El Salvador: Control of Money Transfer Companies

The Superintendent of the Financial System has started monitoring the operations of companies that send and receive remittances.

With the law reform passed by the Assembly, legal persons performing operations to systematically send or receive money or substantial amounts, by any means, at national and international level, will be supervised by the Superintendency of the Financial System. The Central Reserve Bank of El Salvador will be responsible for issuing the relevant technical regulations.

With 75 votes, the Legislature approved the amendment to Article 7 of the Law on Supervision and Regulation of the Financial System, which aims to harmonize Salvadoran law with international standards on combating money and asset laundering.

Source: centralamericadata.com