Peru's Superintendency of Banking, Insurance and Private Pension Funds (SBS) issued amendments to the rules on basic accounts and electronic money operations to ease customer identification and verification for migrants and refugees, expanding the documents that foreigners can use to open a basic account at a financial system entity or a simplified electronic money account with an electronic money issuer. In addition to the foreign resident identification card, foreigners will be able to present an identity card, passport, or another document legally recognised by the competent authorities for identifying foreigners. For verification, financial system entities may check the information provided via the National Registry of Identification and Civil Status (RENIEC), the National Superintendence of Migration, the Ministry of Foreign Affairs, or any other entity that allows them to keep a record of the verification performed; the SBS also reiterated that basic accounts are subject to daily and monthly transaction limits to mitigate illicit use. The changes take effect on 16 June 2025.
Superintendencia de Banca, Seguros y AFP del Peru 2025-03-18
Peru's Superintendency of Banking, Insurance and Private Pension Funds widens ID options for foreigners opening basic and simplified e-money accounts
Peru's Superintendency of Banking, Insurance and Private Pension Funds (SBS) amended rules to simplify customer identification for migrants and refugees, allowing various legally recognized documents for opening basic accounts or electronic money accounts. Financial entities can verify information through national registries and other authorities, with basic accounts subject to transaction limits to prevent illicit use.