Resolution SBS No. 650-2024: Approving the Regulation on the Registry of Companies and Persons Engaging in Financial or Currency Exchange Operations

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 Lima, February 22, 2024 Resolution SBS No. 00650-2024

The Superintendent of Banks, Insurance and Private Pension Fund Administrators (acting)

CONSIDERING:

That, through the Fifth Complementary, Transitional and Final Provision of Law No. 27693, incorporated by the Legislative Decree for an 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 Superintendence of Banks, Insurance and Private Pension Fund Administrators, hereinafter, the Superintendence, specifying that natural or legal persons dedicated to the purchase and sale of foreign currency or foreign money, as well as credit, loan and pawn companies, are obliged to register in the registry, for the development of their activities;

That, the aforementioned Fifth Complementary, Transitional and Final Provision of Law No. 27693 states that non-compliance with registration in the Registry of Companies and Persons Engaging in Financial or Currency Exchange Operations generates -among other aspects- that the Superintendence, in accordance with the powers conferred by Law No. 26702, orders the closure of the premises;

That, through Resolution SBS No. 6338-2012, the Regulation on 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 this Superintendence, through the Financial Intelligence Unit of Peru (UIF-Peru), was approved, which contains -among others- the requirements for registration and renewal, as well as the annexes that must be presented for the Registry;

That, it is necessary to update the Regulation on 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 this Superintendence, through the UIF-Peru, taking into account the increase in the use of electronic means to provide services due to technological changes and some aspects detected in supervisory functions, as well as, in consideration of the criterion of administrative simplification, it is relevant to modify the duration of stay in the Registry to indefinite character, thereby eliminating the obligation of renewal;

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 2/9

That, through Resolution SBS No. 4358-2015 and 2413-2020, the Regulation on Factoring, Discount and Factoring Companies and the Regulation on Financial Leasing Companies were approved, respectively, which regulate -among other aspects- the obligation of companies not covered by the General Law to register in the corresponding Registries, prior to carrying out their operations;

That, it is necessary to establish grounds for cancellation of the aforementioned Registries, as well as to specify the method of delivery of certain information, with the objective of strengthening the regulatory framework and taking into account that companies are developing their operations both in person and electronically, through various technological platforms;

That, in order to collect the opinions of the general public regarding the modification proposals, the pre-publication of the draft resolution on the matter was ordered on the electronic portal of the Superintendence, under the provisions of Supreme Decree No. 001-2009-JUS and its modifying norms;

Having the approval of the UIF-Peru and the Adjunct Superintendent of Legal Advice;

And,

In exercise of the powers conferred by Law No. 29038 and Law No. 26702, in concordance with Law No. 27693 and its modifying and regulatory norms;

RESOLVES:

Article First.- Approve the Regulation on 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 Banks, Insurance and Private Pension Fund Administrators, through the Financial Intelligence Unit of Peru, according to the following text:

REGULATION ON 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 BANKS, INSURANCE AND AFP, THROUGH THE UIF-PERU

TITLE I
GENERAL PROVISIONS

Article 1.- Scope
This regulation is applicable to exchange houses and lending and/or pawn companies, under the supervision of the Superintendence of Banks, Insurance and AFP, through the UIF-Peru, in matters of prevention of money laundering and terrorist financing.

To exercise the described activities, exchange houses and lending and/or pawn 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 2.- Definitions and abbreviations
Exchange houses and lending and/or pawn 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 constituted in Peru dedicated to the purchase and sale of legal tender foreign currency, in the following manner: i) in person, in a establishment with a valid operating license for foreign currency exchange issued by the corresponding Municipality, or ii) electronically, through a technological platform, must have, if applicable, the respective authorization issued by the corresponding Municipality. Does not include cryptoassets or cryptocurrencies. Includes branches established and registered in Peru of legal entities constituted and domiciled abroad, duly authorized to carry out the aforementioned activities.

b) Lending and/or pawn company: natural person with a business or legal entity constituted in Peru dedicated to granting loans of money 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, in a establishment with a valid operating license for granting loans and/or pawn, issued by the corresponding Municipality, or ii) electronically, through a technological platform, must have, if applicable, the authorization of the activity issued by the corresponding Municipality. Includes branches established and registered in Peru of legal entities constituted and domiciled abroad, duly authorized to carry out the aforementioned activities.

c) Technological Platform: Set of databases, applications and computer communication media, resources and/or hardware and software components, through the internet, through which the activity of exchange house and/or lending and/or pawn company is carried out.

d) Registry: Registry of Companies and Persons Engaging in Financial or Currency Exchange Operations, in which exchange houses and/or lending and/or pawn companies register, including those that provide their services electronically, through a technological platform.

e) SBS: Superintendence of Banks, Insurance and Private Pension Fund Administrators.

f) 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 3.- Registry
The Registry is unique, mandatory, public and is administered by the SBS.

The registration must be prior to the start of their activities and to the communication of the designation of the Compliance Officer to the UIF-Peru, in accordance with the provisions of the Regulation for the prevention of money laundering and terrorist financing approved by Resolution SBS No. 789-2018 and its modifications and is independent of the license or authorization granted by the respective Municipality for its operation, if applicable, and subsequent to the registration in the Public Registries, as appropriate.

Article 4.- Requirements for registration in the Registry
For registration in the Registry, exchange houses and lending and/or pawn companies must present to the SBS, 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, which has the character of a sworn statement.

Article 5.- Activities in more than one establishment or premises
Exchange houses and lending and/or pawn companies that have more than one commercial establishment or premises must register each of them in the Registry, under their responsibility; for which they must provide the information indicated in item 4 of Annex No. 1 of this regulation.

Article 6.- Registration
Registration in the Registry is free, prior to the evaluation of the information contained in Annex No. 1 of this regulation and has an indefinite validity.

The SBS publishes on its website, the list of exchange houses and lending and/or pawn companies registered in the Registry.

If applicable, exchange houses and lending and/or pawn companies request the exclusion of an establishment from the Registry, as indicated in Article 7.

Article 7.- Update of Registry information
Any variation of the information recorded in the Registry must be communicated to the SBS, attaching the documents supporting such variation, within five (5) days following its occurrence.

Article 8.- Cancellation of registration in the Registry
Cancellation of registration in the Registry proceeds when the SBS determines that exchange houses or lending and/or pawn companies incur in one or more of the following grounds:

1. In case that exchange houses or lending and/or pawn companies lose the status of obligated subjects, for any of the circumstances established in paragraph 2.3 of article 2 of the Regulation for the prevention of money laundering and terrorist financing applicable to obligated subjects under the supervision of the UIF-Peru, in matters of prevention of money laundering and terrorist financing approved by Resolution SBS No. 789-2018 and its modifying norms, without prejudice to the removal of the secret codes assigned to the obligated subject and the compliance officer.

2. When exchange houses or lending and/or pawn companies have the status of definitive deregistration or definitive deregistration ex officio in the National Superintendence of Customs and Tax Administration – SUNAT.

3. Submit false information in the application for registration in the Registry or in any other document presented to the SBS.

4. Use a name, corporate name or technological platform different from that registered in the Registry.

5. Advertise their activities using the SBS logo or stating that they have the authorization, license, backing, guarantee or similar of the SBS.

6. Carry out activities that require authorization or registration from the SBS and this has not been granted.

In case the registry has been cancelled in application of items 1 and 2 of this article, they may request a new registration in the Registry, in accordance with the provisions of this Regulation.

CHAPTER II
CLOSURE OF PREMISES

Article 9.- Procedure
Upon the verification of non-compliance with registration in the Registry, by exchange houses and lending and/or pawn companies, the SBS requires them to cease their activities, under penalty of ordering the closure of the premises until they comply with registering in the Registry.

In case of persistent non-compliance, the SBS notifies the resolution of closure of the premises, which must remain in said state until the registration in the Registry is regularized. The provisions herein apply, insofar as applicable, to exchange houses and/or lending and/or pawn companies that carry out the activity electronically and that have a physical premises or space for the development of their activities, if applicable.

Likewise, regarding exchange houses and lending and/or pawn companies that operate electronically without being registered in the Registry, the SBS may request, as appropriate, the provider or the competent authority, the blocking of the electronic medium, through which they carry out their activities.

Article 10.- Publication of closure of premises
The SBS publishes on its website, the list of premises of exchange houses and/or lending and/or pawn companies, whose closure has been ordered by the SBS for carrying out their activities without being registered in the Registry, in accordance with current regulations.

Article 11.- Communication to the Municipality
The SBS communicates to the corresponding Municipality the list of exchange houses and/or lending and/or pawn companies, whose commercial establishments (premises) have been closed.

COMPLEMENTARY FINAL PROVISION

Sole.- The SBS may celebrate cooperation agreements with guild institutions or others that fulfill similar purposes, in order to verify that natural persons and legal entities dedicated to the purchase and sale of foreign currency or foreign money and/or lending and pawn companies, in accordance with the definitions referred to in article 3 of this Regulation, are registered in the Registry, contributing to the compliance with regulations for the prevention and fight against money laundering and terrorist financing.

TRANSITIONAL FINAL PROVISION

Sole.- Exchange houses and/or lending and/or pawn companies that, upon the entry into force of this regulation, have valid registration in the Registry, it is understood that such registration has an indefinite validity.

Article Second.- Approve Annex No. 1 which forms an integral part of this Resolution, which will be published on the electronic portal of the Superintendence of Banks, Insurance and Private Pension Fund Administrators (www.sbs.gob.pe), in accordance with the provisions of Supreme Decree No. 001-2009-JUS and its modifying norms.

Article Third.- Modify items 7 and 38 of article 3 of the Regulation for the prevention of money laundering and terrorist financing applicable to obligated subjects under the supervision of the UIF-Peru, in matters of prevention of money laundering and terrorist financing approved by Resolution SBS No. 789-2018, with the following text:

(…)

Article 3.- Definitions and abbreviations
For the application of this regulation, the obligated subject considers the following definitions and abbreviations:

(…)

7. Purchase and sale of foreign currency: Activity carried out by a natural person with a business or a legal entity with valid registration in the “Registry of Companies and Persons Engaging in Financial or Currency Exchange Operations” managed by the SBS, which consists in the purchase and sale of legal tender foreign currency in the following manner: i) in person, in a establishment with a valid operating license for foreign currency exchange issued by the corresponding Municipality, or ii) electronically, through a technological platform, must have, if applicable, the respective authorization issued by the corresponding Municipality. Does not include cryptoassets or cryptocurrencies.

(…)

38. Loan and/or pawn: Activity carried out by a natural person with a business or a legal entity, with valid registration in the “Registry of Companies and Persons Engaging in Financial or Currency Exchange Operations”, which consists in granting loans of money 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, in a establishment with a valid operating license for granting loans and/or pawn, issued by the corresponding Municipality, or ii) electronically, through a technological platform, must have, if applicable, the authorization of the activity issued by the corresponding Municipality.

(…)

Article Fourth.- Derogue Procedure No. 197 “Authorization of renewal of registration in the Registry of Companies and Persons Engaging in Financial or Currency Exchange Operations” and modify Procedure No. 196 “Authorization of registration in the Registry of Companies and Persons Engaging in Financial or Currency Exchange Operations” and in the Single Text of Administrative Procedures – TUPA of the Superintendence of Banks, Insurance and Private Pension Fund Administrators, approved by Resolution No. 01581-2023, according to the text attached to this resolution and published on the Institutional Web Portal (www.sbs.gob.pe), in accordance with the provisions of the Regulation of Law No. 29091, approved by Supreme Decree No. 004-2008-PCM.

Article Fifth.- Exchange houses and lending and/or pawn companies registered and those that are processing their registration in the Registry, have a period of sixty (60) days, counted from the entry into force of this resolution, to adapt, as appropriate, to the provisions of the Regulation on 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 Banks, Insurance and Private Pension Fund Administrators, through the Financial Intelligence Unit of Peru.

Article Sixth.- Incorporate article 31 in the Regulation on Factoring, Discount and Factoring Companies approved by Resolution SBS No. 4358-2015, according to the following text:

“Article 31.- Cancellation of registration in the Registry Cancellation of registration in the Registry proceeds when the SBS determines that Factoring and Discount companies not covered by the General Law incur in one or more of the following grounds:

1. When Factoring and Discount companies not covered by the General Law have the status of definitive deregistration or definitive deregistration ex officio in the National Superintendence of Customs and Tax Administration – SUNAT.

2. Submit false information in the application for registration in the Registry or in any other document presented to the SBS.

3. Use a name, corporate name or technological platform different from that registered in the Registry.

4. Advertise their activities using the SBS logo or stating that they have the authorization, license, backing, guarantee or similar of the SBS.

5. Carry out activities that require authorization or registration from the SBS and this has not been granted.

In case the registry has been cancelled in application of item 1 of this article, they may request a new registration in the Registry, in accordance with the provisions of this Regulation.”

Article Seventh.- Incorporate article 17 in the Regulation on Financial Leasing Companies approved by Resolution SBS No. 2413-2020, according to the following text:

“Article 17.- Cancellation of registration in the Registry Cancellation of registration in the Registry proceeds when the SBS determines that financial leasing companies not covered by the General Law incur in one or more of the following grounds:

1. When financial leasing companies not covered by the General Law have the status of definitive deregistration or definitive deregistration ex officio in the National Superintendence of Customs and Tax Administration – SUNAT.

2. Submit false information in the application for registration in the Registry or in any other document presented to the SBS.

3. Use a name, corporate name or technological platform different from that registered in the Registry.

4. Advertise their activities using the SBS logo or stating that they have the authorization, license, backing, guarantee or similar of the SBS.

5. Carry out activities that require authorization or registration from the SBS and this has not been granted”

In case the registry has been cancelled in application of item 1 of this article, they may request a new registration in the Registry, in accordance with the provisions of this Regulation.”

Article Eighth.- Substitute paragraphs 14.1 and 14.3 of article 14 in the Regulation on Financial Leasing Companies approved by Resolution SBS No. 2413-2020, according to the following text:

“Article 14.- Obligation of registered companies
14.1. Financial leasing companies registered in the Registry must comply with the delivery of the following information in the indicated deadlines:

a. Quarterly delivery, in March, June, September and December, of the format referred to the accounting balance of financial leasing operations indicated in Annex A of this Regulation. The delivery can be made physically or through the virtual counter. In the case of physical delivery, Annex A must also be sent electronically in a spreadsheet file to the address established for such purpose. If such sending is made through the virtual counter, Annex A must be attached in a pdf file and in a spreadsheet file, within fifteen (15) calendar days following the end of the quarter, signed by the legal representative of the company.

b. Semi-annual delivery, in June and December, of the financial statements according to the formats indicated in Annex B of this Regulation. The delivery can be made physically or through the virtual counter. In the case of physical delivery, Annex B must also be sent electronically in a spreadsheet file to the address established for such purpose; if such sending is made through the virtual counter, Annex A must be attached in a pdf file and in a spreadsheet file, within thirty (30) calendar days following the end of the semester.

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511) 6309000 9/9
c. Delivery, together with the documentation indicated in letter a., of the letter in which they inform about the changes produced in said period in the direct and indirect ownership of the company for an amount greater than 3%.
d. Delivery, together with the documentation indicated in letter b, of the information corresponding to the economic group to which it belongs, indicating the companies and/or legal entities that integrate it and the activities developed by said companies and/or legal entities.
(…)
14.3. The registered financial leasing companies that do not present the information indicated in letters a, b, c and d of paragraph 14.1 during three (03) consecutive periods or four (04) alternating periods, will be suspended from the Register, and therefore, cannot carry out operations during the period of the suspension. In the cases of letters a and b of paragraph 14.1, the companies must present the information of the Annexes in both required files as they are presented physically or through the virtual reception desk; that is, if they fail to send one of the two required files, in each case, the cause for suspension is configured, as indicated in the present paragraph.
(…)
Ninth Article.- This resolution enters into force the day after its publication in the Official Gazette El Peruano, from which date Resolution SBS No. 6338-2012 is repealed.
Register, communicate and publish.
SERGIO JAVIER ESPINOSA CHIROQUE
Superintendent of Banking, Insurance and AFP (A.I.)