Regulatory Alerts2022-09-23 | NASF-11Added · Updated
Technical Standards for Conducting Operations and Providing Services Through Physical, Digital, and Mobile Financial Correspondents and Financial Correspondent Administrators
The Norms Committee of the Central Reserve Bank of El Salvador issued these standards to regulate banks, branches of foreign banks, savings and credit societies, and cooperative banks in their use of physical, digital, and mobile financial correspondents and administrators. The document mandates that entities obtain a 'No Objection' from the Superintendence of the Financial System, with a maximum review period of thirty business days, by submitting a detailed business operational model and contract templates. It establishes specific requirements for these models, including risk management protocols, transaction limits, and client identification procedures, while defining the mandatory clauses for correspondent contracts and the obligations of correspondent administrators.