The Superintendence of Banking and Insurance (SBS) of Peru has issued a resolution that requires virtual asset service providers (VASPs) to implement Know Your Customer (KYC) and anti-money laundering (AML) measures. The resolution is in line with FATF recommendations and aims to prevent criminals from using these platforms for illicit purposes [7faaeed8].
VASPs operating in Peru must appoint a compliance officer and establish AML and Terrorism Financing (TF) measures. Peruvian exchanges must adopt effective KYC policies and implement due diligence steps. VASPs will have to obtain user identities and additional data for transactions over $1,000, treating all transfers of virtual assets as electronic transfers [7faaeed8].
The measures follow the recommendations of the Financial Action Task Force (FATF) and complement the existing regulations that include VASPs under the supervision of the Financial Intelligence Unit – Peru (UIF-Peru). The new rules only affect VASPs and not cryptocurrencies themselves, regulating the interactions and transactions conducted through hosted wallets [7faaeed8].
Existing VASPs in Peru have 120 days to comply with the resolution [7faaeed8].