Published and draft legislation - Peru

Fintech regulation

Bill 3403/2018-CR

The Fintech regulation bill was tabled in Congress on 18 September.

The preamble to the bill states that while Fintech can provide users with many benefits, such as quicker and easier access to new financial products and services, it also brings with it certain risks that are intrinsic to its operating model, such as cyber fraud, the possibility that products can be used for crimes such as money laundering, among others.

This posits major challenges for regulators, since they must ensure that Fintech and its consolidation in the market will not affect the financial system's stability and integrity, while guaranteeing appropriate market behavior and social protection.

Against this backdrop, the draft bill will develop supporting legislation to minimize financial fraud, money laundering, the financing of terrorism, and also provide users with a regulatory landscape that protects their activity on these digital platforms.