Following up on the accreditation process with the Financial Investigation Unit of the Attorney General's Office (UIF), we kindly remind you that this process, which among other obligations requires the existence of a Compliance Unit, as well as the appointment of a Compliance Officer or Designated Person, expires for large taxpayers on March 31, 2017, and for medium taxpayers on June 30, 2017.

We also recall that 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.

In accordance with the UIF release dated December 8, 2015, entities belonging to the Financial Sector and those categorized as Non-Financial Designated Activities and Professions (APNFDs) with annual gross income equal to or less than US $ 1,212,438.90 and personnel who does not exceed 50 employees, are exempt from complying with the accreditation requirements, without prejudice to registering with the FIU.

Political parties, non-profit 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.