Venezuela: Financial Intelligence Unit Publishes Circular With Instructions on Customer Identification

On September 12, 2018, Venezuela’s financial intelligence unit (Unidad Nacional de Inteligencia Financiera - UNIF) published circular SIB-DSB-UNIF-15385, which applies to institutions operating in the banking sector. It contains updated standards and instructions on carrying out customer due diligence (CDD), information collection and recordkeeping obligations, with specific provisions for natural and legal persons. The new standards are aligned with the Venezuelan anti-money laundering and counter-terrorist financing legislation, and Financial Action Task Force (FATF) recommendations.

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