October 2018 / Banking, Finance, and Regulatory Compliance Area
As we approach the end of the year and hope it will be productive, Bello, Gallardo, Bonequi y García, S.C. (“BGBG”) Firm Law, issues this news bulletin to remind you of the importance of training your personnel and spread information on Anti-Money Laundering matters. This, in accordance with the General Provisions Applicable to Credit Institutions, Article 115 related to the Law of Credit Organizations and Auxiliary Activities, Articles 87-D and 95-BIS, the latter applicable to Multiple Purpose Financial Institutions (hereinafter, the “Provisions”) and all their obligations.
Multiple Purpose Financial Institutions (hereinafter, the “SOFOMES E.N.R”) must develop a training program remarking that one of the Enforcement Officer’s functions is to define the characteristics, content, and scope of the entity personnel training programs. Such SOFOMES E.N.R must consider that this training must match the duties and responsibilities of the employee, director, or official. In addition to the above, SOFOMES E.N.R. must submit, within the first 15 business days of each January, the report containing the annual program of training courses planned for that year through the appropriate means and in the official format.
It is also mandatory to include the provision of training courses related to the contents of the policy document on the prevention of money laundering and terrorist financing (hereinafter, the “AML Manual”), at least once a year for its due compliance, as well as the activities, products, and services it offers. Such training must be directed mainly to the members of its Board of Directors or to the Sole Administrator, if applicable, managers, members of the Communication and Control Committee, the Compliance Officer, as well as officers, employees, and attorneys-at-law, including those who work in customer service or resource management areas, as a whole.
In addition, it is stated that the person in charge of conducting such training will evaluate the personnel on the content of such activity. Such person will have to issue the respective certificates to those who accredit the evaluation and, in turn, can thus accredit their participation in such training courses.
The foregoing, in the understanding that the personnel must receive training on the subject before or simultaneously with their entry or at the beginning of their activities in the areas of customer service or resource management.
Finally, it is essential to point out that programs must be developed to disseminate the Provisions and their amendments and information on techniques, methods, and trends to prevent, detect, and report the transactions contemplated in the Provisions.