Published legislation and draft legislation - Peru

Due diligence measures to prevent money laundering and the financing of terrorism

Resolution SMV 025-2018-SMV/01

On August 25, the  Securities Market Authority  (SMV) published Resolution 025-2018-SMV/01 amending some of the clauses in article 7 of the anti-money laundering and financing of terrorism regulations* (AML/FT) regarding the due diligence measures that regulated entities must conduct on their clients.

This Resolution completes the regulatory requirements recently introduced under Resolution 073-2018-SMV/02, which we discussed in  issue 15 of Progreso. Among other subjects, Resolution 073 makes the provision, in the case of politically exposed persons (PEPs), that regulated entities must record and verify the relationship of legal persons or entities where these PEPs have a holding equal to or higher than 25% in the share-capital, contribution or participation; raising the holding percentage from 5%, as required in the earlier legislation, to 25%.

Under the new Resolution 025, this 25% stake is applied equally to the holding that legal persons might have in any other institution.

* Regulations approved in CONASEV 033-2011-EF/94.01.1 Resolution and its subsequent amendments.