This new regulation not only systematizes and updates the instructions applicable to those who carry out economic activities subject to the supervision of the FAU, but also incorporates new obligations that must be taken into consideration.
Among the main novelties of Circular No. 62 are:
– The obligation for regulated entities to identify and verify the final beneficiary of their clients, in compliance with the requirements established in Chapter G of the Circular.
– The adoption of a risk-based approach, which requires assessing the likelihood and impact of ML/TF/PF risks, and implementing proportional mitigation measures.
– The expansion of the list of Politically Exposed Persons (PEP), incorporating new categories of persons who should be subject to enhanced due diligence measures. It now includes, among others (i) Councilors; (ii) Judges of first instance; (iii) Presidential Delegates; (iv) Consuls; (v) High Commanders of the Armed Forces; (vi) Deputy Prosecutors of the Public Ministry; (vii) National Economic Prosecutor; and, (viii) Regional Comptrollers.
These new requirements seek to strengthen the system for the prevention and detection of operations related to financial crimes and ensure compliance with the recommendations of the Financial Action Task Force, aligning with international standards on the prevention of money laundering (ML), financing of terrorism (FT) and the proliferation of weapons of mass destruction (WMD).
In addition, the RAN aims to simplify and consolidate in a single regulatory body the main obligations to be complied with by regulated entities.
Circulars N° 6, 7, 11, 12, 12, 16, 17, 17, 18, 18, 19, 34, 35, 40, 42, 46, 47, 49, 52, 53, 54, 55, 56, 57, 58, 59 and 60 will be repealed on May 31, 2025, making way for a single regulatory framework that will facilitate regulatory compliance.
In summary, Circular No. 62 is a relevant regulatory milestone that reinforces the responsibility of regulated entities in ML/TF/PF risk management, promoting a more robust and updated compliance culture.
Circular N°62: Updated Compilation of Standards
On March 19, 2025, the Financial Analysis Unit ("UAF") published Circular No. 62, called Recopilación Actualizada de Normas ("RAN"), which will become effective on June 1, 2025.
