KYC.IO

Global Regulations and Requirements for KYC Onboarding
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KYC to onboard domestic persons

namedate of birthidentification number

KYC to onboard international persons

namesurnamedate of birthidentity documentsoccupation

corporate requirements

nametaxpayer registration number, legal representative information

National ID card name

Peruvian Documento Nacional de Identidad

Does the country have Esignature Laws?

Signatures and Digital Certificates Law (Law No. 27269) (2000)

E-sig law files

What year did the relevant AML laws and regulations become effective?

2012

Further details on AML regime

The AML was included in the Peruvian Criminal Code, article 293 B, by Legislative Decree 736 on 1991. However, in 2002, the following regulations became effective: a) The Law 27765, Anti Money Laundering Criminal Law, which replaced the AML regulation on Peruvian Criminal Law. This law is not in force since April 2012. b) The Law 27693, Law that creates the Peruvian Financial Intelligence Unit (AML supervisor, its acronym in Spanish is “UIF-Peru”). Then, this law was modified by Law 28009 and 28306. c) The Supreme Decree 163-2002-EF, Rules of the UIF-Peru, which was modified by Supreme Decree 018-2006-JUS in 2006. Note that on April 2012, has entered in force the Legislative Decree 1106, Law against Money Laundering, Illegal Mining and Organized Crime, which has replaced the Law 27765 and its modifications.

Who is the regulator for AML controls for Banking

Insurance and Private Pension Fund Manager Superintendence

Link to site

N/A

Other financial Services

Insurance and Private Pension Fund Manager Superintendence

Website of Regulator

N/A

Financial Sector regulator

N/A

Practical Guidance for AML

SBS Training

Practical guidance PDF's

JER_Interna.aspx

Is there a requirement to verify the identity of customers retroactively?

Yes

Retroactive details

The Legislative Decree 1106 includes additional control mechanisms related to criminal law. The requirement is to verify the identity of customers who are regulated on Supreme Decree 018-2006-JUS, which was not modified.

Has the country been the subject of FATF mutal evaluation in the last 3 years?

Last Mutual Report FATF/GAFI was executed on July 2005)

PDF of FATF review

peru

Are there minimum transaction thresholds (Y/N)

Yes

More details on minimum transaction thresholds.

According to Supreme Decree 018-2006-JUS, the supervised entities must report to UIF-Peru the following situations: a) Clients operations which amounts to USD10,000 (or its equivalent in PEN) or any other higher amount. In case of fund transfer companies, casinos, lottery companies, bingos, among others, the supervised entity must report any transaction which amounts to USD2,500 (or its equivalent in PEN) or any other higher amount. b) Operations executed in one or more offices of the supervised entity in favour of the same person, which amounts to USD50,000 (or its equivalent in PEN) or any other higher amount. In case of fund transfer companies, casinos, lottery companies, bingos, among others, the supervised entity must report any transaction which amounts to USD10,000 (or its equivalent in PEN) or any other higher amount.

What are the requirements for customer identification information for individuals

Complete surname and name, birth date, identification document, profession or occupation and domicile.

Details to be Collected on Corporates

name, taxpayer registration number, purpose, and legal representative information (complete surname and name, birth date, identification document, profession or occupation and domicile)

What are the high level requirements around beneficial ownership (identification and verification)?

There are the same high level requirements mentioned in A10.

What circumstances are enhanced customer due diligence measures required?

In accordance to SBS Resolution 838-2008, article 9.2, enhanced due diligence measures are applicable to the following customers: a) National and foreign clients, non domiciled. b) Trusts. c) Non domiciled companies. d) PEPs. e) Correspondent banking operations with foreign legal entities, especially the ones incorporated in tax havens or in countries without banking supervision. f) Clients that receive fund transfers from countries considered non cooperative countries by GAFI, with money laundering risks and/or financing terrorism, with scarce banking supervision or countries under OFAC sanctions. g) Legal entities in which a PEP is the owner of the amount equal to or more than 5% of the capital stock, contribution or participation and has a high risk of money laundering or financing terrorism. h) Partners, shareholders or associates and administrators of legal entities in which a PEP is the owner of a percentage equal to or more than 5% of the capital stock of the referred legal entity. i) Clients under investigation of money laundering, precedent crimes and/or financing terrorism. j) Clients related to individuals or legal entities under investigation or judicial procedures related to money laundering, precedent crimes and/or financing terrorism. k) Clients with bank accounts in Foreign Currency according to the amounts mentioned in A8. l) Legal entities in which their shareholders, partner or associates that have directly or indirectly, more than the 5% of its capital stock, contribution or participation, are individuals or legal entities. m) Other customers with unusual or suspicious operations.

How should FI's deal with Politically exposed persons

According to SBS Resolution 838-2008, article 9.2., the supervised entities are entitled to carry out an enhanced regime procedure for PEPs. They must identify and register the PEPs in case they execute transactional patterns that do not belong to their profile. PEPs are also supervised by the Contraloria General de la República, which is the Peruvian agency in charge of the supervision of Public Official functions. Note that the partners, shareholders or associates and administrators of legal entities in which a PEP is the owner of a percentage equal to or more than 5% of the capital stock of the referred legal entity, are also supervised under the enhanced regime procedure.

What enhanced due diligence must be performed for correspondent banking relationships?

According to SBS Resolution 838-2008, article 11, corporations under Financial System Regulations, as well as Credit Unions, must execute policies and procedures related to the prevention or detection of unusual and suspicious operations carried out between national or foreign legal entities. In this case, the supervised entities under the Peruvian AML Legal Framework must identify the risk exposure for correspondent banking relationships and must know the nature and the scope of the correspondent bank’s operations, and must evaluate the quality of the AML / CFT System in the correspondent bank and the compliance of UIF-Peru regulations, especially in correspondent banks domiciled in countries with strict regulations or tax havens.

Are relationships with banks who might be considered a 'shell' and without substance permitted?

According to SBS Resolution 838-2008, article 11, the local legal entities must have policies and procedures related to operations with correspondent banking relationships with shell banks and must obtain a certificate in which is stipulated that the foreign correspondent bank (to which the local entity maintain correspondent banking relationships) does not allow shell banks to use its accounts.

In what circumstances is additional due diligence required for non face-to-face transactions and/or relationships?

There are no additional due diligence required for non face-to-face transactions and/or relationships.

To whom are SAR's made? (suspicious activity reports)

UIF-Peru of the SBS

Link to website of SAR reporting

http://www.sbs.gob.pe

Are there any penalties for non compliance with reporting requirements e.g. tipping off?

Penalties for non compliance with Law 29038 requirements are detailed on SBS Resolution 1782-2007.

Are there any requirements (legal or regulatory) to use automated Suspicious Transaction monitoring technology?

Yes. Article 1 of SBS Resolution Nº 9810-2011, stipulates that regulated entities are requested to use automated Suspicious Transaction Monitoring Technology (its acronym in Spanish is ROSEL) to report suspicious transactions.

Is there a requirement to obtain authority to proceed with a current/ongoing transaction that is identified as suspicious?

There are no limitations related to this aspect. Once the transaction is executed, the supervised entity must report the operation and the customers’ information.

Does the local legislation allow transactions to be monitored outside the jurisdiction?

There are no local regulations related to this matter.

Is there a legal requirement for a bank’s external auditor/other external organisation to report on the bank’s AML systems and controls?

N/A

If an external report on the bank’s AML systems and controls is required: a) how frequently must the report be provided?

N/A

To whom should the report on AML systems be submitted?

N/A

Is an AML system part of the financial statement audit?

N/A

What are the requirements for the content of this external report on a bank’s AML systems and controls? Does it require: a) sample testing of KYC files? b) sample testing of SAR reports? c) examination of risk assessments?

N/A

Data Protection Laws And Personal Data

N/A

Data Protection for Corporate Data

N/A

Data protection for "sensitive Data" and additional protections.

N/A

Do any restrictions on the transfer of credit reports exist?

N/A

Year of last FATF mutual evaluation

2016

Field 67

due diligence

National ID card details

At the age of 17 they are encouraged to renew their DNI to get an Adult DNI. At 18, it is compulsory.

Compulsory?

Passport Photo

practical Guidance yes / no

Legal Requirement

Requirement to proceed

requirement to use automated suspicious transaction tools

Yes

Who are SARS made to?

UIF-Peru

shell banks

Yes

EDD for correspondent banking

Yes

Minimum transactions

PEN 33,602

Min transaction USD

10000

key restrictions

There are no critical exceptions to the law.

Summary

Peru recognizes only the legal status of digital or advanced electronic signatures. Summary of law In Peru, all forms of electronic signature must include a digital certificate. Peruvian law specifies the minimum requirements for digital certificates and for the issuers of digital certificates. To be considered valid, a digital certificate must be issued by a certification providers that meets these standards. Peru recognizes the validity of digital certificates issued in other countries only if they meet Peruvian standards.

If the AML laws and/or regulations became effective in the last 2 years, what were the requirements of the previous AML regime?

The previous AML regime only considered a Money Laundering Crime where the money is obtained by drug trafficking, terrorism, abduction or human trafficking.

Non financial sector (e.g. casinos, high value goods etc.)

Insurance and Private Pension Fund Manager Superintendence

Does the country have a risk based approach?

Under the legal framework mentioned in A.1., the local regulator may issue additional regulations in order to control AML/CFT practices, such as SBS Resolution 5709-2012, in which the Notary Public must report any suspicious or unusual operation to the UIF-Peru.

Where copies of identification documentation are provided, what are the requirements around independent verification or authentication?

The supervised entity must report to the UIF-Peru the following: a) Description of the operations executed, including dates, amounts, currency, place of the operation and other supporting documentation (bank statements, credit/debit notes, deposit or withdraw certificates, documents used in funds transfer, copy of checks, cashier’s check among others). b) Aspects in order to consider the operation as suspicious. c) Other relevant information or documentation.

Is there case law, other constitutional law or any other laws or regulations that may impact upon the transfer of information to this jurisdiction?

N/A

List of case law, constitutional law or any other laws or regulations that may impact upon the transfer of information.

N/A