Who must comply with the Rule?
Individuals and legal entities that qualify as obliged subjects (OS) to report to the Peruvian Financial Intelligence Unit on AML/CFT matters, according to the categories of activities provided in Article 3 of Law No. 290381, must comply with the Rule.
Who are PEPs?
PEPs are individuals, national or foreign, who currently hold or have held prominent public functions in a public entity or international organization within the last five years, whether domestically or abroad, and whose financial circumstances may be of public interest. Direct collaborators of the highest authority of the institution are also considered PEPs.
The Rule contains a list of the functions and positions held by PEPs.
What is new in the Rule?
- Based on their AML/CFT risks, OS must develop and implement procedures to identify clients that, although not expressly included in the list of functions and positions, meet the definition of PEP provided in the Rule.
- General managers, managers, first-level positions and directors of companies with majority state participation in the capital stock (for example, Banco de la Nación, Fondo Mivivienda, COFIDE and municipal savings banks) are removed from the list of functions and positions occupied by PEPs.
Please find the updated list at this link.
We hope this information is of relevance to you and your company. Please do not hesitate to contact us if you require any advice in this regard.
Click here to read the Spanish version.
1 Law that incorporates the Peruvian Financial Intelligence Unit (UIF-PERU) to the Superintendence of Banking, Insurance and Private Pension Fund Administrators.
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