Resolution SBS No. 6338-2012: Approves Regulations for the Registry of Companies and Persons Engaging in Financial or Currency Exchange Operations Supervised by the SBS for AML/CFT Prevention

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Fax: (511) 6309239 Lima, August 21, 2012

Resolution S.B.S.
No. 6338-2012

The Superintendent of Banking, Insurance and Private Pension Fund Administrators

CONSIDERING:

That, in accordance with Law No. 27693 and its modifying regulations, the Financial Intelligence Unit of Peru (UIF-Peru), incorporated by Law No. 29038 into the Superintendence of Banking, Insurance and Private Pension Fund Administrators (SBS), is responsible for receiving, analyzing, processing, evaluating, and transmitting information for the detection of money laundering and terrorist financing, for which purpose the list of obligated subjects to report to it on operations that appear suspicious was established, which includes natural and legal persons dedicated to the purchase and sale of foreign exchange, as well as lending and pawnshop activities;

That, through the Fifth Complementary, Transitional and Final Provision of Law No. 27693, incorporated by the Legislative Decree for Effective Fight Against Money Laundering and other crimes related to illegal mining and organized crime - Legislative Decree No. 1106, the Registry of Companies and Persons Engaging in Financial or Currency Exchange Operations is created, which will be supervised and regulated by the SBS, specifying that natural or legal persons dedicated to the purchase and sale of foreign exchange or foreign currency, as well as credit, lending, and pawnshop companies, are obligated to register in the registry to carry out their activities;

That, consequently, it is necessary for the SBS to issue the regulations governing the aforementioned registry, as well as the infractions and sanctions applicable in cases of non-compliance;

Having heard the opinion of the Adjunct Superintendencies of Legal Advice and the Financial Intelligence Unit of Peru;

In exercise of the powers conferred by Law No. 29038 and Law No. 26702, in concordance with Law No. 27693 and its modifying regulations and according to the exception conditions set forth in numeral 3.2 of article 14º of Supreme Decree No. 001-2009-JUS;

RESOLVES:

Article First.- Approve the regulations of the Registry of Companies and Persons Engaging in Financial or Currency Exchange Operations, supervised in matters of prevention of money laundering and terrorist financing by the Superintendence of Banking, Insurance and Private Pension Fund Administrators, through the Financial Intelligence Unit of Peru, with the following text:

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REGISTRY OF COMPANIES AND PERSONS ENGAGING IN FINANCIAL OR CURRENCY EXCHANGE OPERATIONS, SUPERVISED IN MATTERS OF PREVENTION OF MONEY LAUNDERING AND TERRORIST FINANCING BY THE SUPERINTENDENCE OF BANKING, INSURANCE AND AFP, THROUGH UIF-PERU

TITLE I
GENERAL PROVISIONS

Article 1º.- Scope
This regulation is applicable to exchange houses and lending and/or pawnshop companies, under the supervision of the Superintendence of Banking, Insurance and AFP, through UIF-Peru, in matters of prevention of money laundering and terrorist financing. To exercise the described activities, exchange houses and lending and/or pawnshop companies must register in the Registry of Companies and Persons Engaging in Financial or Currency Exchange Operations, in accordance with the provisions of this regulation.

Article 2º.- Definitions and Abbreviations
Exchange houses and lending and/or pawnshop companies must consider the following definitions and abbreviations for the application of this regulation:
a) Exchange house: natural person with a business or legal entity dedicated to the purchase and sale of foreign exchange or foreign currency, in the following manner: i) in person, at a premises with a valid operating license for foreign currency exchange issued by the corresponding Municipality, or ii) electronically, through a virtual platform, must have the respective authorization issued by the corresponding Municipality. b) Registry: Registry of Companies and Persons Engaging in Financial or Currency Exchange Operations, in which exchange houses and/or lending and/or pawnshop companies register, including those that provide their services electronically, through a virtual platform. c) Lending and/or pawnshop company: natural person with a business or legal entity dedicated to granting money loans with own funds in favor of a natural or legal person (client), being able to receive as collateral a movable and/or immovable asset, granted by the client or a third party, including collateral on jewelry or other gold or silver objects, as well as gold in ingots. The activity is carried out in the following manner: i) in person, at a premises with a valid operating license for granting loans and/or pawning issued by the corresponding Municipality, or ii) electronically, through a virtual platform, must have the respective authorization issued by the corresponding Municipality. d) SBS: Superintendence of Banking, Insurance and Private Pension Fund Administrators. e) UIF-Peru: Financial Intelligence Unit of Peru, a specialized unit of the SBS.

TITLE II
REGISTRY OF COMPANIES AND PERSONS ENGAGING IN FINANCIAL OR CURRENCY EXCHANGE OPERATIONS

CHAPTER I
REGISTRY

Article modified by SBS Resolution No. 1201-2018 published on April 1, 2018.
Article modified by SBS Resolution No. 1201-2018 published on April 1, 2018.

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Fax: (511) 6309239 3/7

Article 3°.- Registry
The Registry is unique, mandatory, and public, and exchange houses and lending and/or pawnshop companies must register in it. The registry is administered by the SBS through the competent area, using the respective formats, which have the character of sworn declarations. The registration must be prior to the start of their activities and to the communication of the designation of the Compliance Officer to UIF-Peru, and is independent of the license or authorization granted by the respective Municipality for its operation and subsequent to the registration in the Public Registries, if applicable.

Article 4°-

Article 5°.- Requirements for Registration in the Registry
For registration in the Registry, exchange houses and lending and/or pawnshop companies must present to the SBS, through the respective area, the application for registration in the Registry of Companies and Persons Engaging in Financial or Currency Exchange Operations, according to Annex No. 1 of this regulation, indicating the information indicated therein.

Article 6°.- Activities in More Than One Establishment
Natural and legal persons that have more than one commercial establishment must register each of their commercial establishments in the Registry, under their responsibility; attaching the information and documentation established in article 5° of this regulation.

Article 7°.- Registration
Registration in the Registry is free, prior to the evaluation of the information contained in the format of Annex No. 1 and has a duration of seven (7) years, counted from the date of the authorizing resolution of registration. Upon expiration of said period without its renewal having been processed within the respective period, as established in article 8, the registration expires. The SBS publishes on its website the list of exchange houses and lending and/or pawnshop companies with valid registration in the Registry.

Article 8°.- Renewal
The renewal of registration in the Registry must be carried out within the thirty (30) days prior to the expiration date. The renewal process is considered initiated with the presentation of the renewal letter according to Annex No. 2 of this regulation. Renewal will be granted for a period of seven (7) years counted from the expiration. Exchange houses and lending and/or pawnshop companies that have not renewed their registration in the Registry within the period provided in the preceding paragraph, are automatically excluded from it, without prejudice to the administrative consequences that may correspond for carrying out the activities of purchase and sale of foreign exchange or foreign currency and lending and/or pawnshop companies, as applicable, without having renewed their registration in the Registry.

Article modified by SBS Resolution No. 1201-2018 published on April 1, 2018.
Article repealed by SBS Resolution No. 1201-2018 published on April 1, 2018.
Article modified by SBS Resolution No. 1201-2018 published on April 1, 2018.
Article modified by SBS Resolution No. 1201-2018 published on April 1, 2018.
Article modified by SBS Resolution No. 1201-2018 published on April 1, 2018.

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Fax: (511) 6309239 4/7

Article 9°.- Observations on the Submitted Application
Exchange houses and lending and/or pawnshop companies that submit the application for registration or renewal without complying with what is established in Annex No. 1 or 2 of this regulation, as applicable, must remedy them and attend to the requirements on information and others demanded by the SBS, within the deadlines indicated by it. If this period elapses without the remedy occurring, the corresponding application for registration or renewal will be considered not submitted.

Article 10°.- Update of Registry Information
Any variation in the information contained in the Registry, both of general data, as well as that established in articles 5 and 6 of this regulation, must be communicated to the SBS, attaching the documents supporting such variation, in the cases that correspond, within five (5) days after it has occurred.

CHAPTER II
SANCTIONING PROCEDURE

Article 11°.- Initiation of Sanctioning Procedure
UIF-Peru initiates the sanctioning procedure, in the event of non-compliance by natural and legal persons dedicated to the purchase and sale of foreign exchange or foreign currency and credit, lending, and pawnshop companies, of the obligations provided for in articles 4º and 10º of this regulation.

Article 12°.- Classification of Infractions and Applicable Sanctions
The following sanctions are applicable to natural and legal persons dedicated to the purchase and sale of foreign exchange or foreign currency and credit, lending, and pawnshop companies, in the event of non-compliance with what is provided for in this regulation regarding the Registry, without prejudice to the sanctions established in the Regulation on Infractions and Sanctions in Matters of Prevention of Money Laundering and Terrorist Financing, as applicable:

Article modified by SBS Resolution No. 1201-2018 published on April 1, 2018.
Article modified by SBS Resolution No. 1201-2018 published on April 1, 2018.

Code Minor Infraction
Sanction
Fine

First Time
Natural Person
Legal Person
Failure to communicate to the SBS the variations indicated in article 10º of this regulation.
Warning or
Fine not less than
0.15 UIT nor more
than 2 UIT.
Warning or
Fine not less than
0.50 UIT nor more than
5 UIT.

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Fax: (511) 6309239 5/7

Second Time
Fine not less than
2 UIT nor more than 3
UIT.
Fine not less than
5 UIT nor more than 10
UIT.

Code Serious Infraction
Sanction
Fine

Natural Person
Legal Person
Failure to communicate to the SBS the list and identification of exchangers.
Fine not less than
0.50 UIT nor
more than 6 UIT.
Fine not less than
2 UIT nor more than 20 UIT.

Code Very Serious Infraction
Sanction
Fine

Natural Person
Legal Person
003 Failure to comply with what is established in the closure resolution of the premises disposed of by the non-compliance of registration or renewal in the Registry.
Fine not less than
4 UIT nor more than 15 UIT.
Fine not less than 7
UIT nor more than
50 UIT.

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Fax: (511) 6309239 6/7

Article 13°.- Non-compliance with Registration or Renewal in the Registry
As a result of its supervision labor regarding the application of this regulation, the SBS -through the competent area- obtains information on the identification of those exchange houses and lending and/or pawnshop companies that carry out activities without being registered or without having renewed their registration in the Registry.

10 Article modified by SBS Resolution No. 1201-2018 published on April 1, 2018.

Article 14º.- Procedure
Upon the verification of non-compliance with registration or renewal in the Registry, by exchange houses and lending and/or pawnshop companies, the SBS -through the competent area- notifies the resolution of closure of the premises, which must remain in that state until the registration or renewal in the Registry is regularized.

Article 15º.- Publication of Closed Establishments
The SBS will publish on its website the list of natural and legal persons dedicated to the purchase and sale of foreign exchange or foreign currency and credit, lending, and pawnshop companies, whose establishments have been closed by SBS Resolution.

Article 16°.- Communication to the Municipality
The SBS will communicate to the corresponding Municipality the list of natural and legal persons dedicated to the purchase and sale of foreign exchange or foreign currency and credit, lending, and pawnshop companies, whose establishments have been closed.

FINAL AND TRANSITIONAL PROVISIONS

First.- The SBS will sign agreements with guild institutions or others with the purpose of unifying efforts, in order to verify that natural and legal persons dedicated to the purchase and sale of foreign exchange or foreign currency and/or credit, lending, and pawnshop companies, are registered in the Registry, contributing to the compliance with regulations for the effective fight against money laundering and terrorist financing.

Second.- Within a period not exceeding sixty (60) calendar days, natural and legal persons who, at the time of entry into force of this regulation, have communicated the designation or are in the process of communicating the designation of their Compliance Officer, must attach the information and documentation indicated in article 5º of this regulation.

ANNEXES

The following annexes form an integral part of this regulation: 12
Annex No. 1: Application for Registration in the Registry of Companies and Persons Engaging in Financial or Currency Exchange Operations.
Annex No. 2: Application for Renewal of Registration in the Registry of Companies and Persons Engaging in Financial or Currency Exchange Operations.

Article Second.- Approve the Annexes that form an integral part of this Resolution, which will be published on the electronic portal of the Superintendence of Banking, Insurance and Private Pension Fund Administrators (www.sbs.gob.pe), in accordance with what is provided by Supreme Decree No. 001-2009-JUS.

11 Article modified by SBS Resolution No. 1201-2018 published on April 1, 2018.
12 Annexes repealed by SBS Resolution No. 1201-2018 published on April 1, 2018.
Subsequently, Annexes 1 and 2 were incorporated by SBS Resolution No. 1201-2018 published on April 1, 2018.

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Fax: (511) 6309239 7/7

Article Third.- This Resolution will enter into force the day after its publication in the Official Newspaper El Peruano.

Register, communicate, and publish

DANIEL SCHYDLOWSKY ROSENBERG
Superintendent of Banking, Insurance and Private Pension Fund Administrators