Peru Issues VASP Regulation, Strengthens AML/TF Requirements
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The Superintendence of Banking and Insurance (SBS) of Peru, has issued a resolution that forces VASPs to implement Know Your Customer (KYC) and anti-money laundering (AML) measures as part of a compliance plan.
The resolution is in line with FATF recommendations and seeks to control and avoid criminals to use these platforms for illicit purposes.
Peru Issues Resolution Forcing VASPs to Integrate KYC and AML Compliance in Their Structures
Peru is introducing rules to regulate the operation of virtual asset service providers (VASPs) in the country.
Last month, the Superintendence of Banking and Insurance (SBS) of Peru issued resolution N° 02648-2024, which defined several guidelines these companies should follow to mitigate the risks of being used for illicit purposes.
The resolution defines that VASPs operating on Peruvian soil must appoint a compliance officer, and implement a system with Anti Money Laundering (AML) and Terrorism Financing (TF) measures. Also, Peruvian exchanges must now adopt effective Know Your Customer (KYC) policies, and establish due diligence steps to fulfill this goal.
In addition, the new rules establish that VASPs will have to obtain the identities and more data from users involved in transactions for over $1,000, effectively forcing these providers to implement travel rule compliance, given that “all transfers of virtual assets must be treated as electronic transfers.”
