Regulatory Alerts2019-09-05 | NRP-19Added · Updated
Technical Standards for the Registration, Obligations and Operation of Entities Conducting Money Transfer or Receipt Operations Through Subagents or Subagent Administrators
The Central Reserve Bank of El Salvador issued these standards to regulate the registration and operation of Money Transfer Companies and Agents using subagents. The document mandates that entities submit detailed documentation, including shareholder data, organizational charts, and AML/CFT manuals, to the Superintendence of the Financial System for approval. It establishes a sixty-business-day review period for applications and requires registered entities to notify the regulator of any information changes within thirty business days.