Credit houses should no longer register at SEPRELAD, but at BCP

On 24 February 2020, the Secretariat for Prevention of Money and Assets Laundering ("SEPRELAD") issued Resolution 55, rendering ineffective the registration at SEPRELAD established by article 2 of Resolution 614/17 "Which includes physical or legal persons engaged with their own capital in granting money loans as obliged subjects under Law 1,015/97 and its modifications", known as Credit Houses. 

Since the entry into force of SEPRELAD Resolution 55/20, Credit Houses must no longer register at this entity, but they must obtain a registration at the Superintendency of Banks of the Central Bank of Paraguay ("BCP"), which is the competent authority for the prevention of money laundering for Credit Houses. For this purpose Resolutions 7/19 and 132/19 of the BCP instituted the "Registry of Monetary Credits Granters/Credit Houses", in which any individual or legal entity that habitually grants monetary loans, provides financing through the discounting of cheques and/or purchase orders or other modalities, or administers credit portfolios, with its own financial resources or with financing not obtained from deposits of third parties, without exception, must be registered.