The Superintendency of Banking, Insurance and AFP has announced a regulatory project for companies to align with international standards.
Peru.- The Superintendency of Banking, Insurance and AFP (SBS) of Peru has targeted the growing sector of online sports betting with a regulatory project aimed at preventing money laundering and terrorist financing (ML/TF). The initiative establishes clear rules for companies operating technology platforms and remote betting rooms, requiring them to implement prevention systems aligned with international standards and good practices against these crimes.
The project, available for public consultation on the SBS portal until April 1, according to the official resolution, responds to the boom of a sector regulated by the Ministry of Foreign Trade and Tourism (Mincetur), but which now must report suspicious operations to the Financial Intelligence Unit (UIF-Peru) of the SBS. Among the proposed measures are the designation of a compliance officer, staff training, the development of prevention manuals, and the conduct of periodic internal audits. Additionally, it is required to apply due diligence in knowing the customer, both general and enhanced, to identify risks associated with digital activities that could be vulnerable to illicit practices.
“Legal entities dedicated to these platforms are obliged to report to the UIF-Peru, although their supervision remains in the hands of Mincetur,” stated the SBS in a press release. Once the regulation is approved, companies will have 120 days to comply with the new requirements. This period aims to provide a reasonable margin to a sector that, due to its technological and transnational nature, faces unique challenges in the fight against financial crime, such as the use of fake identities or the rapid movement of funds through digital platforms.
The exponential growth of online betting in Peru, accompanied by new fiscal measures such as the tax on digital platforms and the gambling tax, reflects a transformation in the regulation of this market. The SBS, led by Sergio Espinosa Chiroque, emphasizes that these actions seek not only transparency but also to protect financial stability against global risks. The combined efforts of the SBS, Mincetur, and SUNAT demonstrate an integrated approach to harness the economic potential of this sector without neglecting security.
Beyond operational requirements, the regulatory project emphasizes the identification of specific risk factors in the sector, such as anonymous transactions or the use of cryptocurrencies, which could facilitate illicit activities. Companies must not only report suspicious operations but also submit an annual report from the compliance officer, adding a layer of accountability. This proactive approach aims to anticipate potential vulnerabilities, especially in a context where the volume of users and profits from the platforms have grown significantly in recent years.
The public consultation, a key step in the process, reflects the SBS's commitment to citizen participation. Over the next few weeks, experts, sector operators, and the general public can submit their contributions to refine the norm before its final version. This mechanism not only enriches the debate but also ensures that the provisions are practical and effective in a dynamic market.
