- Adolfo Morán, compliance expert, underscores the significance of these regulations for robust market operations and transparency.
- Compliance Officers must be individuals with direct links to the business, facilitating crypto trading or anti-money laundering.
Perú has recently introduced new regulations that impact FinTech companies and Virtual Asset Service Providers (VASPs), aiming to enhance security and transparency in the cryptocurrency market. These regulatory changes are set to significantly affect how these companies operate within the country.
Insight on New Regulations by Compliance Expert
Adolfo Morán, co-founder of Ethereum Lima and an anti-money laundering compliance expert, provided insights into the implications of these new regulations. With years of advising FinTech firms on compliance issues, Morán emphasized the importance of these regulations for maintaining a robust and transparent market.
Role of the Compliance Officer (CO)
One common query from sector founders and CEOs concerns the role of the Compliance Officer (CO). Morán explained:
“An individual, not a company, should hold the CO role. This person must be well-acquainted with the business’s operations, such as crypto trading for VASPs or anti-money laundering prevention.”
As in other news about Peru on CNF, it’s notable that there are no specific requirements regarding the minimum years of experience or professional background for a CO, who must be directly linked to the company through an employment or service contract.
Internal Documentation
Regarding internal documentation like the Manual and Code, Morán clarified that these do not require approval from the Financial Intelligence Unit (UIF).
“They are approved internally by the board or general management, although the UIF may request them later or as part of the Annual Compliance Officer Report,” he noted.
The Travel Rule
Lastly, Morán touched on one of the most critical aspects of the new regulations: the Travel Rule. He highlighted its significance for ensuring traceability and transparency in cryptocurrency transactions, pointing out that it would be a central topic in further discussions.
These developments in Peru represent a step towards integrating more stringent controls within the FinTech and cryptocurrency sectors, aiming to align with global standards and ensure the security of the financial market in the region.
