The Superintendency of Banks and Other Financial Institutions (SIBOIF for its acronym in spanish), through Resolution No. CD-SIBOIF-1148-2-JAN14-2020, presented the new Standard on Minimum Information Required to the Foreign Bank and Financial Representation Offices, published in the State Official Journal No. 31 of February 17, 2020.
The main novelty or change is related to the area of Prevention of Money Laundering, Financing of Terrorism and Financing of the Proliferation of weapons of mass destruction (LA/FT/FP for its acronym in spanish), providing that – in addition to complying with all applicable provisions of the established regulations in terms of prevention of associated risks – the respective gap analysis matrix, individual evaluations of their particular LA/TF/FP risks must be carried out and their program of prevention of these risks adjusted in accordance with the major and minor risks of LA/FT/FP identified. For such purposes, a period of ninety days is available to comply with the previous point, in accordance with the tenth article of the standard.
As for the minimum information that will be required of the Foreign Offices, in its essence it remains unchanged with respect to its predecessor, maintaining the obligation to notify the authorities of any changes that occur or the duty to provide monthly details of all the active operations carried out in Nicaragua.
The new Standard replaces the previous Standard on Minimum Information Required for Foreign Bank and Financial Representation Offices, contained in Resolution CD-SIBOIF-448-1-OCTU24-2006, of October 24, 2006, published in the State Official Journal No. 227 of November 22, 2006.
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Avil Ramirez Mayorga
Avil Ramirez Mayorga in an associate at CENTRAL LAW in Nicaragua and candidate graduate of the Master in Laws with mention in Business Law at Pontificia Universidad Católica de Chile.