SUMMARY:

The Financial Services Supervisory Office (SSF for its acronym in Spanish) of the Central Bank of Uruguay (BCU) has regularized the activity of credit granting institutions. Through an online procedure, developed with STATUM technology, individuals or legal entities engaged in this activity may apply for authorization.
 

INFORMATION:

This new regulation, published in an official notice, seeks not only to define these institutions but also to establish a more rigorous control to ensure consumer protection and the prevention of abusive practices, as well as to mitigate the risks associated with money laundering and the funding of terrorism.

The official notice defines credit granting institutions as “those individuals or legal entities who, without being credit administration companies or financial services companies, habitually and professionally grant credit with their own resources or with credit granted by certain third parties”.

According to the rules and regulations, companies that grant credits exclusively to their personnel, suppliers of goods and non-financial services that grant commercial credits to their clients, and social security organizations that offer credits to their members are not considered within this category.

The entities that are required to register are those that exceed 120,000 readjustable units of account (UR). They must register in a new system supervised by the SSF. This registration is mandatory and seeks not only greater transparency in credit operations, but also a more exhaustive control of the activities of these entities.

To facilitate the implementation of this regulation, the BCU has adopted a technological solution provided by STATUM, a leader in the development of business process management platforms, and it is now possible to carry out the process 100% online.

ApiaTrámites allows credit granting entities to manage online the authorization and registration processes required by the SSF.

The procedure is free of charge and only requires a gub.uy User or some other means of electronic identification, such as a digital identity card (a card reader is required), Identidad Mobile Abitab or TuID (Antel).