From what amount does the law apply? Identification and reporting thresholds and amounts
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Episode 02 Series LFPIORPI
The LFPIORPI It does not require the same in all operations. The obligations escalate according to the amount of the transaction: there are thresholds to identify the client, thresholds to request additional information about the source of the resources and thresholds to report the operation to the UIF as an alert.
MMUs (Units of Measurement and Updating) are the reference unit that the law uses to define thresholds. Their value is updated every year, and so the weights change every year but the obligations remain unchanged. The obligation to keep up to date with the current value of UMA.
One of the most common practices for trying to avoid obligations is that fractional operation: divide a transaction into minor parts so that each remains under the reporting threshold. LFPIORPI If there are indications that operations are related, they are treated as a single complete operation by the authority.
What you'll learn in this episode
- 1What MMUs are and how they are applied as a unit of measure at LFPIORPI
- 2What are the thresholds for identification, information and information by sector
- 3What's a fractional operation and why the law treats it as a complete operation
- 4How to calculate if an operation in your sector activates reporting obligations
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