Regulatory Alerts2022-04-20 | Resolución SBS 1298-2022Added · Updated
Resolution SBS No. 1298-2022: Approves the Internal Audit Regulation for Savings and Credit Cooperatives Not Authorized to Capture Public Funds
Resolution SBS No. 1298-2022 approves the Internal Audit Regulation for Savings and Credit Cooperatives Not Authorized to Capture Public Funds (Coopac) and their central organizations. The regulation mandates that Coopac Level 2 entities with total assets exceeding 32,200 UIT and all Level 3 entities must establish an Internal Audit Unit (UAI), while Level 2 entities with assets of 32,200 UIT or less and Level 1 entities must appoint an internal auditor or assign audit functions to the Supervisory Council. It defines the scope, definitions, responsibilities of governing bodies, independence requirements, and specific audit functions, including compliance with anti-money laundering and counter-terrorist financing prevention systems.
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