Venezuela issues new remittances rules

Bnamericas Published: Wednesday, August 29, 2018

Venezuela's banking watchdog Sudeban has introduced new remittances-related rules.

The regulator, via a circular, has told private and public banks they must inform clients that they are required, should they travel overseas, to provide information on their destination and length of stay, local paper Panorama reported.

Banks who identify any transaction that corresponds to a client who has not registered their information in advance of their journey must place a block on online transfers, stopping the client transferring funds from foreign IP addresses, it added.

The watchdog has also introduced associated rules governing remittances procedures. Under the regulations, funds must be remitted via authorized exchange houses and not via individuals or companies that remit funds electronically using the parallel market rate.

The paper quoted Sudeban president Antonio Morales as saying the move is part of wider efforts to address "internal and external factors that attack our economy."

The bank, to date, has authorized agencies Zoom, Italcambio and Insular to accept remittances at a rate of 60.89 sovereign bolívares per US dollar, compared with the parallel rate, which stands at around 95-100, it said.

The paper reported consultancy Ecoanalitica as saying remittances to Venezuela could top US$1.500bn this year.

This month the government, among other measures, lopped five zeroes off the currency.

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