Having SBS resolutions and SPLAFT regulations organized is the foundation of a solid AML/CTF prevention system in Peru. Unlike Colombia, here the obligation arises from being on the list of obligated entities defined by law, not from an economic threshold.
AML/CTF Regulatory Framework in Peru
- SBS (Superintendency of Banking, Insurance and Private Pension Funds) — Issues the regulation and supervises compliance.
- UIF-Peru (Financial Intelligence Unit) — Specialized unit of the SBS that receives Suspicious Transaction Reports.
- SPLAFT — Money Laundering and Terrorist Financing Prevention System.
The resolutions that regulate it
- SBS Resolution No. 789-2018 — Main SPLAFT regulation for obligated entities supervised by the UIF-Peru. It defines the system, the risk factors and the detection procedures.
- SBS Resolution No. 2351-2023 — Amends and updates Resolution 789-2018. It expands the obligations and requirements of the Compliance Officer —clarifying that the position may be held on a non-exclusive basis while still supervising the SPLAFT— and adjusts due diligence, the transaction register and knowledge of the customer and the ultimate beneficial owner.
- SBS Resolution No. 3348-2022 — Lifting of bank secrecy.
- 2021 National Risk Assessment — Country document prepared in accordance with the FATF methodology, the basis for the risk-based approach.
Who is obligated
An obligated entity is any individual with a business or any legal entity that carries out any of the activities listed in article 2 of the regulation. The list is set by the SBS and ranges from notary offices, real estate firms and vehicle dealers to cooperatives, currency exchange houses and mining companies.
What the system requires
- Implement the SPLAFT by managing the AML/CTF risks to which the organization is exposed.
- Appoint a Compliance Officer who meets the requirements of Resolution 2351-2023.
- Prepare the Prevention Manual and the Code of Conduct.
- Apply customer due diligence and identify the ultimate beneficial owner.
- Keep the transaction register and retain the evidence.
- Report suspicious transactions to the UIF-Peru.
- Provide periodic training to staff, segmented by responsibility.
Do you need to implement the SPLAFT or bring it in line with Resolution 2351-2023? Write to us and we will reply with the scope for your sector.
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