Technical Standards for the Registration, Obligations and Operation of Entities Performing Money Transfer or Receipt Operations Through Subagents or Subagent Administrators

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-15/2019 NRP-19

TECHNICAL STANDARDS FOR THE REGISTRATION, OBLIGATIONS AND OPERATION OF ENTITIES PERFORMING MONEY TRANSFER OR RECEIPT OPERATIONS THROUGH SUBAGENTS OR SUBAGENT ADMINISTRATORS

Approval:
05/09/2019
Validity: 20/09/2019

THE STANDARDS COMMITTEE OF THE CENTRAL RESERVE BANK OF EL SALVADOR,

CONSIDERING:
I. That by Legislative Decree No. 65, dated July 23, 2015, published in Official Diary No. 146 Volume No. 408 of August 14 of the same year, the Reform to the Law on Supervision and Regulation of the Financial System was approved, in article 7 letter t) establishing that legal persons that perform money transfer or receipt operations, systematically or substantially, by any means, at the national and international level, are subject to the supervision of the Superintendence of the Financial System.
II. That in article 3 of the Law on Supervision and Regulation of the Financial System, it is established that the Superintendence of the Financial System is responsible for supervising the individual and consolidated activity of the members of the financial system, and other persons, operations and entities mandated by the laws.
III. That in article 35 of the Law on Supervision and Regulation of the Financial System, obligations are established for officials holding management or administrative positions in the members of the financial system, such as the adoption of policies and mechanisms for risk management and ethical standards of conduct.
IV. That in article 78 of the Law on Supervision and Regulation of the Financial System, it is established that the Superintendence of the Financial System will organize and keep updated the records that the laws entrust to it, among which are those related to the members of the Financial System, their shareholders and administrators.
V. That it is necessary to maintain an updated regulatory framework that establishes the conditions under which money transfer or receipt operations are carried out, as well as facilitating access to a larger number of the population, especially in places where the presence of entities performing this type of operation is low or non-existent, maintaining a focus on the prevention of money laundering and asset laundering and terrorist financing in particular.

THEREFORE, by virtue of the regulatory powers conferred by article 99 of the Law on Supervision and Regulation of the Financial System, AGREES to issue the following:

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-15/2019 NRP-19

TECHNICAL STANDARDS FOR THE REGISTRATION, OBLIGATIONS AND OPERATION OF ENTITIES PERFORMING MONEY TRANSFER OR RECEIPT OPERATIONS THROUGH SUBAGENTS OR SUBAGENT ADMINISTRATORS

CHAPTER I
OBJECT, SUBJECTS AND TERMS

Object
Art. 1.- These Standards aim to regulate the registration, obligations and operation of entities that perform money transfer or receipt operations systematically or substantially, by any means, at the national and international level.

Subjects
Art. 2.- The subjects obliged to comply with these Standards are legal persons in El Salvador that perform money transfer or receipt operations in a systematic or substantial manner, by any means, own or third-party, and at the national and international level. For the purposes of these Standards, it will be understood that money transfer or receipt operations are performed systematically or substantially when such activity is carried out habitually or constitutes an important activity within the business operations of the entity.

Terms
Art. 3.- For the purposes of these Standards, the terms indicated below have the following meaning:
a) Subagent Administrator or Administrator: A Legal Person, with domicile in the Republic of El Salvador, among whose legal regime or corporate object is the affiliation and administration of natural or legal persons who act as subagents, through the signing of a contract without an employment relationship so that they act on behalf of and under the responsibility of the Agents; b) Agent: A legal person with domicile in the Republic of El Salvador that establishes a contractual relationship with one or more Money Transfer Companies, that perform money transfer or receipt operations, systematically or substantially, by any means, at the national and international level; c) Central Bank: Central Reserve Bank of El Salvador; d) Beneficiary or Recipient: A natural or legal person in favor of whom the funds sent by the sender or remitter are remitted; e) Money Transfer Company or MTC: A national or foreign legal person that, meeting the requirements of its country of origin, provides the service of money transfer or receipt, systematically or substantially, by any means, whether own or third-party;

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-15/2019 NRP-19

TECHNICAL STANDARDS FOR THE REGISTRATION, OBLIGATIONS AND OPERATION OF ENTITIES PERFORMING MONEY TRANSFER OR RECEIPT OPERATIONS THROUGH SUBAGENTS OR SUBAGENT ADMINISTRATORS

Approval:
05/09/2019
Validity: 20/09/2019

f) Entity: The subjects obliged to comply with the provisions of these Standards, described in article 2 thereof, are all those legal persons that operate in the Republic of El Salvador performing money transfer or receipt operations in a systematic or substantial manner, by any means, own or third-party, and at the national and international level; g) Sender or Remitter: A natural or legal person who remits funds through an MTC or an Agent to a beneficiary or recipient; h) AML/CFT: Money Laundering and Asset Laundering and Terrorist Financing; i) Subagent: A natural or legal person that has a contractual relationship with one or more agents or administrators to make available to senders and beneficiaries the infrastructure and means necessary to provide the money transfer or receipt service, referring to the establishment or main office, agencies and service points of the Subagent; ATMs, financial kiosks, financial services provided via internet or mobile devices and other applicable means or infrastructure in accordance with the applicable regulatory framework are also included; and j) Superintendence: Superintendence of the Financial System.

CHAPTER II
REGISTRATION

Registration
Art. 4.- The Superintendence will maintain a public registry in accordance with article 78 of the Law on Supervision and Regulation of the Financial System, in which MTCs whose country of origin is El Salvador and Agents operating in the Republic of El Salvador must be registered. Excluding those entities that already possess a registry as Members of the Financial System and whose special laws authorize them to perform money transfer and receipt operations.

Registration Application
Art. 5.- For the purposes of registration of MTCs whose country of origin is El Salvador and Agents, their Legal Representative or Attorney must present to the Superintendence an application containing at minimum the following documentation:
a) Regarding shareholders: full name, age, nationality, profession or occupation, domicile, legible and notarially certified copy of the Unique Identity Document or Passport and copy of the Tax Identification Number or its graphic representation, percentage of shareholding held and Taxpayer Registry Number, in case they are registered as such in the corresponding registry. In case the shareholders are legal persons, the same information cited in this letter must be provided regarding their shareholders who hold more than 10% of participation; when these latter are legal persons, the credentials of the Board of Directors, the name of the Legal Representative or Attorney, evidence of their registration in accordance with the applicable legislations in their country of origin and shareholder list with their participation must be sent. In the case of Associations or Cooperative Societies, the aforementioned requirements will apply to the members or partners who hold more than 10% of participation in the Social Capital; b) Regarding directors and managers: full name, position, age, nationality, profession or occupation, domicile, legible and notarially certified copy of the Unique Identity Document or Passport and copy of the Tax Identification Number or its graphic representation. This will also apply to the sole owner and alternate Administrator; c) The amount of subscribed and paid-up social capital; and d) Address, telephone and email of the MTC whose country of origin is El Salvador or Agent, as well as name and position of the persons commissioned to receive notifications or any other documentation.

Registration Requirements
Art. 6.- For the purposes of registration of MTCs whose country of origin is El Salvador or Agents, their Legal Representative or Attorney must present to the Superintendence, accompanying the application described in article 5 of these Standards, the following minimum documentation:
a) Legible and notarially certified copy of the testimony of the Public Deed of Constitution duly registered in the Commerce Registry or Act of Constitution of the Association duly registered in the Salvadoran Institute of Cooperative Promotion; b) Legible and notarially certified copy of the Credential of the Legal Representative of the Agent or Power of Attorney by which they act, duly registered in the Commerce Registry; c) Legible and notarially certified copy of the Board of Directors Credential, Sole Administrator or Board of Administration, duly registered in the Commerce Registry or in the Salvadoran Institute of Cooperative Promotion, as applicable; d) Copy of the Agreement of the corresponding Administrative Body, notarially certified, in which the Legal Representative or Attorney is authorized to carry out the procedures for registration in the registry; e) Legible copy of the Tax Identification Number or its Graphic Representation and legible and notarially certified copy of the Taxpayer Registry Number of the Agent or MTC whose country of origin is El Salvador; f) Notarially certified sworn declaration of the shareholders, directors and managers of the entity stating that their participation in activities related to AML/CFT has not been judicially proven in the country or abroad; g) Organizational chart of the MTC whose country of origin is El Salvador or Agent, indicating the names of the administrators and directors, with expression of their positions and support staff;

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-15/2019 NRP-19

TECHNICAL STANDARDS FOR THE REGISTRATION, OBLIGATIONS AND OPERATION OF ENTITIES PERFORMING MONEY TRANSFER OR RECEIPT OPERATIONS THROUGH SUBAGENTS OR SUBAGENT ADMINISTRATORS

Approval:
05/09/2019
Validity: 20/09/2019

h) Legible and notarially certified copy of the agreement appointing the external auditor registered in the Superintendence, in case it has not been appointed in the constitutive act, which must be previously registered in the Commerce Registry; i) Business Operational Model, as specified in articles 14 and 15 of these Standards; j) Copy of Contracts entered into with MTCs, in the case of Agent registration applications; k) Copy of the Contracts agreed with the Subagents, Subagent Administrator or both, according to the Agent's operational model; l) Copy of the Internal Control Procedures Manual for the operational functioning and liquidity of the legal person to be registered; m) Description of the Information System to be used, which includes software, hardware, communication elements and backup mechanisms, activity recovery and business continuity; n) Description of the accounting mechanism for recording the operation; o) Policy or manual for training and requirements requested from Subagents, Subagent Administrators or both, in the case of operating through them; p) Policies and procedures for handling complaints and claims from senders and beneficiaries of the money transfer or receipt service; q) Copy of the AML/CFT Prevention Manual which must comply with the regulatory framework on AML/CFT prevention approved by the Board of Directors, Sole Administrator or Board of Administration; r) Copy of the audited Financial Statements, as of the latest available date in the case of a going concern entity; s) Detail of tariffs or commissions charged for the provision of services; t) Specification of public service hours; and u) Appointment of Compliance Officer in accordance with article 14 of the Law Against Money Laundering and Asset Laundering.

Art. 7.- Upon receiving the information, the Superintendence will proceed to review whether the documents established in article 6 of these Standards have been presented. If the review of the documentation reveals that it is incomplete, the Superintendence may require the Agent or MTC to present the missing documents within a period of ten business days, counted from the day following the notification.

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-15/2019 NRP-19

TECHNICAL STANDARDS FOR THE REGISTRATION, OBLIGATIONS AND OPERATION OF ENTITIES PERFORMING MONEY TRANSFER OR RECEIPT OPERATIONS THROUGH SUBAGENTS OR SUBAGENT ADMINISTRATORS

Approval:
05/09/2019
Validity: 20/09/2019

The Superintendence in the same notice will indicate to the Agent or MTC that if the information is not completed within the aforementioned period, it will proceed without further procedure to archive the application, reserving its right to submit a new application.

Analysis of Information
Art. 8.- The Superintendence, after analyzing the documentation established in article 6 of these Standards, may advise the Agent or MTC to remedy the deficiencies found. The Agent or MTC will have a period of ten business days counted from the day following the notification to remedy the deficiencies or to present the documentation and information required by the Superintendence. The Superintendence may, through a reasoned resolution, extend the period indicated in the previous paragraph by up to ten additional business days, when the nature of the observations or deficiencies advised so requires.

Extension Period
Art. 9.- The Agent or MTC may submit to the Superintendence a request for extension of the periods indicated in articles 7 and 8, stating the grounds on which it is based and proposing, if applicable, the relevant proof. The extension period may not exceed ten business days and will begin from the next business day after the expiration date of the original period.

Suspension of Period
Art. 10.- The period of sixty business days, indicated in article 6 of these Standards, will be suspended for the days that elapse between the notification of the request under articles 7 and 8 of these Standards, until the MTC or Agent remedies the observations required by the Superintendence.

Of the Registry Entry
Art. 11.- Once the documents required by article 6 of these Standards have been presented in due form, and there are no objections to the information submitted, the Board of Directors of the Superintendence will approve the Registry Entry in the corresponding records and notify the entity of the respective agreement. The Agent or MTC requesting registration must send to the Central Bank the agreement on the Registry Entry issued by the Superintendence. Only entities duly registered in the Superintendence in accordance with the provisions of these Standards may offer the money transfer or receipt service.

Communication to the Superintendence on Money Transfer or Receipt Operations Art. 12.- Banks, cooperative banks, savings and credit societies, federations and other institutions regulated by their special laws, supervised by the Superintendence, that are already legally authorized to perform money transfer and receipt operations and that, on a date subsequent to the validity of the reforms to article 7 of the Law on Supervision and Regulation of the Financial System, are interested in providing the money transfer or receipt service as an Agent or MTC, must inform the Superintendence within a period of thirty business days prior to the start of such operations, sending a communication signed by their Legal Representative or Attorney. The aforementioned communication must be accompanied by the following documents:
a) Copy of the agreement of the corresponding Administrative Body to provide the money transfer or receipt service; b) Description of the business operational model, specifically the aspects contemplated in articles 14 and 15 of these Standards, which must have the approval of the corresponding Administrative Body; c) Description of the technological platform of the information system to be used to provide the money transfer or receipt service systematically or substantially; d) Detail of tariffs or commissions charged for the provision of services; and e) Copy of the contracts signed with the MTCs.

Upon receipt of the documentation in proper form, the Superintendence will proceed to analyze it, verify the entity's systems, internal controls and procedures, and may request missing information or pertinent clarifications. If during the analysis and corresponding verifications the Superintendence determines observations that could affect the proper start of money transfer and receipt operations, it will proceed to communicate this to the corresponding entity, who must overcome such observations prior to making the referred operations available to the public.

Those regulated entities interested in providing money transfer or receipt operations must submit to the Central Bank a copy of the communication delivered to the Superintendence.

Modification of Information
Art. 13.- The MTC or Agent registered in the Superintendence will be responsible for communicating to it any modification of the information affecting that contained in article 6 of these Standards, within a maximum period of thirty business days following the event that motivates it.

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-15/2019 NRP-19

TECHNICAL STANDARDS FOR THE REGISTRATION, OBLIGATIONS, AND OPERATION OF ENTITIES PERFORMING MONEY SENDING OR RECEIVING OPERATIONS THROUGH SUBAGENTS OR ADMINISTRATORS OF SUBAGENTS

Approval:
05/09/2019
Validity: 20/09/2019

In the event of modifications to address, telephone, email, as well as the name and position of persons designated to receive notifications or designated to receive documentation related to the entity, this must inform the Superintendency and the Central Bank within a maximum period of ten business days. (1)

CHAPTER III
ON THE OPERATIONAL MODEL

Operational business model with Subagents

Art. 14.- For the purposes of registration of Money Transmission Entities (ETD) and Agents providing money sending or receiving services through Subagents; the operational business model presented must contain as a minimum the following: (1)

a) Description of the accounting registration mechanism for transactions and operations, including the frequency of settlements between the ETD and the Agent, and between the Agent and the Subagents; b) Description of the management of risks associated with the provision of services or the execution of operations, especially financial and operational risks, which include technological, legal, AML/CFT (LD/FT) risks, and reputational risk approved by the Administrative Body; c) Description of maximum amount limits per operation and number of transactions that senders or beneficiaries may perform with the ETD, Agent, or through Subagents, considering the expected business volume, location, and risks associated with the type of Subagent involved; d) Details of the natural or legal persons acting as Subagents. In the case where the Subagent is a Legal Entity, a certified copy of the Deed of Incorporation of these and their modifications, if any, or, as applicable, the Minutes of Incorporation and their modifications, if any, must be presented, as well as a certified copy of the Credential registered in the corresponding Registry of the Administrative Body of the Subagent; e) Internal Policies comprising the requirements applicable to Subagents, which must include as a minimum: types of business to be linked by the Agent and those that cannot be considered, size and track record of the business, infrastructure and security of the establishment, geographic environment, economic solvency, and verification of the lawful origin of funds that will be used for the development of operations, among others that guarantee adequate user attention; f) Indication of the address, telephone, email, as well as the persons commissioned to receive notifications or any other documentation of each of their Subagents; g) Description of the processes to provide Subagents with resources, training, and mechanisms for the identification and handling of senders and beneficiaries when performed within national territory; h) Description of payment modalities and channels for service provision used; and (1)

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-15/2019 NRP-19

TECHNICAL STANDARDS FOR THE REGISTRATION, OBLIGATIONS, AND OPERATION OF ENTITIES PERFORMING MONEY SENDING OR RECEIVING OPERATIONS THROUGH SUBAGENTS OR ADMINISTRATORS OF SUBAGENTS

Approval:
05/09/2019
Validity: 20/09/2019

i) Details of the mechanism to determine the frequency of on-site verifications in subagents, in accordance with what is established in Article 38 of these Standards. (1)

For the case of operational business models with Subagents that are already approved by the Superintendency, these must be adjusted and submit the information described in letters h) and i) within a period of thirty business days following the validity of the modifications to these Standards. (1)

Operational business model with Administrator of Subagents

Art. 15.- For the purposes of registration of Money Transmission Entities (ETD) and Agents providing money sending or receiving services through Administrators of Subagents, the operational business model presented must contain as a minimum the following: (1)

a) Description of the accounting registration mechanism for transactions and operations, including the frequency of settlements between the ETD and the Agent, and between the latter and the Subagents, as well as the settlement of the Agent with the Administrator of Subagents and of the latter with the Subagents comprising its network, if applicable; b) Description of the management of risks associated with the provision of services or the execution of operations, especially financial and operational risks, which include technological, legal, AML/CFT (LD/FT) risks, and reputational risk approved by the Administrative Body; c) Description of maximum amount limits per operation and number of transactions that senders or beneficiaries may perform with the ETD, Agent, or through Subagents affiliated with the Administrator, considering the expected business volume, location, and risks associated with the type of Subagent involved; d) Details of the legal persons acting as Administrators of Subagents. A certified copy of the Deed of Incorporation of these and their modifications, if any, or, as applicable, the Minutes of Incorporation and their modifications, if any, must be presented, as well as a certified copy of the Credential registered in the corresponding Registry of the Administrative Body of the Administrator of Subagents; e) Internal Policies comprising the requirements applicable to the Administrator of Subagents and the network with which the Administrator operates, which must include as a minimum: types of business to be linked by the Agent and those that cannot be considered, size and track record of the business, infrastructure and security of the establishment, geographic environment, economic solvency, and verification of the lawful origin of funds that will be used for the development of operations, among others that guarantee adequate user attention; f) Indication of the address, telephone, email, as well as the persons commissioned to receive notifications or any other documentation of each of their Administrators of Subagents with whom they operate;

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-15/2019 NRP-19

TECHNICAL STANDARDS FOR THE REGISTRATION, OBLIGATIONS, AND OPERATION OF ENTITIES PERFORMING MONEY SENDING OR RECEIVING OPERATIONS THROUGH SUBAGENTS OR ADMINISTRATORS OF SUBAGENTS

Approval:
05/09/2019
Validity: 20/09/2019

g) Description of the processes to provide Administrators of Subagents with resources, training, and mechanisms for the identification and handling of senders and beneficiaries when performed within national territory; h) Description of payment modalities and channels for service provision used; and (1) i) Details of the mechanism to determine the frequency of on-site verifications in subagents, in accordance with what is established in Article 38 of these Standards. (1)

For the case of operational business models with Administrators of Subagents that are already approved by the Superintendency, these must be adjusted and submit the information described in letters h) and i) within a period of thirty business days following the validity of the modifications to these Standards. (1)

Art. 16.- Money Transmission Entities (ETD) whose country of origin is El Salvador and Agents interested in providing money sending or receiving services through Administrators and Subagents must comply with what is established in Articles 14 and 15 of these Standards.

Art. 17.- The Superintendency must publish on its website a list of Subagents and establishments made available by the Administrator of Subagents, identifying the Agent or Agents with whom they operate.

CHAPTER IV
RESPONSIBILITIES OF MONEY TRANSMISSION ENTITIES (ETD) AND AGENTS

Art. 18.- Money Transmission Entities (ETD) whose country of origin is El Salvador and Agents must assume full responsibility before the sender and beneficiary for all money sending and receiving operations carried out by them and by their Subagents. Agents are responsible for ensuring that Administrators of Subagents or Subagents have the appropriate suitability, economic solvency, as well as adequate physical infrastructure, technical management, risk management, and human resources to perform the agreed services. Agents may provide technology for information use exclusively to their Subagents themselves, through Administrators of Subagents, or through third parties, and must facilitate documentation, support, training, and necessary contingency measures to adequately perform the agreed services. When tasks are carried out by third parties, the Agent must perform verifications that allow them to determine if they are being correctly developed. Likewise, Agents will provide Administrators and Subagents with a telephone contact number for permanent communication with them.

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-15/2019 NRP-19

TECHNICAL STANDARDS FOR THE REGISTRATION, OBLIGATIONS, AND OPERATION OF ENTITIES PERFORMING MONEY SENDING OR RECEIVING OPERATIONS THROUGH SUBAGENTS OR ADMINISTRATORS OF SUBAGENTS

Approval:
05/09/2019
Validity: 20/09/2019

Art. 19.- Money Transmission Entities (ETD) and Agents will establish adequate mechanisms and procedures to address claims from senders or beneficiaries within national territory, specifying the official means of receiving them, and must resolve within a reasonable period, which must be established in the claims handling procedure. In any case, this procedure must incorporate internal controls on attended inquiries and responses provided.

Art. 20.- Money Transmission Entities (ETD) whose country of origin is El Salvador, Agents, Administrators, and Subagents must comply, in the development of their operations and services, with the provisions contained in these Standards and the legal and regulatory framework regarding AML/CFT (LD/FT) prevention, and must have a specific Manual in this matter. Agents are directly responsible for the periodic verification of compliance with the provisions set forth in the preceding paragraph; therefore, the Agent must submit to the Superintendency a report on the results of such verifications, within the first ten business days of the months of February and August of each year.

CHAPTER V
CONFIDENTIALITY OF INFORMATION

Art. 21.- Money Transmission Entities (ETD), Agents, Subagents, and Administrators of Subagents are responsible for safeguarding the confidentiality of information regarding senders and beneficiaries, except when requested by the competent authority.

CHAPTER VI
CONTRACTING OF SUBAGENTS

On the contracting of Subagents

Art. 22.- With the aim of facilitating services, the Agent may contract as a Subagent a natural or legal person, provided that the legal regime or corporate object of this does not prevent it and the interested party to be a Subagent meets the profile established by the Agent for these purposes, in accordance with Article 14, letter e) of these Standards. The Agent interested in acting through Subagents will communicate this decision to the Superintendency through the Legal Representative of the Administrative Body or Attorney-in-Fact of the Agent, presenting modifications to the operational business model, policies, and manuals approved by the Board of Directors, Sole Administrator, or Board of Administration for this purpose, and must comply with what is required in these Standards.

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-15/2019 NRP-19

TECHNICAL STANDARDS FOR THE REGISTRATION, OBLIGATIONS, AND OPERATION OF ENTITIES PERFORMING MONEY SENDING OR RECEIVING OPERATIONS THROUGH SUBAGENTS OR ADMINISTRATORS OF SUBAGENTS

Approval:
05/09/2019
Validity: 20/09/2019

Subagent Contract

Art. 23.- The contract with Subagents for money sending or receiving services that authorize them to perform operations on behalf and under the responsibility of the contracting Agent, must contain, as a minimum, the following:

a) The express indication that the Subagent acts before the sender or beneficiary, on behalf and under the responsibility of the Agent, with the responsibility of the latter verifying compliance with the content of these Standards and other applicable provisions; b) The practices established by the parties regarding the administration of the Subagent's cash, and the manner of covering risks associated with cash handling; c) The procedures, schedules, and mechanisms used for compensation and settlement of operations between the Agent and its Subagents; d) The measures and management that the Agent will require and implement in the Subagent for the prevention of AML/CFT (LD/FT), as well as other risks to which the business is exposed; e) The Subagent's obligation to deliver to the sender or beneficiary the receipt of the transaction performed; as well as to maintain confidentiality regarding the information to which they have access regarding them; f) The economic obligations between the contracting parties; g) The Subagent's public service hours; h) The Agent's obligation to train the Subagent or establish training mechanisms so that the latter provides the agreed services adequately, and that guarantee training is maintained during the execution of the contract, when any change occurs in the same or in operational guidelines; i) The identification and security measures that the Subagent must establish to provide services; j) Contract term; k) Clauses for suspension and termination of service provision through the Subagent, as well as their legal consequences; l) Subagent responsibilities and prohibitions, which must contain, among others, the obligation to comply with the legal and regulatory framework regarding AML/CFT (LD/FT) prevention and the Subagent's responsibility for any crime committed in the exercise of their money sending or receiving activities; m) Causes for non-payment to beneficiaries by a Subagent; n) Indication of the tariffs or commissions applied to the services to be provided by the Subagent; and o) Clauses that allow the request for information and supervision regarding the provision of services through the Subagent, by the Agent, the Superintendency, or other bodies with supervisory powers in accordance with their laws.

The Subagent may not subcontract any of the services for which they have been contracted by the Agent or Administrator of Subagents. Nevertheless, those financial entities that comply with the provisions to operate as Subagents may contract service points to act on their own behalf and responsibility in the sending or receiving of money; provided that the Administrator of Subagents or the Agent with whom they have signed a contract verifies that the latter meet the requirements for such purposes.

No Agent may provide money sending or receiving services through Subagents without having signed the corresponding service contract that meets as a minimum what is stipulated in this article.

When the Agent proves that a Subagent ceases to meet any of the characteristics considered for their contracting, the Agent must terminate the signed contract, so this circumstance must be included within the termination causes of the same.

Without prejudice to the sanctions that may apply, when the Superintendency determines that a Subagent does not meet any of the requirements considered for their contracting or does not meet the information and collaboration requirements requested by said supervisory body, it will notify the Agent, who will terminate the signed contract, so this circumstance must be included within the termination causes of the same.

CHAPTER VII
CONTRACTING OF ADMINISTRATOR OF SUBAGENTS

On the contracting of Administrator of Subagents

Art. 24.- With the aim of facilitating money sending or receiving operations, the Agent may contract as an Administrator of Subagents a legal person, domiciled in El Salvador, provided that the legal regime or corporate object of this does not prevent it and the interested party to be an Administrator of Subagents meets the profile established by the entity for these purposes in accordance with the operational model established in letter e) of Article 15 of these Standards.

Agents interested in acting through an Administrator of Subagents must adopt this decision through an agreement of the corresponding Administrative Body, all of which must be recorded in minutes. Such agreement must be notified to the Superintendency presenting modifications to the operational business model, policies, and manuals approved by the Board of Directors, Sole Administrator, or Board of Administration for this purpose, and must comply with what is required in these Standards within a period not exceeding 10 business days counted from the taking of the agreement.

The Superintendency, once the notification is received, will proceed to evaluate and may warn the Agent to rectify the deficiencies found.

Alameda Juan Pablo II, between 15 and 17 Av. Norte, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-15/2019 NRP-19

TECHNICAL STANDARDS FOR THE REGISTRATION, OBLIGATIONS, AND OPERATION OF ENTITIES PERFORMING MONEY SENDING OR RECEIVING OPERATIONS THROUGH SUBAGENTS OR ADMINISTRATORS OF SUBAGENTS

Approval:
05/09/2019
Validity: 20/09/2019

Contract of Administrator of Subagents

Art. 25.- The Contract of Administrator of Subagents that authorizes them to affiliate and administer Subagents, without an employment relationship, so that they act on behalf and under the responsibility of the contracting Agent, must contain, as a minimum, the following:

a) The express authority of the Agent in favor of the Administrator for the latter to contract Subagents, granted through a mandate; b) The express indication that the administered Subagent acts before the sender or beneficiary, on behalf and under the responsibility of the Agent, with the responsibility of the latter verifying compliance with the content of these Standards; c) The practices established by the parties regarding the administration of the Subagent's cash, and the manner of covering risks associated with cash handling; d) The procedures, schedules, and mechanisms used for compensation and settlement of operations between the Agent and the Administrator, and of the latter with its administered Subagents; e) The measures that the Agent will require and that must be implemented in the Administrator and in the Subagent, for the prevention of AML/CFT (LD/FT), as well as other risks to which the business is exposed; f) The Subagent's obligation to deliver to senders or beneficiaries the receipt of the transaction performed; as well as to maintain confidentiality regarding the information to which they have access regarding them; g) The economic obligations between the contracting parties; h) The Agent's obligation to train the Administrator of Subagents and the administered Subagents or establish training mechanisms so that the latter provides the agreed services adequately, and that guarantee training is maintained during the execution of the contract, when any change occurs in the same or in operational guidelines; i) The identification and security measures that the Administrator and the administered Subagents must establish to provide money sending or receiving services; j) Contract term; k) Clauses for suspension and termination, as well as their legal consequences; l) The Administrator's obligation to make available to the Agent the contracts signed with Subagents; m) The Administrator's obligation to previously notify the entity of the incorporation of new Subagents or the suppression of the same; n) Administrator of Subagents responsibilities and prohibitions, which must contain, among others, the obligation to comply with the legal and regulatory framework regarding AML/CFT (LD/FT) prevention and the Administrator's responsibility for any crime committed in the exercise of their money sending or receiving activities; and o) Clauses that allow the request for information and supervision regarding the provision of services through the Administrator of Subagents and the administered Subagents, by the Superintendency or other bodies with supervisory powers in accordance with their laws.

Alameda Juan Pablo II, between 15 and 17 North Avenue, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-15/2019 NRP-19

TECHNICAL STANDARDS FOR THE REGISTRATION, OBLIGATIONS AND OPERATION OF ENTITIES PERFORMING MONEY TRANSFER OR RECEIPT OPERATIONS THROUGH SUBAGENTS OR ADMINISTRATORS OF SUBAGENTS

Approval:
05/09/2019
Validity: 20/09/2019

No entity may develop Subagent Administrator services with a legal person without having signed the corresponding service contract that complies at minimum with what is provided in this article.

Any contract signed between the Administrator and the Subagents they administer must comply at minimum with the conditions established in Chapter VI of these Standards.

Regarding Administrators who contract with one or more ETDs Art. 26.- In the case of Subagent Administrators who contract directly with one or more ETDs, and by virtue thereof exercise the function of Agent, they must comply with the obligations established in these Standards for Agents.

At the moment of contracting the Administrator with the ETD, the latter must terminate the contract with the Agent to whom the service was provided and carry out the registration process described in Chapter II of these Standards.

Operation of Subagent Administrator with more than one entity Art. 27.- If a legal person is contracted by an Agent as an Administrator and there is another Agent interested in contracting with the same, this latter Agent must consider the technical and operational capacity to handle the additional volume of payment or money receipt operations, prior to signing a contract with said legal person as their Administrator, which must be duly documented.

The Agent must show the Superintendence, at the moment it requires it, the result of the analysis on the operational capacity and viability of the Administrator, on which the signing of the additional contract was based.

CHAPTER VIII
TRANSACTION RECEIPT AND REPORT

Transaction receipt.
Art. 28.- All operations or transactions carried out by Agents, directly or through Subagents, will be recorded in writing in the corresponding receipts which must contain at minimum the following information:
a) Place, date and time of the transaction; b) Name of the sender and the beneficiary; c) Identity Document or Passport number of the sender when originating in national territory or the beneficiary when paid in national territory, as appropriate for the type of transaction carried out; d) Amount of the operation; e) Commission charged when the transfer originates in national territory; f) Country of origin and country of destination of the transaction; and

Alameda Juan Pablo II, between 15 and 17 North Avenue, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-15/2019 NRP-19
TECHNICAL STANDARDS FOR THE REGISTRATION, OBLIGATIONS AND OPERATION OF ENTITIES PERFORMING MONEY TRANSFER OR RECEIPT OPERATIONS THROUGH SUBAGENTS OR ADMINISTRATORS OF SUBAGENTS

Approval:
05/09/2019
Validity: 20/09/2019 g) Identification number or control code of the transfer or receipt.

The foregoing shall also be mandatory for those ETDs whose country of origin is El Salvador.

Statistical report to the Central Bank
Art. 29.- Agents must send to the External Sector Department of the Central Bank the information on the detail of operations carried out according to Annex No. 1 of these Standards, within the timeframe and through the means determined by the Central Bank in its technical details for these purposes.

The foregoing shall also be mandatory for those ETDs whose country of origin is El Salvador.

Submission of information to the Superintendence Art. 30.- ETDs whose country of origin is El Salvador and Agents must submit daily to the Superintendence the detailed information of their operations carried out on the previous business day from the date of their report, according to Annex No. 2 of these Standards.

In the event that modification to the technical details is needed, the Superintendence will send the related ones concerning the sending of the information requested in the aforementioned Annex.

The aforementioned requirements in no case imply adding fields or modifying them.

The Agent must implement the necessary modifications for the submission of the aforementioned information within a maximum period of one hundred and twenty days after the Superintendence notifies the respective technical details.

Update of information
Art. 31.- Agents will inform the Superintendence with a copy to the Central Bank, within the first seven business days of the following month of the hiring of Subagents or Subagent Administrators with the detail of establishments made available for the sending or receipt of money, as well as the terminations thereof. In the case of new hires, they will send information indicating the date of hiring, start of operations, address and exact location. When contracts are terminated, the date and respective cause must be sent. In the case of hiring with Subagents, the information referred to in this article must include the risk analysis carried out on the Subagent, in consonance with the internal policies established by the Agent, in accordance with what is required in these standards.

Conservation of documents
Art. 32.- Agents, Subagents, Subagent Administrators and ETDs whose country of origin is El Salvador, must conserve physically or digitally the documentation according to what is established in the provisions of the Law Against Money Laundering and Assets.

Approval:
05/09/2019
Validity: 20/09/2019
CHAPTER IX
INTERNAL CONTROL

Prevention of Money Laundering and Terrorist Financing Art. 33.- The operations and services provided by Agents through the Administrator or Subagents, will comply with the legal and regulatory framework in matters of AML/CFT prevention, having to have a specific Manual in said matter. Agents will be directly responsible for the verification of compliance and management thereof.

Risk management
Art. 34.- The Agent and ETD whose country of origin is El Salvador, must have measures to mitigate or cover the risks associated with the provision of the service, including those related to AML/CFT prevention, must include, among others, the establishment of limits for the provision of services, such as amount per operation and number of transactions per sender or beneficiary in national territory. If the Agent uses an Administrator or Subagents, it will be the one that will have the responsibility towards third parties.

The Agent, with the aim that its Administrators or Subagents fully comply with their obligations, may require the guarantees it considers necessary.

Audit
Art. 35.- The Agent and ETD whose country of origin is El Salvador, must design and implement an internal audit policy to verify internal controls; as well as, the viability of detection and prevention systems for AML/CFT.

Art. 36.- The internal auditor of the Agent or ETD whose country of origin is El Salvador, must verify compliance with the obligations regulated in these Standards, and of the policies that the entity has issued to manage risks associated with the hiring of Subagent Administrators or Subagents and must inform the Superintendence of any alleged non-compliance, as well as corrective measures and follow-up results.

Art. 37.- Agents and ETDs whose country of origin is El Salvador, must include clauses in contracts with external audit firms, in which it is required that their reports specify an opinion on compliance with what is provided in the Law Against Money Laundering and Assets, in relation to these Standards.

Art. 38.- Agents must evaluate their Subagents and Subagent Administrators with their network of managed Subagents, carrying out verifications on them based on their risk profiles, defined specifically for each of them, and on the early alerts defined in monitoring, to guarantee that they continue to comply

Approval:
05/09/2019
Validity: 20/09/2019 with the profile defined by the Agent, as well as compliance with all obligations to operate, including especially aspects related to AML/CFT prevention. (1) In accordance with what is established in the preceding paragraph, the Risk Profile, will be the consolidated result of the measurement of the risks to which entities are exposed. (1) Agents will verify compliance through in situ actions and extra-situ monitoring using alternative mechanisms supported by information technologies that contribute to the fulfillment of scheduled supervision goals. (1)

Art. 39.- The Agent and ETD whose country of origin is El Salvador, must incorporate in their annual audit plan the review of policies and mechanisms for AML/CFT prevention through the sending or receipt of money, in accordance with what is established in the Technical Standards for the Management of Money Laundering and Assets Risks, and -08), approved by the Central Bank through its Standards Committee.

CHAPTER X
OTHER PROVISIONS AND VALIDITY

Supervision
Art. 40.- ETDs whose country of origin is El Salvador, Agents, Subagents and Subagent Administrators will keep at the disposal of the Superintendence all the information that it requires for the execution of its surveillance and supervision work, including the complete and updated information of Subagents, providing all necessary collaboration either in their field visits or in extra-situ monitoring.

Contributions to the Superintendence budget
Art. 41.- ETDs whose country of origin is El Salvador and Agents registered in the Superintendence to perform money transfer or receipt operations, must contribute to the budget of the Superintendence, according to what is established in article 85 of the Law on Supervision and Regulation of the Financial System.

Regarding electronic money operations
Art. 42.- Money transfer or receipt operations at the local level through electronic money records will be regulated by the Technical Standards for the (NASF-07), approved by the Central Bank through its Standards Committee. (1)

Regarding financial correspondents
Art. 43.- To Agents that by their nature are authorized to operate through

Approval:
05/09/2019
Validity: 20/09/2019
Administrator of correspondents or by financial correspondents that provide the service of sending or receiving money according to what is established in these Standards, they will be applied in relation to the hiring of Subagents, hiring of Subagent Administrators and control i Operations and Provide Services Through Financial Correspondents and -03), approved by the Central Bank through its Standards Committee.

Technical details for the submission of information to the Central Bank Art. 43-A.- The Central Bank will send to the entities, within a maximum period of thirty business days after the date of entry into force of the modifications to these Standards, the technical details related to the sending of the information requested in Annex No. 1 of these Standards. (1)

Sanctions
Art. 44.- Non-compliance with the provisions contained in these Standards, will be sanctioned in accordance with what is established in the Law on Supervision and Regulation of the Financial System.

Repeal
Art. 45.- These Standards repeal the Technical Standards for the Registration, Obligations and Operation of Entities Performing Money Transfer or Receipt o (NRP-12) approved by the Standards Committee of the Central Bank of Reserve of El Salvador, in Session No. CN-18/2015, of December 17, 2015.

Unforeseen aspects
Art. 46.- The unforeseen aspects in regulatory matters in these Standards, will be resolved by the Central Bank through its Standards Committee.

Validity
Art. 47.- These Standards will enter into force from the twentieth of September of two thousand nineteen.

MODIFICATIONS:
(1) Modifications in the preamble IV; articles 3, 4, 13, 14, 15, 38, 42 and Annex No. 2, substitution of Annex No. 1, and incorporation of article 43-A, approved by the Central Bank of Reserve through its Standards Committee, in Session No. CN-07/2021, of date June 16, two thousand twenty-one, with validity from July 5, two thousand twenty-one. (2) Modifications in articles 5 and 6 approved by the Central Bank through its Standards Committee, in Session No. CN-02/2022, of date February 21, two thousand twenty-two, by reforms contained in Legislative Decree No. 203 to the Law of Registration and Special Control of Taxpayers to the Treasury, with validity from March 8, two thousand twenty-two.

Approval:
05/09/2019
Validity: 20/09/2019
(3) Modifications to Annexes Nos. 1 and 2, approved by the Central Bank of Reserve by means of its Standards Committee in Session No. CN-10/2023 of November 28, two thousand twenty-three, with validity from May 1, two thousand twenty-four, by approval of Legislative Decree No. 762 which contains the Special Law for Municipal Restructuring.

Annex No. 1

Approval:
05/09/2019
Validity: 20/09/2019
INFORMATION TO REPORT TO THE CENTRAL BANK ON MONEY TRANSFER OR RECEIPT OPERATIONS

Fields or data that must contain the information for money transfer or receipt operations received or sent from and to the outside. These transfers are those carried out by natural persons.

Fields to request for transfer or receipt operations less than
US$5,000.00.

Incomes
Variable Name Description
1) CodRef (1) It is the code assigned to each operation by the agents
or intermediaries. (1)
2) Date (1) Payment date of the transaction. (1)
3) ETD or bank abroad (1) Name of the company that transferred the remittances
from abroad to the country. (1).
4) Bank that channels the funds
(1)
It is the agent that reports to the BCR. Each intermediary will have its code that must be included in the database that it will send. (1)
5) ETD or Local Agent (1)
It is the agent that reports to the BCR. Each intermediary will have its code that must be included in the database that it will send. (1).
6) Currency in which the
transaction was made (1)
Refers to the currency in which the transfer was sent, not the payment currency. (1)
7) Exchange rate (1)
Refers to the exchange rate of conversion of the currency in which the transaction was carried out and the payment currency, which is the dollar. If the transaction originated in dollars, no exchange rate must be reported. (1)
8) Amount in dollars (1) Value of the remittance transaction. (1)
9) Country of origin (1) The country where the remittance sender is located. (1)
10) Destination district (1) (3) The district where the remittance beneficiary resides. (1)
(3)
11) Destination department (1) The department where the remittance beneficiary resides. (1)
12) Payment district (1) (3) The district where the remittance payment point is located. (1) (3)

Annex No. 1
Alameda Juan Pablo II, between 15 and 17 North Avenue, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-15/2019 NRP-19
TECHNICAL STANDARDS FOR THE REGISTRATION, OBLIGATIONS AND OPERATION OF ENTITIES PERFORMING MONEY TRANSFER OR RECEIPT OPERATIONS THROUGH SUBAGENTS OR ADMINISTRATORS OF SUBAGENTS

Approval:
05/09/2019
Validity: 20/09/2019
Incomes
Variable Name Description
13) Payment department (1) The department where the remittance payment point is located. (1)
14) Account credit (1) Applies only for income. Identifies remittances that
are received in a deposit account. (1)
15) Sending medium (1)
It is the means through which the remittance is sent from abroad. There will be a small catalog for the selection of variables. (1)
16) Amount in foreign currency
(1)
Amount in the currency in which the transaction originated. Applies only for currencies other than the dollar. (1)
17) State (1)
Refers to the name of the state/province or main governmental division (according to ETDs) where the payment request for the remittance originated or where the remittance sender resides. (1)
18) Role (1) 1. Sender. 2. Beneficiary. (1)
19) TypeDoc (1) Code of the identification document of the sender
or beneficiary. (1)
20) NoDoc (1) Identification document number of the sender
or beneficiary. (1)
21) Type_person (1) 1. Natural. 2. Legal. (1)
22) Gender (1) Gender of the sender or beneficiary. (1)
23) First_surname (1) First surname of the sender or beneficiary. (1)
24) Second_surname (1) Second surname of the sender or beneficiary. (1)
25) Married_surname (1) Married surname of the sender or beneficiary. (1)
26) First_name (1) First name of the sender or beneficiary. (1)
27) Second_name (1) Second name of the sender or beneficiary. (1)
28) Company_name (1) Name of the sending or receiving company. (1)
29) Birth_date (1) Birth date of the sender or beneficiary. (1)
30) Nationality (1) Nationality of the sender or beneficiary. (1)
31) Country_residence (1) Country of residence of the sender or beneficiary. (1)
32) Phone_number (1) Phone number of the sender or beneficiary. (1)
33) Occupation (1) Occupation of the sender or beneficiary. (1)
34) Linkage (1) Linkage of the sender with the beneficiary. (1)

Approval:
05/09/2019
Validity: 20/09/2019
Expenses
Variable Name Description
1) Date (1) Date of sending the remittance.
2) Local ETD or bank (1)
It is the agent that reports to the BCR. Each intermediary will have its code that must be included in the database that it will send.
3) Amount in dollars (1) Value of the remittance transaction.
4) Destination country (1) Country where the remittance beneficiary resides.
5) District where the
operation was carried out (1) (3)
The district where the point where the remittance originates is located. (3)
6) Department where the
operation was carried out (1)
The department where the point where the remittance originates is located.
7) Sending medium (1)
It is the means through which the remittance is sent from abroad. There will be a small catalog for the selection of variables.
8) TypeDoc (1) It is the name of the document presented for
identification (1).
9) NoDoc (1) It is the number of the document presented according to the
selected type of document (1).

For transfer or receipt operations equal to or greater than US$5,000,
in addition to the fields detailed in point No. 1, these other fields will be requested.

Incomes:
Variable Name Description
1) Country of origin reported by
the client (1)
The country where the remittance sender is located.
2) Concept (1) Concept of the transaction, according to catalog
provided.
3) District and address of the
beneficiary (1) (3)
Location of the beneficiary's home.
4) Beneficiary phone (1) Phone number where the beneficiary can be reached.
5) Operation code (1) No. of electronic form generated by the system.
6) Comment (1)
Refers to the additional explanation provided by the client on the reason, destination, purpose or concept of each transaction. (1)

Approval:
05/09/2019
Validity: 20/09/2019
Incomes:
Variable Name Description
7) TypeDoc (1) It is the name of the document presented for
identification. (1)
8) NoDoc (1) It is the number of the document presented according to the
selected type of document. (1)
9) First_surname_Send (1) First surname of the sender. (1)
10) Second_surname_Send (1) Second surname of the sender. (1)
11) Married_surname_Send (1) Married surname of the sender. (1)
12) First_name_Send (1) First name of the sender. (1)
13) Second_name_Send (1) Second name of the sender. (1)
14) First_surname_Benef (1) First surname of the beneficiary. (1)
15) Second_surname_Benef (1) Second surname of the beneficiary. (1)
16) Married_surname_Benef (1) Married surname of the beneficiary. (1)
17) First_name_Benef (1) First name of the beneficiary. (1)
18) Second_name_Benef (1) Second name of the beneficiary. (1)
19) FormDate (1) It is the date on which the form was completed. (1)
20)NameFormPerson (1) It is the name of the person who provided the information in the form. (1)
21) CodCountryClient (1) Refers to the country of origin of the funds reported by
the client in the income form. (1)
22) CodOrigCurrency (1) Name of the currency in which the transaction was originally made. (1)
23) AmountOrigCurrency (1) Value of the remittance transaction. (1)

Expenditures:
Variable Name Description
1) Destination country reported by the client (1) Country where the remittance beneficiary resides.
2) Concept (1) Transaction concept, according to the provided catalog.
3) District and address of the applicant (1) (3) Location of the applicant's home.
4) Applicant's phone number (1) Phone number where the applicant can be reached.
5) Operation code (1) Number of the electronic form generated by the system.

Operations of US$5,000.00 or greater must have an electronic form that must be completed by the ordering party or beneficiary, in which they will declare the concept of their operation; it also includes information about the client's address, their phone number, their identification number, and the automatically generated electronic code. The information contained in the form will be sent to the Central Bank in the form of a database. The beneficiary must select the concept from this list by which they received or sent the money. Family Remittances Catalog

Incomes
Variable Name Description
1) For permanent support,
special occasions and payment of family loans (1) Remittances received to cover household support expenses, remittances occasionally sent to cover special expenses (For example: for celebrations, funeral expenses, health treatments, graduations, etc.) or for payment of loans owed in El Salvador by the person receiving the remittance. (1)
2) For improvement or purchase of housing
or other real estate of the beneficiaries (1)
Remittances received for improvements to housing or other real estate, for the purchase of housing or other real estate in the name of the person receiving the remittance, that is, the beneficiary. (1)
3) For purchase of machinery,
equipment or businesses in the name of the beneficiary (1) Remittances received for the purchase of machinery, equipment or business in the name of the person receiving the remittance. (1)
4) For study expenses or payment of
medical treatments received by foreigners or by non residents in El Salvador (1) Remittances received for payment of medical treatments or for payment of study expenses

Annex No. 1
Alameda Juan Pablo II, between 15 and 17 Norte Ave, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-15/2019 NRP-19
TECHNICAL STANDARDS FOR THE REGISTRATION, OBLIGATIONS AND OPERATION OF ENTITIES PERFORMING MONEY SENDING OR RECEIVING OPERATIONS THROUGH SUBAGENTS OR SUBAGENT ADMINISTRATORS Approval:
05/09/2019
Validity: 20/09/2019
Incomes
Variable Name Description by foreigners or non residents in El Salvador (1) received by foreigners or non-residents who are in El Salvador. (1)
5) For loan payment in the name
of the sender (1)
Remittances received for payment of loans owed in El Salvador by the sender of the remittances. (1)
6) For sender's savings (1) Remittances received by the sender in accounts that
are in their name. (1)
7) For improvement or purchase of housing
or other real estate in El Salvador in the name of the sender or non resident (1) Remittances received to carry out improvements in housing or other real estate, for the purchase of housing or other real estate, which is the property of the sender of the remittance. (1)
8) For purchase of machinery,
equipment or businesses in the name of the sender (1) Remittances received for the purchase of machinery, equipment or businesses that are the property of the sender of the remittance. (1)
9) Others (1) Remittances received for any other reason not
specified. (1)

Expenditures
Variable Name Description
1) For permanent support,
special occasions of the family living abroad (1) Remittances sent to cover household support expenses received by the remittance in the abroad or occasional expenses for special occasions.
2) For loan payment, savings or
investments of the beneficiary (1)
Remittances sent to pay loans, save or purchase machinery, equipment or businesses in the name of the beneficiary of the remittance.
3) For loan payment, savings or
investments of the sender (1)
Remittances sent to pay loans, save or purchase machinery, equipment or businesses in the name of the sender of the remittance.
4) For study expenses carried out
by Salvadorans abroad (1)
Remittances sent to Salvadorans who are studying abroad.
5) For payment of medical treatments
received by
Salvadorans abroad (1)
Remittances sent for payment of medical treatments received by Salvadorans abroad.
6) Others (1) Remittances sent for any other reason not
specified.

Sending of information in database format and frequency of sending.
ETDs and Agents must send to the BCR all money sending or receiving operations of the International Transactions System (SITI). Sending or receiving reports will be made daily, with a lag of two business days. (1)

File 1 SENDER OR BENEFICIARY (remitente_beneficiario.xml) In this file, the general data of the user, either sender or beneficiary who performs money sending or receiving operations in the country or in the foreign country, must be detailed. The field <<1.1 numero_envio>> must be reported in the field <<2.1 numero_envio>>. (1) No. Column Name Description
1.1 numero_envio Shipment number.
1.2 role 1. Sender.
2. Beneficiary.
1.3 cod_documento Identification document code of the
sender or beneficiary.
1.4 numero_documento Identification Document Number of the
sender or beneficiary.
1.5 lugar_exped Place of Issue of the identification document of
the sender or beneficiary.
1.6 fecha_emision Date of issue of the identity document of the
sender or beneficiary.
1.7 tipo_persona 1. Natural.
2. Legal.
1.8 genero Gender of the sender or beneficiary.
1.9 primer_apellido First surname of the sender or beneficiary.
1.10 segundo_apellido Second surname of the sender or beneficiary.
1.11 apellido_casada Married surname of the sender or beneficiary.
1.12 primer_nombre First name of the sender or beneficiary.
1.13 segundo_nombre Second name of the sender or beneficiary.
1.14 nombre_sociedad Name of the sending or receiving company.
1.15 direccion Address of the sender or beneficiary.
1.16 fecha_nacimiento Date of birth of the sender or beneficiary.
1.17 nacionalidad Nationality of the sender or beneficiary.
1.18 pais_residencia Country of residence of the sender or beneficiary.
1.19 ciudad City of residence of the sender or beneficiary in
the foreign country.
1.20 estado State of residence of the sender or beneficiary in
the foreign country.

File 2. Sending (envio.xml)
In this file, the general data of the sent and received shipments must be detailed, for which the shipment number must be uniquely identified, as required in the field <<2.1 numero_envio>>, which must be reported in the field <<1.1 numero_envio>>. No. Column Name Description
2.1 numero_envio Shipment number.
2.2 origen_envio 1. Local: when the shipment originates in the country.
2. Foreign: when the shipment originates in the
foreign country.
2.3 tipo_envio 1. Remittance.
2. Transfer.
2.4 estado_envio
2.5 cod_etd_envia ETD Code that performs the sending.
2.6 cod_agente_recibe AGENT CODE that receives the shipment at the national level.
2.7 cod_subagente_paga
dora Code assigned to SUB AGENT that pays the shipment at the national level.
2.8 pais_origen_envio Country of origin of the shipment.
2.9 pais_destino_envio Destination country of the shipment.
2.10 ciudad_origen City where the shipment was made.
2.11 ciudad_destino City where the shipment was paid.
2.12 monto_envio Shipment amount.
2.13 fecha_envio Date on which the shipment was made.
2.14 fecha_pago Date of payment of the shipment.

Annex No. 2
Alameda Juan Pablo II, between 15 and 17 Norte Ave, San Salvador, El Salvador.
Tel. (503) 2281-8000 www.bcr.gob.sv
CNBCR-15/2019 NRP-19
TECHNICAL STANDARDS FOR THE REGISTRATION, OBLIGATIONS AND OPERATION OF ENTITIES PERFORMING MONEY SENDING OR RECEIVING OPERATIONS THROUGH SUBAGENTS OR SUBAGENT ADMINISTRATORS Approval:
05/09/2019
Validity: 20/09/2019
No.
Column Name
Description
2.15 valor_comision Value of the commission charged for money sending
within the national territory.
2.16 concepto_envio
Concept of the shipment, for transactions equal to or greater than US$3,000.00 (Electronic Money Provider Companies are exempt). (1)
2.17 tipo_moneda_envio Type of local currency of the sending country.
2.18 tipo_moneda_pago Type of local currency of the country paying the shipment.
2.19 cod_tipo_pago1 Code of the form in which the shipment was paid, for example:
cash, savings account, etc.
2.20 valor_pagado1 Value paid for the shipment.
2.21 numero_referencia1 Reference number in which the shipment was applied,
in case the payment method is different from cash.
2.22 pais_pago_envio Country of payment of the shipment.

Lineage: No known changes

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