The Corporate and Trust Service Providers Act came into force on November 1º, 2015, and its purpose is to promote and maintain high standards of behavior, ethics and competence in the rendering of corporate and trust services. Additionally, the aim of this act is that renderers of this service adhere to the international standards, including appropriate proceedings of “Know Your Client” and exercising due diligence allowing the protection of interest of certain entities.
Among the provisions of the law, it states that the Director of the International Business will be empowered to monitor and examine the activities of the renderers of such services in order to determine whether they comply or not with the law, as well as to receive complaints against them, investigate and take the necessary measures.
Likewise, all the parties interested in rendering these services must request a license to operate and for this purpose, they must demonstrate to the Director that they are qualified to carry out said activity. In order to obtain the license it is necessary to comply with certain requirements and pay the corresponding fees. This license may be requested to render corporate services, trust services or corporate and trust services. Once obtained, the companies must exhibit the license at the main office.
Rendering of services without a license is considered an infraction that causes a fine of $50.000, 2 years of imprisonment or both and if the infraction persists, a fine of $8.000 per day.
Additionally, the companies that render these services must provide the following information in writing:
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