Peru SBS adds agricultural insurance to simplified due diligence regime

The Superintendency of Banking, Insurance, and AFP (SBS) has incorporated four types of agricultural insurance into the simplified due diligence regime for customer identification. This move aims to align the legal framework with international standards regarding money laundering and terrorism financing.

According to Resolution 02580-2026, the included insurance types are catastrophic, yield, plantation, and direct damage insurance, in addition to livestock insurance. The SBS noted that because these products are subsidized by the Guarantee Fund for the Country and Agricultural Insurance (Fogasa), managed by the Ministry of Agrarian Development and Irrigation (Midagri), they present a low exposure to money laundering and terrorism financing risks.

Under the simplified regime, obligated subjects can request minimal information for client identification when the risk level warrants it. This follows guidance from the Financial Action Task Force (FATF), which suggests that insurance products often lack the flexibility required to serve as effective vehicles for money laundering.