Bolivia's Financial System Supervisory Authority (ASFI) published guidance clarifying that account holds are ordered by legally competent authorities rather than ASFI or financial institutions. About 160,000 accounts are currently subject to orders from the La Paz Municipal Tax Administration to collect vehicle and property tax debts. ASFI channels the orders to financial institutions on the day it receives them, and institutions have 24 hours to execute them. Once a hold is applied, the financial institution must notify the customer, provide a copy of the underlying legal order and explain its origin, amount and basis. Institutions must protect legally exempt funds, including salaries, pensions and social benefits, and release such funds in accordance with applicable rules without shifting improper obligations to the customer. Only the authority that ordered a hold may direct its removal, while ASFI may impose corrective measures and sanctions if institutions breach disclosure, customer service or protected funds requirements.
2026-09-09Ministry of Finance (Bolivia)
Bolivia's Financial System Supervisory Authority clarifies safeguards for municipal tax holds affecting about 160,000 accounts
Bolivia's Financial System Supervisory Authority clarified that competent authorities, not ASFI or banks, order account holds, including municipal tax orders affecting about 160,000 accounts in La Paz. Banks have 24 hours to execute routed orders and must inform customers, provide the legal instruction and protect exempt funds such as salaries and pensions. Only the originating authority may order the release of held funds.