Peru: List of subjects obliged to report to the FIU-Peru extended

In brief

Supreme Decree No. 006-2023-JUS has been published in the official gazette El Peruano. It provides that virtual asset service providers (PSAVs) are obligated subjects (SO) and must report to the Peruvian Financial Intelligence Unit (FIU-Peru) in matters of prevention of money laundering and financing of terrorism (MLAFT).

In depth

Below, we review the main aspects related to this standard:

I. What are virtual assets?

According to the General Glossary of the Financial Action Task Force (FATF) Recommendations, a virtual asset is a digital representation of value that can be traded or transferred digitally and can be used for payments or investments.

II. What are PSAVs?

PSAVs comprise any natural or legal person, domiciled or incorporated in Peru (including branches established in the country of foreign legal persons) that, as part of its business, carries out one or more of the following activities or operations for or on behalf of another natural or legal person:

  • Trading between virtual assets and fiat1 or legal tender currencies
  • Trading between one or more forms of virtual assets
  • Transferring of virtual assets
  • Custody and/or administration of virtual assets or instruments enabling control over virtual assets
  • Participation in and provision of financial services related to offering of an issuer and/or sale of a virtual asset

III. What does incorporation as an SO imply?

It implies that these SOs will be subject to a special supervisory regime for the prevention of MLATF, which would be exercised by the Superintendency of Banking, Insurance and AFP, through the FIU-Peru. They must also comply with certain obligations provided for in the legislation, such as designating a compliance officer, implementing an MLAFT prevention system (SPLAFT) and reporting to the FIU-Peru on those operations carried out or attempted that qualify as suspicious.

IV. What is coming?

As this is the first regulatory instrument on PSAVs that has been issued in Peru, it is possible that complementary rules will be issued to regulate its activity more intensely.

For the time being, the FIU-Peru has yet to issue a specific regulation applicable to these new SOs, developing the scope of the SPLAFT that they must implement.

Notwithstanding the above, considering that the rule is already in force, these SOs can start the referred implementation based on the general provisions foreseen in Law No. 27693, the law that created the FIU-Peru, and its regulation, approved by Supreme Decree No. 020-2017-JUS.

We hope this information has been useful for you. Please do not hesitate to contact us should you require any advice in this regard.

Click here to read the Spanish version.

1 A currency that is issued by a centralized entity in charge of a country's monetary policy (e.g., a central bank), which obtains its value from the issuer

Copyright © 2024 Baker & McKenzie. All rights reserved. Ownership: This documentation and content (Content) is a proprietary resource owned exclusively by Baker McKenzie (meaning Baker & McKenzie International and its member firms). The Content is protected under international copyright conventions. Use of this Content does not of itself create a contractual relationship, nor any attorney/client relationship, between Baker McKenzie and any person. Non-reliance and exclusion: All Content is for informational purposes only and may not reflect the most current legal and regulatory developments. All summaries of the laws, regulations and practice are subject to change. The Content is not offered as legal or professional advice for any specific matter. It is not intended to be a substitute for reference to (and compliance with) the detailed provisions of applicable laws, rules, regulations or forms. Legal advice should always be sought before taking any action or refraining from taking any action based on any Content. Baker McKenzie and the editors and the contributing authors do not guarantee the accuracy of the Content and expressly disclaim any and all liability to any person in respect of the consequences of anything done or permitted to be done or omitted to be done wholly or partly in reliance upon the whole or any part of the Content. The Content may contain links to external websites and external websites may link to the Content. Baker McKenzie is not responsible for the content or operation of any such external sites and disclaims all liability, howsoever occurring, in respect of the content or operation of any such external websites. Attorney Advertising: This Content may qualify as “Attorney Advertising” requiring notice in some jurisdictions. To the extent that this Content may qualify as Attorney Advertising, PRIOR RESULTS DO NOT GUARANTEE A SIMILAR OUTCOME. Reproduction: Reproduction of reasonable portions of the Content is permitted provided that (i) such reproductions are made available free of charge and for non-commercial purposes, (ii) such reproductions are properly attributed to Baker McKenzie, (iii) the portion of the Content being reproduced is not altered or made available in a manner that modifies the Content or presents the Content being reproduced in a false light and (iv) notice is made to the disclaimers included on the Content. The permission to re-copy does not allow for incorporation of any substantial portion of the Content in any work or publication, whether in hard copy, electronic or any other form or for commercial purposes.