Resolution SBS No. 8930-2012: Regulation of Infractions and Sanctions in the Prevention of Money Laundering and Terrorist Financing

Los Laureles Nº 214 - Lima 27 - Peru Tel. : (511) 6309000 Fax: (511) 6309239 Lima, November 28, 2012 S.B.S. Resolution No. 8930-2012 The Superintendent of Banking, Insurance and Private Pension Fund Administrators

CONSIDERING:

That, in accordance with the provisions of Article 3 of Law No. 27693, modified by the First Complementary Modifying Provision of the Legislative Decree for Effective Fight against Money Laundering and Other Crimes Related to Illegal Mining and Organized Crime - Legislative Decree No. 1106, it is the function and authority of the Superintendency of Banking, Insurance and Private Pension Fund Administrators (SBS), through the Financial Intelligence Unit of Peru (UIF-Peru), to regulate, in coordination with the supervisory bodies of the obligated subjects, the general and specific guidelines, requirements, clarifications, sanctions and other aspects related to the prevention systems of the obligated subjects required to report and of the reports of suspicious operations and operation records, as well as to issue models of codes of conduct, manual for the prevention of the crime of money laundering and terrorist financing, format for operation records, among others, in accordance with the scope of the provisions of the aforementioned Law and its Regulations; and likewise, to supervise and sanction in matters of prevention of money laundering and terrorist financing, those obligated subjects that lack a supervisory body;

That, in accordance with what is established in Article 4 of the Law that Incorporates the UIF-Peru into the SBS – Law No. 29038, through a resolution of the SBS, the necessary norms will be issued for the exercise of the competencies, functions and attributes assumed, in order to regulate, among others, the sanctioning power in matters of prevention of money laundering and terrorist financing regarding the obligated subjects to Law No. 27693, incorporated under its control and supervision, issuing the corresponding Regulation of Infractions and Sanctions;

That, through SBS Resolution No. 1782-2007 and its modifying norms, the Regulation of Infractions and Sanctions in matters of prevention of money laundering and terrorist financing was approved, applicable to the obligated subjects who do not have a supervisory body;

That, in accordance with Article 9º-A of Law No. 27693, incorporated by the Fifth Complementary Modifying Provision of the aforementioned Legislative Decree No. 1106, public notaries are under the supervision of the SBS, through the UIF-Peru, in matters of prevention of money laundering and terrorist financing;

That, through SBS Resolution No. 5709-2012, the Special Norms for the Prevention of Money Laundering and Terrorist Financing applicable to Public Notaries were approved;

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That, in this context, it is necessary to adapt the Regulation of Infractions and Sanctions approved by SBS Resolution No. 1782-2007 to the current regulatory framework;

Having the approval of the Financial Intelligence Unit of Peru and the Adjunct Superintendency of Legal Advice;

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

RESOLVES:

Article First.- Approve the Regulation of Infractions and Sanctions in Matters of Prevention of Money Laundering and Terrorist Financing, which is drafted as follows:

REGULATION OF INFRACTIONS AND SANCTIONS IN MATTERS OF PREVENTION OF MONEY LAUNDERING AND TERRORIST FINANCING

Article 1°.- Object
This regulation of infractions and sanctions regulates the exercise of the sanctioning power attributed to the Superintendency of Banking, Insurance and Private Pension Fund Administrators - SBS, through the Financial Intelligence Unit of Peru - UIF-Peru, in matters of prevention of money laundering and terrorist financing.

Article 2º.- Scope1
This regulation is applicable to the following obligated subjects, including the branches established and registered in Peru of legal entities constituted and domiciled abroad, duly authorized to carry out the activities referred to in this article2:

1. Non-profit Organizations (NPOs) that collect, transfer and disburse funds, resources or other assets for charitable, religious, cultural, educational, scientific, artistic, social, recreational or solidarity purposes or for the realization of other types of altruistic or benevolent actions or works; and facilitate credits, microcredits or any other type of economic financing.

2. Loans and/or pawnshops.

3. Sale and purchase of vehicles and vessels.

4. Sale and purchase of foreign currency.

5. Trade in coins, works of art and postage stamps.

6. Trade in jewelry, precious metals and/or precious stones.

7. Construction.

1 Through Article 3 of SBS Resolution No. 369-2018 of February 3, 2018, it was established that this regulation is applicable to the obligated subjects under the scope of the Norm for the prevention of money laundering and terrorist financing, applicable to obligated subjects under the limited system of prevention of money laundering and terrorist financing. Subsequently modified by SBS Resolution No. 01015-2026, effective from April 9, 2026.

2 Article modified by SBS Resolution No. 02648-2024 of August 1, 2024, effective from August 2, 2024.

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8. Real estate.

9. Real Estate Agent.

10. Marketing of machinery and equipment included in National Subheadings No. 84.29, No. 85.02 and No. 87.01 of the National Tariff Classification.

11. Mining companies.

12. Sale and purchase of aircraft.

13. Horse racing tracks and their agencies.

14. Lottery games and similar.

15. Legal entities whose corporate purpose is the provision of legal and/or accounting services, which carry out or intend to carry out in the name of their client or on their behalf, on a habitual basis, the activities established in the current legislation, hereinafter, professional legal entities.

16. Notaries at the national level.

17. The Centralized Organ for the Prevention of Money Laundering and Terrorist Financing, OCP LA/FT, under the Lima College of Notaries, from whom it depends economically and administratively and is responsible for the payment of possible fines imposed on the OCP LA/FT within the framework of the respective administrative sanctioning procedures.

18. Virtual Asset Service Providers - VASPs.

19. Legal entities that provide the service of transport and custody of money and securities, which are not supervised by the Superintendency of Banking, Insurance and Private Pension Fund Administrators.

20. Factoring companies not included in the scope of Law No. 26702, General Law of the Financial System and of the Insurance System and Organic Law of the Superintendency of Banking and Insurance.

21. Private Offer Investment Fund Management Companies not supervised by the Securities Market Superintendency.

22. Other obligated subjects designated by express norm, to be supervised in matters of prevention of money laundering and terrorist financing by the UIF-Peru and those that do not have a supervisory body.”

Article 3º.- Definitions
For the purposes of this norm, the following definitions will be taken into account:

1. General Law: Law No. 26702, General Law of the Financial System and of the Insurance System and Organic Law of the Superintendency of Banking and Insurance.

2. Law: Law No. 27693, which creates the Financial Intelligence Unit of Peru and its modifying norms.

3. General Administrative Procedure Law: Law No. 27444.

4. Regulation: Regulation of Infractions and Sanctions in matters of prevention of money laundering and terrorist financing.

5. Law Regulation: Regulation of the Law that creates the Financial Intelligence Unit of Peru and its modifying norms, approved by Supreme Decree No. 018-2006-JUS.

6. Superintendency: Superintendency of Banking, Insurance and Private Pension Fund Administrators.

7. Superintendent: Superintendent of Banking, Insurance and Private Pension Fund Administrators.

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8. UIF-Peru: Financial Intelligence Unit of Peru, specialized unit of the Superintendency.

9. UIT: Tax Unit.

Article 4º.- Infractions3
An administrative infraction constitutes any act or omission that constitutes a non-compliance with the obligations incumbent on the obligated subjects under the scope of this Regulation and are duly typified in accordance with the regulations in matters of prevention of money laundering and terrorist financing. Non-compliance generated by force majeure or fortuitous event, duly proven, does not constitute an infraction. The infractions are typified in Annex 1 of this Regulation.

Article 5º.- Categories
Infractions are classified as light, serious and very serious, according to what is indicated in Annex 1 of this Regulation.

Article 6º.- Concurrence of infractions
If by the commission of the same conduct, the offender incurs in more than one infraction, the sanction provided for the most serious infraction will be applied.
If by the commission of several conducts, the offender incurs in a plurality of infractions, as many sanctions as infractions committed will be applied.

Article 7º.- Continuity of infractions
When the acts or omissions that had been sanctioned still persist unjustifiably after thirty (30) business days of notification of the sanction, the instance to which it corresponds may impose successively another sanction as if they were new acts or omissions, until the infraction ceases. In these cases, a written communication will be sent to the person involved so that they prove within a maximum period of five (5) business days that the infraction has ceased within the period indicated in the previous paragraph. Once the deadline granted for the defense has expired without proof of the cessation of the infraction, the new sanction will be imposed, applying the criterion of recidivism. The situation of continuity and/or the imposition of the respective sanction cannot be attributed in the cases established in the General Administrative Procedure Law or the one that modifies it.

Article 8º.- Plurality of offenders4
The commission of an infraction by a plurality of obligated subjects originates the application of sanctions to each of those involved in the infraction.

Article 9º.- Statute of Limitations
The power to determine the existence of administrative infractions prescribes after four (4) years calculated from the date on which the infraction was committed or from when it ceased if it was a continuous action. This period is interrupted with the initiation of the sanctioning procedure.

3 Article modified by SBS Resolution No. 01754-2024 of May 13, 2024, effective from May 14, 2024.

4 Article modified by SBS Resolution No. 01754-2024 of May 13, 2024, effective from May 14, 2024.

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This calculation must be resumed immediately if the processing of the sanctioning procedure remains paralyzed for more than twenty-five (25) business days, for a cause not attributable to the administrative party. b. For infractions classified as serious and very serious, administrative responsibility is objective, for which the configuration of the conduct typified as an infraction must be considered, independent of intent or negligence.

Article 10º.- Instructor body of the procedure6
The instructor body of the procedure is the Department of Evaluation and Corrective Actions of the UIF-Peru, responsible for carrying out the necessary actions to verify if there are sufficient indications that the detected facts constitute an administrative infraction and to determine if it corresponds to initiate a sanctioning procedure. This body initiates the sanctioning procedure and proposes, at the end of its instruction, the manner in which it should conclude, sanctioning or archiving the procedure as it considers appropriate. The decision to initiate a sanctioning procedure must be supported by documents, visit reports, or in the information or documentation contained in the Superintendency's databases, as appropriate.

Article 11º.- Resolution body of the procedure
Sanctions are imposed, in the first instance by the UIF-Peru and in the second and final administrative instance by the Superintendent.

Article 12º.- Phases of the procedure
The procedure has two phases:

1. Instructor Phase
   The sanctioning procedure is initiated ex officio, when the instructor body notifies the alleged offender, through a letter, indicating the facts imputed to them, expressing the qualification of the alleged infractions, the possible sanctions to be applied, the competent authority to impose the sanction and the norm that attributes such competence, so that the alleged offender presents their defense within a period of fifteen (15) business days calculated from the next business day of notification of the letter. Once the deadline granted to the alleged offender to present their defense has expired, with or without them, the instructor body ex officio carries out the necessary actions for the examination of the facts, evaluating the defenses presented if applicable, gathering the necessary information and requesting additional relevant information or opinion deemed pertinent in order to determine the existence or non-existence of administrative responsibility susceptible to being sanctioned.

5 Article incorporated by SBS Resolution No. 02351-2023 of July 12, 2023, effective from July 14, 2023.

6 Article modified by SBS Resolution No. 3322-2015 of June 10, 2015.

Article 9-A.- Rules for the determination of administrative responsibility5
In sanctioning procedures initiated by the Superintendency, through the UIF-Peru, the following rules are applicable:
a. For infractions classified as light, administrative responsibility is subjective, requiring the analysis of intent or negligence in the infringing conduct.

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The instructor phase concludes with a report from the instructor body, which will contain a proposal in which it will be determined, in a motivated manner, the conducts considered constitutive of infraction, the norm that provides for the imposition of sanction for said conducts and the proposed sanction; or, it will propose the declaration of non-existence of infraction, as appropriate.

2. Resolutive Phase
   The Adjunct Superintendent of UIF-Peru evaluates the proposal, and may order the performance of complementary actions when they are indispensable to resolve the procedure. The Adjunct Superintendent of UIF-Peru will resolve the procedure through a resolution. When an error or omission in the procedure is detected, the Superintendency may vary, at any of its stages, the situations of infraction, or indicate the legal basis that qualifies the situations of infraction imputed to the alleged offender. In this case, a period of fifteen (15) business days will be granted for the administrative party to present their defense; this period is calculated from the next business day of notification of the letter by which the new situations of infraction or the legal basis qualifying them are communicated.

Article 13º.- Appeal
The sanctioned party may file the administrative remedies provided for in the General Administrative Procedure Law, within fifteen (15) business days of notification of the resolution imposing the sanction. Once this period has passed without administrative remedies being filed, the resolution imposing the sanction becomes final. The aforementioned remedies are filed before the Adjunct Superintendent of UIF-Peru, who will resolve them or elevate them to the Superintendent, depending on whether it is a motion for reconsideration or an appeal.

Article 14º.- Deadlines
The sanctioning procedure, as well as the preliminary investigations carried out by this Superintendency before its initiation, are not subject to a specific deadline, which will depend on the complexity of each case.
To the calculation of deadlines established in the sanctioning procedure, the term of distance between the place of the domicile of the administrative party within the national territory and the domicile of this Superintendency is added. The table of applicable distance terms will be the one corresponding to judicial processes. The deadlines established in this Regulation are non-extendable, unless express norm to the contrary, and are calculated from the next business day after that on which the notification or publication of the act is carried out, unless it indicates a later date or it is necessary to make successive publications, in which case the calculation starts from the last one.

Article 14-A.- Corrective Measures7
Corrective measures dictated within the framework of a sanctioning procedure aim to order the restoration or repair of the situation altered by the infraction to its previous state. These measures are imposed without prejudice to the administrative sanction that may apply and respond to a nature and objectives different from those of a sanction. Corrective measures are imposed through a duly motivated resolution of the competent body.

7 Article incorporated by SBS Resolution No. 2317-2020 of September 23, 2020.

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Among the corrective measures that the Superintendency can order, in exercise of the conferred powers, are the following:
a. Mandates to do or not do to restore or repair the situation altered by the infraction. b. Order the publication of informational notices in the manner determined by the Superintendency taking into account the means that are deemed appropriate to reverse the effects of non-compliance.
c. Other measures that relate directly to the compliance with the infringed norms.
Non-compliance with these measures constitutes an infraction as indicated in Annex 1.

Article 15º.- Sanctions
The Superintendency imposes the sanctions provided for in this Regulation, in accordance with what is established in the Law, the Law Regulation and in the norms issued by the Superintendency, in concordance with Article 361° of the General Law.
The compliance with the sanction by the offender does not imply the validation of the irregular situation, the offender must cease immediately with the action or omission constitutive of the infraction and/or adopt measures to correct said situation.

Article 16°.- Criteria for the graduation of sanctions
The Superintendency will take into consideration the nature of the infringed obligation, magnitude, volume of operations or organizational size of the obligated subject, the existence or non-existence of intent and the damage that may have been caused, as well as the criteria detailed below, to graduate the sanctions it applies:

1. Mitigating Factors
   a) Subsanation of the infraction on its own initiative.- When the infringing conduct is remedied before the initiation of the sanctioning procedure is notified to them or before the resolution resolving it is issued, without having been expressly required by the Superintendency to remedy the infraction. b) Collaboration of the offender.- When the offender collaborates with the clarification of the facts by sending the information requested by the Superintendency in a timely manner, as well as facilitating the actions carried out in connection with the investigation. c) Error induced by the administration by an administrative act or provision.

2. Aggravating Factors
   a) Concealment of the infraction.- When the offender has avoided that the infraction be known, either by hiding information or delaying its delivery, hindering control actions, or in any other way. b) Benefit that the commission of the infraction generates for the offender or third parties.- When the offender has obtained benefits for themselves or for third parties with the commission of the infraction. c) Negative effects or damages produced by the infraction.- When the infraction has produced negative effects or serious damage to the money laundering and terrorist financing prevention system. d) Recidivism in the commission of the infraction.- Recidivism is considered to exist when someone who has been sanctioned by a final resolution commits new acts or omissions that constitute the same sanctioned infractions, within three (3) years following the date on which the aforementioned sanction resolution was issued.

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In case of recidivism, the subsequent infraction will correspond to a greater sanction, and even the sanctions provided for infractions located in the categories of greater gravity may be applied. e) Offender's antecedents.- The final sanctions that have been imposed on the offender in the last three (3) years will be taken into account. The graduation of sanctions is carried out within the ranges established in this Regulation. f. Voluntary subsanation of the infraction: This exemption is configured when the infringing conduct or omission is expressly and in writing recognized and remedied entirely voluntarily, prior to the notification of the charge imputation. Voluntary subsanation is not considered when the conduct is remedied as a consequence of an order or mandate of the Superintendency, through the UIF-Peru, issued in exercise of its auditing and/or supervision power. This exemption only applies to light and immaterial infractions that do not cause concrete and significant damage to the money laundering and terrorist financing prevention system. The immateriality of the committed infraction must be understood as that situation in which the facts have little significance. Voluntary subsanation is not applicable as an exemption in the case of recidivist infractions.

Article 16-B.- Materiality of the conduct in light infractions9
The Superintendency may abstain from initiating the sanctioning procedure in cases of light infractions, when it considers that the infraction does not have materiality by not generating a concrete and significant repercussion on the money laundering and terrorist financing prevention system.

Article 17º.- Types of sanction10
The applicable sanctions are the reprimand and the fine as specified below:

Natural Person Legal Entity and OCP LA/FT
Light Infraction Reprimand