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News

Peruvian Crypto Companies Required to Comply with New Rules to Prevent Money Laundering

August 11, 2024 - Around 2 mins mins to read

Key Points:

  • The Peruvian SBS has introduced new rules requiring VASPs or Peruvian crypto companies to implement KYC and AML measures.
  • Peruvian crypto companies must collect identity information from users involved in transactions over $1,000 and comply with the Travel Rule.
According to Bitcoin.com, the Peruvian Banking and Insurance Superintendent (SBS) has just announced new compliance measures for the country’s VASPs.
Peruvian Crypto Companies Required to Comply with New Rules to Prevent Money Laundering

Read more: Peru Cracks Down On Crypto. Crimes: New Decree Sets Stage For Industry Regulation

Peru Rolls Out New KYC and AML Mandates for VASPs

The resolution involves the requirement that Peruvian crypto companies, or VASPs, will have to implement comprehensive Know Your Customer (KYC) and Anti-Money Laundering (AML) policies.

Under the new rules, a crypto company in Peru will have to appoint a compliance officer to implement AML and Terrorism Financing (TF) policies. This requires the Peruvian crypto exchanges to ensure efficient KYC policies and procedures and strictly sit due diligence.

Another important point of the solution is that VASPs should identify all users and obtain additional information when the transaction value exceeds $1,000; this corresponds to the Travel Rule, which says that any transfers of virtual assets should be treated as electronic transfers.

The regulations come after recommendations made by the Financial Action Task Force (FATF)—the intergovernmental body committed to fighting money laundering. The move will avoid criminal exploitation of virtual asset platforms with the setting in place of strict controls over transactions.

Existing Peruvian Crypto Companies Given 120 Days to Comply with New Regulations

The regulation affects directly the activities of the Peruvian crypto companies and does not apply directly to the cryptocurrencies. Emphasis falls on transactions and other activities between wallets hosted by VASPs.

Peruvian crypto companies currently in operation will have 120 days to adjust their activities so as to comply with the resolution.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

AML

FATF

KYC

Peru

Peruvian Crypto Companies

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Peruvian Crypto Companies Required to Comply with New Rules to Prevent Money Laundering

Key Points:

  • The Peruvian SBS has introduced new rules requiring VASPs or Peruvian crypto companies to implement KYC and AML measures.
  • Peruvian crypto companies must collect identity information from users involved in transactions over $1,000 and comply with the Travel Rule.
According to Bitcoin.com, the Peruvian Banking and Insurance Superintendent (SBS) has just announced new compliance measures for the country’s VASPs.
Peruvian Crypto Companies Required to Comply with New Rules to Prevent Money Laundering

Read more: Peru Cracks Down On Crypto. Crimes: New Decree Sets Stage For Industry Regulation

Peru Rolls Out New KYC and AML Mandates for VASPs

The resolution involves the requirement that Peruvian crypto companies, or VASPs, will have to implement comprehensive Know Your Customer (KYC) and Anti-Money Laundering (AML) policies.

Under the new rules, a crypto company in Peru will have to appoint a compliance officer to implement AML and Terrorism Financing (TF) policies. This requires the Peruvian crypto exchanges to ensure efficient KYC policies and procedures and strictly sit due diligence.

Another important point of the solution is that VASPs should identify all users and obtain additional information when the transaction value exceeds $1,000; this corresponds to the Travel Rule, which says that any transfers of virtual assets should be treated as electronic transfers.

The regulations come after recommendations made by the Financial Action Task Force (FATF)—the intergovernmental body committed to fighting money laundering. The move will avoid criminal exploitation of virtual asset platforms with the setting in place of strict controls over transactions.

Existing Peruvian Crypto Companies Given 120 Days to Comply with New Regulations

The regulation affects directly the activities of the Peruvian crypto companies and does not apply directly to the cryptocurrencies. Emphasis falls on transactions and other activities between wallets hosted by VASPs.

Peruvian crypto companies currently in operation will have 120 days to adjust their activities so as to comply with the resolution.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.