PERU Law and Practice Contributed by: Andrés Kuan-Veng and Luis Ernesto Marín, Rubio Leguía Normand
Preventions Systems • Implementation of prevention systems: finan - cial institutions are mandated to establish a robust system for preventing money launder - ing and terrorist financing. This system must include: (a) designation of a compliance officer responsible for ensuring adherence to AML and CFT policies; and (b) development of a manual detailing the policies and procedures related to AML and CFT compliance. Risk Management • Regulations on risk management: financial institutions are subject to the Reglamento de Gestión de Riesgos de Lavado de Activos y del Financiamiento del Terrorismo , which outlines the obligations to implement a risk management system addressing vulnerabili - ties to money laundering and terrorist financ - ing. This includes: (a) regular risk assessments to identify and mitigate risks associated with their opera - tions; and (b) the implementation of compliance meas - ures and risk management strategies tailored to their specific exposure. Conduct and Training • Code of Conduct: institutions must ensure that their boards, managers and employees adhere to a Code of Conduct approved by the board. This Code is designed to: (a) promote the effective functioning of the AML and CFT prevention system; and (b) ensure confidentiality regarding informa - tion related to AML and CFT efforts. • Training: institutions are required to provide ongoing training for their personnel on AML and CFT regulations, emphasising their roles
in identifying and reporting suspicious activi - ties.
6. Depositor Protection 6.1 Deposit Guarantee Scheme (DGS) Peru has established a comprehensive deposi - tor protection regime to enhance confidence in the banking system and safeguard depositors’ interests. This regime is primarily governed by the Banking Law, which outlines the character - istics and purpose of the Fondo de Seguro de Depósitos (Deposit Insurance Fund, hereinafter referred to as the FSD). The FSD is a private entity responsible for protecting depositors of a financial institution authorised to accept pub - lic deposits in the event that it is intervened by the SBS. The FSD pays insurance to depositors equivalent to the amount of their deposit plus accrued interest, up to a maximum coverage amount that is updated quarterly. All financial institutions authorised to accept public deposits are members of the FSD. How - ever, institutions entering the FSD must contrib - ute to it for 24 months to ensure that their opera - tions are backed by the fund. The FSD is governed by a Board of Directors and a Technical Secretariat with functions and pow - ers established in the FSD statute. The Board of Directors is composed of a representative from the Ministerio de Economía y Finanzas (Ministry of Economy and Finance, hereinafter, MEF), a representative from the BCRP, three representa - tives from financial institutions, and a represent - ative from the SBS, who presides over the board and has a casting vote in the event of a tie. The FSD covers only nominative depos - its, meaning those in which the name of the
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