The Law Today

Financial Analysis Unit issued recommendations on the use of digital media for the compliance of certain procedures.

08 Nov 2021


On November 2, 2021, the Financial Analysis Unit (“UAF”) issued Official Communication No. 663, by means of which it makes recommendations on the use of electronic media in the preventive systems against money laundering and financing of terrorism of regulated entities, since it has detected a low use of such media, especially in relation to the background request form, referring to the identification of Politically Exposed Persons (“PEPs”), and the form for the identification of beneficial owners.

In this regard, it is recommended that all obligations imposed by law and by UAF circulars may be fulfilled by electronic means, which will be fully valid for the purposes of the corresponding audits.

It is also noted that regulated entities may collect and store information electronically, for which purpose they must take special care to have mechanisms in place to ensure the identity of the clients who provide the information.


Should you require additional information on this matter, please contact Andrea Abascal ( and/or Rocío Vergara (