PERU Law and Practice Contributed by: Luis Ernesto Marín and Andrés Kuan-Veng, Rubio Leguía Normand
2.14 Impact of AML and Sanctions Rules AML and sanctions rules significantly impact both regulated and unregulated fintech com - panies, imposing compliance obligations that affect their business models. 2.15 Financial Action Task Force Standards In Peru, the AML and sanctions rules follow the standards imposed by the Financial Action Task Force (FATF). 2.16 Reverse Solicitation Peru allows foreign financial service providers to offer otherwise regulated products and ser - vices to local clients without triggering domes - tic regulations, provided that the engagement is genuinely initiated by the client without any form of active marketing, solicitation, or promotion in the country. 3. Robo-Advisers 3.1 Requirement for Different Business Models There are no specific regulations governing robo-advisers. The existing legal framework for legacy players focuses on human-provided investment advice, which does not imply that robo-advisers are restricted. 3.2 Legacy Players’ Implementation of Solutions Introduced by Robo-Advisers Legacy players operate within the existing legal framework, and while robo-advisers are gain - ing popularity among investors, the adoption of robo-adviser solutions by traditional players has not yet become widespread.
3.3 Issues Relating to Best Execution of Customer Trades At present, there are no specific rules or guid - ance pertaining to robo-advisers regarding the best execution of customer trades.
4. Online Lenders 4.1 Differences in the Business or Regulation of Fiat Currency Loans Provided to Different Entities
In the case of fiat currency loans granted by financial system companies (authorised by the SBS) or fintech companies (required only to be registered with the SBS), the primary distinction lies in the fact that loans classified as consumer and small business loans for individuals are sub- ject to maximum interest rate limits imposed by the lender. Financial system companies, when offering loans not subjected to these maximum interest rates, can independently determine the interest rate to be charged, while fintech com - panies must still adhere to the maximum rates established by the BCRP, as outlined in 2.4 Vari- ations Between the Regulation of Fintech and Legacy Players . Additionally, companies within the financial sys - tem face more extensive regulations and must comply with provisions related to the establish - ment of provisions, debtor credit classification, and other requirements applicable to them as entities supervised by the SBS. Lastly, as discussed in 2.4 Variations Between the Regulation of Fintech and Legacy Players , there are notable differences in the tax treat - ment applied to loans provided by financial sys - tem companies compared to those not part of the financial system. It is important to highlight that this discrepancy (whereby credit services
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