On February 13, 2017, Uruguay’s Executive Power issued Decree 43/2017, which extends the scope of Decree No. 355/010 of December 2, 2017 regarding the Prevention and Control of Money Laundering and Terrorism Financing – Reporting of Unusual and Suspicious Transactions. This new decree sets two new obligations for persons subject to Decree 355/010, i.e. individuals and companies controlled by the Uruguayan Central Bank (“BCU” for its Spanish acronym).
The first new obligation stipulates that persons subject to these requirements must maintain records and supporting documentation of all transactions made for or by clients —including all supporting information for Know Your Client purposes—, for a minimum of 5 years after the transaction was made. This period can be extended by decision of the Financial Information and Analysis Department of the BCU or the National Secretary for Prevention of Money Laundering and Terrorism Financing.
The second obligation requires persons subject to this decree, to report when the parties involved in the transactions refuse to provide the requested information for the correct register thereof. These persons must report the transaction as suspicious to the Financial Information and Analysis Department of the BCU.
This Decree has been in force since its publication, i.e. since February 13, 2017.