Capítulo V. Régimen de personas obligadas y medidas administrativas

For the purposes of this Law, those established in the Law Against Money Laundering or Other Assets, its regulation, and other provisions relating to such matter shall be considered obligated persons. For such purpose, the same regime, duties, obligations, policies for knowledge of their customers and prohibitions established by said regulatory framework shall be applicable to them.

The obligated persons referred to in this Law who are already registered as such, who have appointed compliance officers and have customer and employee records, in accordance with the anti-money laundering or other assets regulatory framework, shall only extend to the prevention of the financing of terrorism the other control, prevention measures and other duties established in said regulatory framework.

The compliance officers designated by obligated persons in accordance with the anti-money laundering or other assets regulatory framework shall extend their functions and powers to compliance with the regulatory framework against the financing of terrorism.

The destination of the fines imposed through the application of this Law or other applicable provisions shall be governed by the provisions of the anti-money laundering or other assets regulatory framework.

Obligated persons shall report promptly and with due diligence to the Superintendency of Banks, through the Special Verification Intendancy, any transaction that apparently does not have an obviously lawful purpose, or when it is suspected or there are reasonable grounds to suspect that there are funds linked to or that may be used to finance terrorism.

For that purpose, obligated persons shall apply those of this Law, and failing that, in the regulations against money laundering or other assets, including with respect to the register of unusual transactions that are not communicated to the competent authority.

In the case of systematic, substantial, wire or electronic transfers of funds, and messages relating thereto, obligated persons shall obtain adequate and meaningful information regarding the person originating the transfer, within or outside the national territory, in accordance with what is established by the regulation of this Law. Such information must remain with the transfer or message relating thereto through the payment chain.

Obligated persons shall pay special attention to transfers that do not contain all the information referred to in the preceding paragraph and, if they consider them suspicious transactions, shall report them to the Special Verification Intendency.

Non-compliance with this provision shall be sanctioned in accordance with Article 19 of this Law.

A regime is hereby created for persons who, by the nature of their activities, shall be obligated to provide to the Superintendency of Banks, through the Special Verification Intendancy, the information and reports, when it so requires, for the performance of its functions. Likewise, they shall allow said Superintendency free access to all their sources and information systems for the verification or expansion of the information provided by them, or when this is necessary for the analysis of cases related to the financing of terrorism.

This special regime shall be applicable to natural or legal persons who engage in the following activities:

a)Real estate development or purchase and sale of real property;

b)Purchase and sale of motor vehicles;

c)Activities related to trade in jewels, precious stones and metals;

d)Activities related to trade in art objects and antiquities;

e)Notaries, Public Accountants and Auditors; and Accountants; and

f)Any other activity which by the nature of its operations may be used for the financing of terrorism, for which purpose the President of the Republic may extend the special regime established by this article to any other type of activities.

In all other respects, the obligations established by Article 16 of this Law and Article 28 of the Law Against Money Laundering or Other Assets shall be applicable to them, except in the case of the persons indicated in literal e) of this article, who shall not be obligated to comply with the provisions of Article 16 of this Law.

The persons referred to in Articles 15 and 18 of this Law shall be liable for non-compliance with the obligations imposed on them by this Law, its regulation, or other provisions issued in this matter; and they shall be sanctioned by the competent administrative authority with a fine of ten thousand dollars (US$ 10,000.00) to fifty thousand dollars (US$ 50.000.00) of the United States of America or its equivalent in national currency, taking into account the seriousness of the act, in addition to having to comply with the omitted obligation that gave rise to the sanction within the time limit set by the competent authority, without prejudice to the criminal and civil liability incurred.

The Superintendency of Banks through the Special Verification Intendency shall be the entity in charge of ensuring, within the strictly administrative scope, compliance with the purpose of this Law; for such purpose it shall have the same powers, functions and attributions conferred upon it by the Law Against Money Laundering or Other Assets, its regulation, and other provisions relating to such matter.

All public or private entities are obligated to render the collaboration requested of them by the Superintendency of Banks through the Special Verification Intendency, for the fulfillment of the objectives of this Law.

In the event of indications of the commission of the crimes defined in this Law, it shall report such to the competent authorities.

The Superintendency of Banks, through the Special Verification Intendency, shall render collaboration and assistance to the Public Prosecutor's Office in matters of financing of terrorism, a function that shall be strictly limited to the unit or prosecutor's office specifically designated for such purpose within the organic structure of said institution, based on the strict request of the fiscal agent in charge of the unit or prosecutor's office, which shall serve as liaison between the Intendency and the Public Prosecutor's Office.