Regulatory Alerts2014-07-31 | SGDB N° 025/2014Added · Updated
SGDB No. 025/2014: Requirements for Incorporation into the Integrated Payment Settlement System (LIP) for Financial Intermediation Entities
Financial intermediation entities supervised by the ASFI that hold accounts at the Central Bank of Bolivia must subscribe to the Integrated Payment Settlement System (LIP) contract by August 15, 2014, to replace the High-Value Payments System (SIPAV). The circular mandates specific documentation submissions for Multiple Banks, SME Banks, Housing Financial Entities, and Savings and Credit Cooperatives, including legalized licenses, representation powers, and tax identification numbers. Authorized powers of representation must explicitly grant the Central Bank authority over asset disposition, reserve fund management, fund transfers, and digital signature generation for the LIP. Legal representatives must ensure their powers are inscribed in the Commercial Registry and include relevant statutory transcriptions authorizing such dispositions.