In order to increase levels of financial incersion and curb operations such as money laundering, terrorist financing and financing of proliferation of weapons of mass destruction, BCP regulated the use of electronic money, providing great security, through the creation of the EMPES.
Since a company reported last year, two million transactions worth USD 1.3 billion dollars, the Central Bank of Paraguay (BCP) emphasized a project aims to regulate the cash withdrawals and purchase transactions that are managed through mobile phones and establish guidelines for the electronic media payments entities (EMPES), in this case the telephone companies, that perform these services with increasing acceptance by the public.
Mobile companies performing non-bank wire transfers and payments using mobile phones as tools, shall be subject to the control and supervision of the Superintendency of Banks (SIB), which will become the regulatory body of the entities identified as EMPES.
The BCP endowed the electronic money with the necessary security, by issuing Resolution N° 6, approved by the Board of BCP as Act 18 of March 13, 2014. Electronic money transactions are: conversion and reconversion; payments and non-bank wire transfers.
As a way to facilitate the inclusion of more people into the banking system through remote management and minimum requirements, the limit of 40 minimum wages for transactions is not a real limitation to people to make non-bank wire transfers bigger, but from that number the customer must request a savings account through a financial institution from its own cell, without going to a bank to complete the formalities.
The legislation seeks, among other things, increase the levels of financial inclusion and braking operations to finance LD/ FT/ FP (money laundering, terrorist financing and financing of proliferation of weapons of mass destruction).