Reform To Bank Law To Strengthen Compliance
On December 19, 2016, the Law of Modernization and Strengthening of the Norms that Regulate the Functioning of the Paraguayan Financial System (Law 5.787/16) was promulgated, which modifies the previous Bank law in the following key ways:
1) Initial vetting for establishment of financial entities. The Paraguayan Central Bank ("BCP") may reject applications to establish banks and other financial institutions when it it's not fully satisfied with the suitability of the project, the profile of the directors, administrators or auditors, taking into account the profile of the shareholders and origin of the capital funds.
2) Transparency regarding final beneficiaries...
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