Peru’s Superintendence of Banking, Insurance, and AFP (SBS) has proposed a new regulatory framework aimed at preventing money laundering and terrorist financing (AML/FT) in the country’s online gambling sector. The measure mandates that all licensed operators of online gaming and sports betting platforms implement strict compliance systems within 120 days once the regulation is approved.
The proposed AML framework introduces key obligations, including:
- Know Your Business Policy: Operators must identify and assess all directors, employees, and key service providers.
- Mandatory Training Programs: Staff must be trained in detecting and preventing money laundering risks.
- Compliance Manuals and Codes of Conduct: Companies must develop internal policies that align with regulatory standards.
- Appointment of a Compliance Officer: A designated official must oversee adherence to AML regulations.
- Suspicious Transaction Reporting: Operators must establish procedures for identifying and reporting unusual financial activities to relevant authorities.
The SBS has opened a public consultation period until March 26, 2025, allowing industry stakeholders to submit comments before the framework is finalized. This initiative aligns with Peru’s broader efforts to regulate the online gambling industry, following the approval of the Law No. 31557 in 2023, which established the country’s first legal framework for online betting and gaming.
With the increasing global focus on financial transparency and integrity in gaming operations, Peru’s new measures could set a precedent for stronger compliance in Latin America’s expanding gambling market.
