Law 42 of 2000 established the measures for preventing the money laundering crime and establishes the obligations applicable to the banks and trust companies to maintain due diligence and care in their operations to avoid that through this manner operations are executed with unlawful funds.
Meanwhile, the Superintendence of Banks (hereinafter the SB) as supervision and control entity issued the Agreement 12 of 2005, nevertheless by means of Resolution SBP-GJD-0004-2014 established certain criteria of interpretation regarding Article 4 of the mentioned Agreement.
To comply with the requirement of Passport pursuant to Agreement 12 of 2005, it is only necessary to keep the copy of the page(s) where the photograph, signature and particulars of the client appears and of the page where the entry seal to the country is stamped. For updating purposes, only copy of the page(s) where the photograph, signature and particulars of the client appears shall be required.
In the event that the client had been captured through visits abroad or through promoters of entities affiliated to the group or that the connection be made through banks with international license, it shall not be required the page where the entry seal to the country is evidenced. Said clients may also be identified by means of the official identity document of their country of origin.
It is understood that the source and origin of the resources refer to the written basis of the account opening form regarding the origin of the first deposit made in the account. The bank may request more evidence in case that it has reasonable motives to believe that the information provided by the client is doubtful or contradictory, in whose case it is empowered to ask for evidence.
Everything which has been developed in the interpretative Resolution of the Superintendence of Banks is applicable to the trust companies in the due diligence procedure.