The Financial Investigation Unit of the Attorney General's Office (UIF) reported the issuance of new regulations that include new terms to obtain the accreditation from said unit.
The time limit for the financial sector and nonfinancial designated activities and professions (APNFDs) will be from January 1 until September 30, 2016, while for major taxpayers from October 1, 2016 until March 31, 2017, and for mediumsized taxpayers from January 1 until June 30, 2017.
On the other hand, the obligation to appoint a compliance officer will be applicable to those institutions supervised by the Superintendence of the Financial System, while other entities will be obliged to appoint a designated person.
Entities that neither are part of the financial sector nor categorized as APNFDs, with annual gross income equal to or less than US$1,212,438.90 and having up to 50 employees, will be exempt from the accreditation requirement; political parties, nonprofit organizations, associations, consortiums or trade associations shall register with the UIF, designate a person with the appropriate skills required for the position, report regulated and/or suspicious operations and use due diligence and confidentiality when conducting transactions with customers, donors or third parties.
On the other hand, and aside from the accreditation process, all the obligated entities pursuant to Article 2 of the AntiMoney Laundering Act shall register through the website of the UIF prior to March 31, 2016.