KYC.IO

Global Regulations and Requirements for KYC Onboarding
(powered by KYC-Chain)

KYC to onboard domestic persons

date of birthnationalityidentification numberpassport numbermarital statusspouse nameaddresstelephone numberprofessionoccupationcommercial references

KYC to onboard international persons

date of birthnationality

corporate requirements

entity namebusiness addressTelephone numbershareholder listexecutive listcommercial referencesentity constitution documents

National ID card name

Cédula de Identidad

Does the country have Esignature Laws?

General LAW No. 164 LAW OF AUGUST 8, 2011, Telecommunications, Information and Communication Technologies of Bolivia.pdf

E-sig law files

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

1997

Further details on AML regime

1997

Who is the regulator for AML controls for Banking

N/A

Link to site

N/A

Other financial Services

Autoridad de Supervision del Sistema Financiero (“ASFI”)

Website of Regulator

https://www.asfi.gob.bo/

Financial Sector regulator

N/A

Practical Guidance for AML

Yes, ASFI provides guidance for external auditors to perform AML reviews.

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

Retroactive details

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

Are there minimum transaction thresholds (Y/N)

Yes

More details on minimum transaction thresholds.

Yes. All transactions below USD5,000 do not require customer due diligence. Transactions above this limit must provide information regarding the fund source and other information based on the UIF policy (Unidad de Investigaciones Financieras (“UIF”) – Financial Investigation Unit).

What are the requirements for customer identification information for individuals

birth date, nationality, National Identification number (carné de identidad) or passport number, Número de Identificación Tributaria (“NIT”) (if applicable, which is the Taxpayers Identification Number), marital status and spouse name (if applicable), home and business address, telephone number, profession, occupation and commercial references.

Details to be Collected on Corporates

entity name, activity, NIT, business address, telephone number, shareholders list, executives list, commercial references and entity constitution documents.

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

The following situations require financial institutions to collect additional information about beneficial ownership: a) when the client informs the institution that the final beneficiary is another person or entity; b) when the financial institution has doubts about the final beneficiary; c) when the customer engages in commercial, financial or industrial transactions in a location where they have no operations; d) when transactions are greater than USD 5,000 or its equivalent in local currency in current accounts, saving accounts, long term deposits, money exchange, among others; or e) when the total of multiple linked transactions is an amount greater than USD5,000, or its equivalent in local currency

What circumstances are enhanced customer due diligence measures required?

Enhanced due diligence arrangements are required for transactions above the USD5,000 threshold.

How should FI's deal with Politically exposed persons

None stated in local regulations or guidance.

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

None stated in local regulations or guidance.

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

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

None stated in local regulations or guidance.

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

Banks and financial institutions prepare periodic reports for the UIF

Link to website of SAR reporting

www.uif.gob.bo

Other Suspicious or unusual transactions obligations.

Yes, all transactions above USD5,000 and also formal requirements made by regulators or government entities or legal processes.

Are there any de-minimis thresholds below which transactions do not need to be reported?

USD5,000.

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

The regulator establishes the appropriate penalties to be charged according to the degree of non-compliance.

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

Yes. ASFI requires external auditors to assess the automated Suspicious Transaction monitoring technology.

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

The regulator establishes the appropriate procedure for suspicious activities.

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

For any transaction (remittances, drafts, etc.) above USD5,000 the form PCC01 will need to be completed that details origin, reason and destination for the transaction. In addition, financial institutions must adhere to the requirements of correspondent banks in cross-border relationships. However, regulation is silent on whether transactions can be monitored outside the country.

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

This type of information is usually included in the external auditor´s review.

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

It is not required to have an external report on the bank´s AML systems. ASFI may request to analyse as part of the Environmental Control Assessment some specific aspects relating to AML systems and controls as part of the external audit review.

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?

It requires sample testing, controls identification and walkthroughs

Data Protection Laws And Personal Data

Yes

Data Protection for Corporate Data

Do any restrictions on the transfer of credit reports exist?

Information cannot be transferred unless it is authorised by a competent body.

Regulator Acronym

ASFI

Year of last FATF mutual evaluation

N/A

Field 67

none stated

National ID card details

The card is compulsory at 18.

Compulsory?

Passport Photo

practical Guidance yes / no

Legal Requirement

Yes

Requirement to proceed

Yes

requirement to use automated suspicious transaction tools

Yes

Who are SARS made to?

UIF

shell banks

EDD for correspondent banking

Minimum transactions

BOB 34,350

Min transaction USD

5000

Personal Data protection

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

N/A

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

N/A

Does the country have a risk based approach?

No, every financial institution is an independent organisation. The methodology used to determine whether a risk based approach is used or not is their responsibility

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

According to law, financial institutions should always verify original identification documents at any transaction. However, for legal entities, there are some documents that can be provided as copies, if those copies are certified by a notary public office.

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

Case law must be treated with sensitivity and confidentiality and properly authorised by a competent body.

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

There are bank secrecy and law obligations for information confidentiality