In a significant development for the iGaming industry, Peru’s Superintendencia de Banca, Seguros y AFP (SBS) has sanctioned a robust regulatory framework specifically targeting the prevention of money laundering and terrorist financing in the online sports betting and gaming sectors. This new framework, developed under the Ministry of Foreign Trade and Tourism (Mincetur), places online operators under stringent standards akin to those governing financial institutions and traditional land casinos in Peru.
The collaboration between SBS and Mincetur represents a unified effort to bolster regulation across Peru’s burgeoning iGaming landscape. By considering inputs from public consultations and industry associations, the framework aims to standardize compliance measures across the board. The primary goal is to establish clear requirements and guidelines that online gaming operators must follow to prevent financial crimes, adhering to international standards and best practices.
The framework is designed to integrate online gambling platforms fully into Peru’s existing AML/CFT system, closing previous regulatory gaps and enhancing oversight. Key components of the regulation include comprehensive customer due diligence measures, mandatory training programs for compliance staff, and the appointment of designated compliance officers. Additionally, operators are required to maintain detailed transaction records and report any suspicious activities to the Financial Intelligence Unit (UIF) of the SBS.
Operators have a 120-day window to adapt their current systems to meet these new standards, highlighting the urgency and importance of compliance in the regulatory landscape. Sergio Espinosa, the SBS Superintendent, emphasized that iGaming operators are now officially classified as “obligated subjects” under the AML/CFT legislation. This classification means that they must promptly report any suspicious transactions, a requirement previously reserved for land-based casinos.
Espinosa pointed out that online gambling can be exploited for illegal activities such as money laundering through false winnings or manipulated transactions. Therefore, the new regulations impose penalties for non-compliance, with fines reaching up to 10 Tax Units (UIT), equivalent to approximately PEN 53,500 (USD 15,620). However, Espinosa stressed that the focus is not on collecting fines but rather on ensuring compliance and fostering transparency. “The penalty is there as a deterrent; what matters is the obligation and the information,” he remarked.
This regulatory advancement signifies Peru’s commitment to responsible and transparent gaming practices. By aligning its iGaming sector with global standards, Peru not only enhances consumer protection but also sets a precedent for other Latin American countries aiming to balance market growth with legal compliance.
While some in the industry view these regulations as a necessary step towards greater integrity and crime prevention, others argue that the stringent requirements could pose challenges for smaller operators who may struggle to meet the new compliance demands. Nonetheless, the overarching objective remains to create a safer and more transparent market environment.
As the iGaming industry continues to expand in Peru, these regulations will play a crucial role in shaping the sector’s future. By promoting integrity and deterring economic crimes, Peru is positioning itself as a leader in the region, paving the way for other jurisdictions to follow suit in combining market development with robust consumer protection and legal oversight.
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