The Standards Committee of the Central Reserve Bank has issued new Technical Rules for the Management of Money Laundering and Asset Laundering Risks, Financing of Terrorism and Financing of Weapons of Mass Destruction Proliferation (NRP-36).

As approved by the Central Reserve Bank on September 23, 2022, the Rules will enter into effect on October 10, 2022, repealing the “Technical Standards for the Management of Money Laundering and Asset Laundering Risks, and Terrorist Financing” (NRP-08).

The Rules require regulated financial entities to prevent AML risks and detect and report any unusual transactions related to such risks.

A regulated entity must enforce a continuous, documented process for the management of potential risks and direct a Compliance Officer to review conduct periodically to ensure compliance with the provisions of the Rules.

The Rules also apply to electronic financial transactions and compel the entity to keep a log of access and use of the system to track customer transactions.

An ancillary purpose of these Standards is to adapt them to the new AML Rules of Application of the Financial Investigation Unit (FIU) of the Attorney General, issued on June 6, 2022.

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