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Peru begins 3-year project to draft new banking law

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Peru begins 3-year project to draft new banking law

Peru's financial regulator SBS is preparing a draft for a new general banking law, which it plans to send to Congress for debate in about three years, according to a report by Gestión.

During an event in Lima, Socorro Heysen, head of the regulator, reportedly said the new law would bring Peru's banking system up to date and would include a rule framework for digital banks. The country's current law dates to 1996.

In a speech, Heysen reportedly said the SBS would use all three years to work on the project. In the interim, she said, it would be unwise to change laws in the financial sector, outside of tweaks "that may occur through regulatory channels."