PERU Law and Practice Contributed by: Luis Ernesto Marín and Andrés Kuan-Veng, Rubio Leguía Normand
Certain fintech models, like financial leasing or factoring, do not require SBS authorisation, pro - vided they don’t exceed established regulatory thresholds. In the case of factoring and financial leasing, companies conducting these activities are not subject to the Banking Law, as long as their accounting balance remains below PEN800 million, and they do not belong to a financial or mixed conglomerate, which includes at least one multiple operations company or insurance company. However, these companies must reg - ister with the SBS and submit periodic reports on their operations’ accounting balance, among other requirements. The following is a general description of the applicable regulation for the main fintech ver - ticals in Peru. Currency Exchange In accordance with the Political Constitution of Peru, free possession and disposal of foreign currency is guaranteed. Thus, the free posses - sion, use and internal and external disposition of foreign currency by individuals and legal entities residing in the country is allowed. Likewise, it is established that the exchange rate for foreign currency transactions is fixed by supply and demand. Considering this, any person may engage in the purchase and sale of foreign currency. However, in applying the provisions on the prevention of money laundering and counter-terrorism financ - ing, natural persons with businesses or legal entities engaged in the purchase and sale of for - eign currency or foreign currency are required to register in the “Register of Companies and Per- sons Engaged in Financial or Currency Exchange Operations” .
This registry is unique, mandatory, and public; and is administered by the SBS. Registration is valid for seven years, counted from the date of registration, after which it will expire, unless it is renewed within 30 days prior to the expiration date. It should be noted that failure to comply with the registration will result in the closing of the prem - ises until the registration is regularised. Likewise, the Regulation of Infractions and Sanctions for the Prevention of Money Laundering and Financ - ing of Terrorism establishes sanctions that may be imposed for the commission of a minor infraction, a serious infraction, or a very serious infraction, which range from a sanction to a fine of up to 100 UIT. Lending/Online Lending In the case of companies that grant loans and do not collect savings from the public (ie, do not engage in financial intermediation), they do not require authorisation from the SBS (except in the case of credit companies, which is a type of company in the financial system that grants loans with its own capital). However, such com - panies must register in the “Register of Compa- nies and Persons Engaged in Financial or Cur- rency Exchange Operations” . Failure to comply with the registration is subject to the same sanctions that apply for currency exchange companies. Likewise, such companies must observe the provisions on maximum interest rates applica - ble to them, since they are not companies of the financial system, as further explained in 2.4 Variations Between the Regulation of Fintech and Legacy Players .
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