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Paraguay: SEPRELAD approves AML/CFT regulations for remittance companies
The Minister of the Secretariate for the Prevention of Money or Property Laundering ('SEPRELAD') approved, on 2 September 2020, the regulation for the prevention of money laundering and terrorist financing ('the AML/CFT Regulation'). In particular, the AML/CFT Regulation is aimed at natural or legal persons that provide services that involve sending and or receiving remittances, transfers, or money orders, be they electronic or physical. Furthermore, the AML/CFT Regulation provides that obliged subjects must conduct their own self-assessment according to the National Risk Assessment and the provision that SEPRELAD issues to implement it, which will include assessments of clients, products, and services, distribution channels, and geographic areas. In addition, the AML/CFT Regulation provides that obliged subjects must also keep records of all customer information, as well as suspicious activity reports which will now be required to be reported to SEPRELAD within 24 hours.
You can read the press release here and the AML/CFT Regulation here, both only available in Spanish.
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