{"id":10186,"date":"2022-09-12T10:39:32","date_gmt":"2022-09-12T16:39:32","guid":{"rendered":"https:\/\/interbiznet.net\/?page_id=10186"},"modified":"2025-04-29T13:39:11","modified_gmt":"2025-04-29T19:39:11","slug":"requirements-for-the-compliance-holder-and-assignee-at-el-salvador","status":"publish","type":"page","link":"https:\/\/interbiznet.net\/en\/requirements-for-the-compliance-holder-and-assignee-at-el-salvador\/","title":{"rendered":"Requirements for the compliance holder and assignee at El Salvador"},"content":{"rendered":"

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Money and asset laundering are a latent risk for all companies, and they must clearly strengthen their implementation systems for its prevention. Therefore, they must responsibly assume and comply with the sustainable development of a Comprehensive Money and Asset Laundering Prevention System, and commit to the regulatory obligations in this area.<\/p>\n

In El Salvador, all commercial companies, branches of foreign companies, non-profit organizations, among others\u2014without exception, regardless of their commercial activity or corporate purpose\u2014are required to register and implement a risk prevention system, an obligation supervised by the\u00a0Financial Investigation Unit (UIF),<\/a>\u00a0attached to the\u00a0Attorney General’s Office (FGR)<\/a>\u00a0.<\/p>\n

Therefore, to comply with current regulations, it is necessary to apply the\u00a0NEW INSTRUCTIONS FOR THE PREVENTION, DETECTION AND CONTROL OF MONEY AND ASSET LAUNDERING, FINANCING OF TERRORISM AND THE FINANCING OF THE PROLIFERATION OF WEAPONS OF MASS DESTRUCTION<\/b>\u00a0, which came into force on June 7, 2022 in El Salvador.<\/p>\n

In which, we can identify that among its main regulations it establishes that all companies or entities registered in El Salvador are required to appoint a\u00a0PRINCIPAL COMPLIANCE OFFICER AND AN ALTERNATE.<\/b><\/p>\n

In this sense, the objective of this publication is to provide our clients with guidelines that allow them to identify the importance of appointing a\u00a0PRINCIPAL AND ALTERNATE COMPLIANCE OFFICER<\/b>\u00a0, in addition to the requirements and aspects that these professionals must meet and which we describe below:<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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  1. Compliance Officers must have a university degree;<\/li>\n
  2. Both the Principal and Alternate Compliance Officer must reside in El Salvador;<\/li>\n
  3. Another essential requirement for Compliance Officers is to have specialized knowledge of the financial, operational, and legal aspects of the commercial activity to which the company or entity they represent is engaged;<\/li>\n
  4. Compliance officers must be properly trained in the prevention and management of risks associated with preventing and combating money laundering (ML), terrorist financing (TF), and financing of the proliferation of weapons of mass destruction (FPM).<\/li>\n<\/ol>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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    Other elements that companies or entities must take into consideration regarding\u00a0the PRINCIPAL AND ALTERNATE COMPLIANCE OFFICER<\/b>\u00a0are the following:<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

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    1. Compliance Officers shall enjoy independence and autonomy in the exercise of their functions and obligations.<\/li>\n
    2. Compliance Officers may not be dismissed, sanctioned, or removed for fulfilling the responsibilities inherent to their functions and obligations.<\/li>\n
    3. If a company or entity wishes to appoint a previously hired employee as Compliance Officer, they may do so provided they perform any administrative duties or positions other than those of an accountant, internal auditor, or others related to these areas, in order to avoid a conflict of interest in the performance of their duties and obligations.<\/li>\n
    4. Finally, it is important to mention that due to the nature of the Compliance Officer’s duties, it is not possible to make appointments through subcontracting; that is, the hiring process must be done directly with the individuals who will hold the position of principal or alternate.<\/li>\n<\/ol>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
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      The topic of money laundering is extremely broad, and due to its mandatory compliance, all companies and entities must be aware of the\u00a0latest updates<\/a>\u00a0on this matter in order to avoid any type of risk that a company or branch may incur.<\/p>\n

      Therefore, if you require specialized advice to develop more information on this and other requirements established by the new regulations, please\u00a0contact us to schedule an appointment<\/a>\u00a0with one of our professionals specialized in the subject matter.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

      [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_cta h2=”Do you need advice on these requirements?” add_button=”bottom” btn_title=”Start Consulting” btn_color=”green” btn_i_icon_fontawesome=”fa fa-brands fa-accessible-icon” css=”” btn_add_icon=”true” btn_link=”url:https%3A%2F%2Fwa.link%2F95hdet|title:(%2B503)%202528-0303|target:_blank”]Contact us today for personalized advice!<\/p>\n

      Contact us here<\/a>[\/vc_cta][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

      [vc_row][vc_column][vc_column_text css=””] Money and asset laundering are a latent risk for all companies, and they must clearly strengthen their implementation systems for its prevention. Therefore, they must responsibly assume and comply with the sustainable development of a Comprehensive Money and Asset Laundering Prevention System, and commit to the regulatory obligations in this area. In El…<\/p>\n","protected":false},"author":5,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"rs_blank_template":"","rs_page_bg_color":"","slide_template_v7":"","_uag_custom_page_level_css":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-10186","page","type-page","status-publish","hentry","description-off"],"yoast_head":"\nRequirements for the compliance officer in El Salvador<\/title>\n<meta name=\"description\" content=\"Gold Service, lawyers in El Salvador, shows you the requirements for the compliance officer and deputy compliance officer in El Salvador\u201d.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/interbiznet.net\/en\/requirements-for-the-compliance-holder-and-assignee-at-el-salvador\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Requirements for the compliance holder and assignee at El Salvador\" \/>\n<meta property=\"og:description\" content=\"Gold Service, lawyers in El Salvador, shows you the requirements for the compliance officer and deputy compliance officer in El Salvador\u201d.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/interbiznet.net\/en\/requirements-for-the-compliance-holder-and-assignee-at-el-salvador\/\" \/>\n<meta property=\"og:site_name\" content=\"Interbiznet - 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