PANews reported on August 11 that according to News.bitcoin, the Peruvian Banking and Insurance Superintendent (SBS) issued a resolution requiring virtual asset service providers (VASPs) to implement KYC and anti-money laundering (AML) measures as part of a compliance program. The resolution is in line with FATF recommendations and aims to control and prevent criminals from using these platforms for illegal purposes.
The resolution stipulates that VASPs operating in Peru must appoint a compliance officer and implement a system of anti-money laundering (AML) and terrorist financing (TF) measures. In addition, Peruvian exchanges must now adopt an effective “KYC” policy and establish due diligence steps to achieve this goal.
Additionally, the new rules require VASPs to obtain identity and additional data from users engaging in transactions over $1,000, effectively forcing these providers to implement Travel Rule compliance, as “all transfers of virtual assets must be treated as electronic transfers.”