to the provisions of the Thirty-Second Final and Complementary Provision of Law No. 26702;

RESOLVES:

Article One.- Amend article 2 and the first paragraph of article 3 of the Regulation on functions and positions held by politically exposed persons (PEP) in matters of prevention of money laundering and financing of terrorism, approved by SBS Resolution No. 4349-2016, in accordance with the following texts:

"Article 2.- Politically Exposed Persons (PEP)

Politically exposed persons (PEP) are natural persons, national or foreign, who perform or who in the last five (5) years have performed prominent public functions or prominent functions in an international organization, whether in the national territory or abroad, and whose financial circumstances may be the subject of public interest. Likewise, the direct collaborator of the maximum authority of the institution is considered as PEP.

PEPs are subject to the application of the reinforced due diligence regime in customer knowledge."

"Article 3.- List of functions and positions held by PEP

The Annex containing a list of those functions and positions held by PEPs forms an integral part of this regulation, which obligated subjects must consider to perform due diligence in customer knowledge. Obligated subjects, based on LA/FT risks, develop and implement procedures to identify those clients who match the definition of PEP referred to in article 2 of this regulation, to whom they must apply the reinforced due diligence regime in customer knowledge. (…)"

Article Two - Amend numeral 2, as well as repeal literal h) of the same numeral 2 of the Annex of the Regulation on functions and positions held by politically exposed persons (PEP) in matters of prevention of money laundering and financing of terrorism, approved by SBS Resolution No. 4349-2016, in accordance with the following texts:

ANNEX

LIST OF FUNCTIONS AND POSITIONS HELD BY POLITICALLY EXPOSED PERSONS (PEP) IN MATTERS OF PREVENTION OF MONEY LAUNDERING AND FINANCING OF TERRORISM

(…)

2.
Those who perform or have performed, in accordance with the provisions of this regulation, the following functions and positions, in the national territory or abroad, are in the category of politically exposed persons:
positions, in the national territory or abroad:
(…)

Article Three.- This Resolution enters into force on the day following its publication in the Official Gazette El Peruano.

SERGIO JAVIER ESPINOSA CHIROQUE
Superintendent of Banking, Insurance and AFP