Peru’s Financial Supervisory Service (SBS) has issued new regulations requiring virtual asset service providers (VASPs) to implement Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance measures
Recently, the Peruvian Financial Supervisory Service (SBS) issued Resolution No. 02648-2024, which regulates the operations of Virtual Asset Service Providers (VASPs) in the country.
According to this new regulation:
1. VASPs must appoint a compliance officer and establish a compliance system including anti-money laundering (AML) and counter-terrorist financing (TF) measures.
2. Virtual currency exchanges in Peru must adopt effective Know Your Customer (KYC) policies and establish due diligence processes.
3. VASPs must collect user identity information and other data involving transactions over $1000, effectively requiring VASPs to implement the “Travel Rule” in compliance because “all virtual asset transfers should be treated as electronic transfers.”
SBS said the measures were developed based on the recommendations of the Financial Action Task Force (FATF), a global anti-money laundering body. The new regulations also complement what was already provided for in Presidential Decree No. 006-2023-JUS, which listed VASPs as objects of supervision by the Financial Intelligence Unit (UIF-Peru).
However, these new regulations only target VASPs and do not involve virtual currencies themselves, and only regulate transactions conducted by users through wallets hosted by these regulated institutions.
Existing VASP companies need to adjust their structures within 120 days to comply with the requirements of this new resolution.