Regulatory Alerts2022-09-23 | NRP-36Added · Updated
Technical Standards for the Management of Money Laundering, Terrorism Financing, and Proliferation Financing Risks
The Committee of Standards of the Central Reserve Bank of El Salvador issued these technical standards to establish minimum guidelines for managing money laundering, terrorism financing, and proliferation financing risks. The document mandates that obligated entities, including banks, insurance companies, and payment system operators, implement specific organizational structures, compliance departments, and risk management processes. It requires the submission of compliance reports, training plans, and policy manuals to the Financial System Superintendence within ten business days of Board approval. The standards align with the UIF Instruction and became valid on October 10, 2022.
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