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Peru – Peru to introduce new Anti-Money Laundering measures

By - 6 April 2016

The regulatory and supervisory authority in Peru over banking and financial institutions The Superintendency of Banking, Insurance and Private Pension Funds (SBS) has approved a raft of new measures designed to counter money laundering and terrorist financing in casinos and slot parlours. The new rules will go into effect on June 1 2016.

The rules are designed so that Peru meets the revised Forty Recommendations put forward by the Financial Action Task Force (FATF) which sets standards and promotes effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.

The new measures have the approval of the Financial Intelligence Unit of Peru (FIU) as well as the Ministry of Foreign Trade and Tourism (MINCETUR) and applies to those who run casino games and slot machines authorised by MINCETUR through the Directorate General of Casino Games and Slot Machines. The new money laundering prevention system must be overseen by a compliance officer who will monitor the full and proper implementation and operation of the new rules.

The rules are applicable for those operators who run five hundred or more slot machines in total, as well as those operators whose gaming establishments are located in the regions of Tacna, Puno, Ucayali, Loreto, Tumbes and Madre de Dios. Under new rules operators must implement a money laundering prevention system by managing the risks to which they are exposed and the new proposals state that operators will be required to maintain a record of all those clients who make bets of US$2,500 or over as well as the winners of high payouts.

In addition operators must carry out due diligence on all staff, confirm the identity of their clients and maintain records for five years. Any suspicious financial transaction regardless of the amounts involved, must be entered in a register of suspicious transactions and must also be reported to the Financial Intelligence Unit in a period not exceeding 15 working days.

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