SEPRELAD approves classification of Basic MIPYME Account as low risk for banks and financial Institutions supervised by the Central Bank of Paraguay

The Secretariat for the Prevention of Money or Asset Laundering (SEPRELAD) approved the classification of the Basic MIPYME Account, for micro, small and medium companies, as low risk for banks and financial institutions (reporting agents) supervised by the Central Bank of Paraguay (BCP).

The Basic Account was recently regulated by the BCP and establishes simplified requirements for opening accounts in local currency for micro, small and medium companies.

This means that reporting agents may apply special know-your-customer due diligence criteria, such as verifying the MIPYMES Certificate required to open the Basic Account.

However, if criteria and indicators modifying the risk level of any of the factors are identified, the policies and procedures established in the regulations issued by SEPRELAD for the sector must be applied.

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