September 20, 2024, 4:04 PM
September 20, 2024, 4:04 PM
La Paz, September 18, 2024
Sirs
Pedro Rivero Jordan
DIRECTOR OF THE NEWSPAPER “EL DEBER”
Equipetrol Business Center, 1st. Floor
Cell phone 77306041
Santa Cruz de la Sierra
REF.: PROCEDURE N° T-2107314096
PRESS RELEASE PUBLISHED ON SEPTEMBER 18, 2024
Mr. Rivero:
I am referring to the press release titled “Change: Money Transfer Companies Only Receive Dollars to Transfer Abroad and the Rate Rises to 11.5%”, which was published in your digital media on September 18, 2024, in which it is incorrectly mentioned that users of Money Transfer and Remittance Companies (EGRD) only receive dollars to transfer abroad and the rate rose to 11.5%, so it is necessary to state the following:
• EGRDs not only receive US dollars to transfer abroad, they can also receive remittances abroad in national currency, according to their availability and operations.
• There are no fees greater than 10% for sending money orders abroad in the EGRD; for this purpose, the Financial System Supervisory Authority (ASFI) verifies compliance with Regulatory Circular ASFI/808/2024 of February 20, 2024, which determines the limits on commissions.
• The limits that the EGRD may establish for sending money transfers abroad are based on operational and due diligence procedures, mainly on controls that must be applied within the framework of the provisions established in the ASFI Compilation of Standards for Financial Services, the Specific Instructions for Money Transfer and Remittance Companies with a Risk-Based Approach against the Laundering of Illicit Profits, the Financing of Terrorism and the Financing of the Proliferation of Weapons of Mass Destruction issued by the Financial Investigation Unit (UIF) and the Recommendations made by the Financial Action Task Force of Latin America (GAFILAT), within the Fourth Evaluation Round.
• This Supervisory Authority has been carrying out continuous monitoring and follow-up of Financial Institutions, ensuring compliance with the Law and current regulations, initiating the respective sanctioning processes when deviations are identified in the corresponding cases.
Finally, in accordance with the fundamental principles that govern the practice of journalism, ASFI requires that its media outlet publish these clarifications in order to prevent the Bolivian population from having confusing and erroneous opinions.
Without further ado, I greet you cordially.
RESPONSE OF THE DUTY
The note referred to by the AFI was prepared based on the experience of the journalist who signs the editorial published in EL DEBER; in this sense, the journalist was able to verify in person that the remittance company only receives dollars for sending money abroad and that the commission charge amounts to 11.5% because it has the corresponding receipts.
