SBS warns about entities that are not authorized to collect money in Peru: which ones are they?

The Superintendency of Banking, Insurance and AFP (SBS) recently published a statement in which it warns of the existence of various entities that collect money from citizens without their authorization. According to article 11 of Law No. 26702, General Law of the Financial System and the Insurance System and Organic Law of the Superintendency, persons seeking to receive funds from third parties require prior permission from the SBS.

Let us remember that during the year 2023, the superintendence The Bank reported a total of 1,847 complaints related to financial informality schemes, issued alerts regarding 78 illegal loan applications, 10 unauthorized businesses and four companies offering fraudulent loans. Currently, the situation does not seem to have changed much. It continues to generate concern about the stability of the banking system and the security of users’ deposits.

Entities that are not authorized to collect money via SBS

In response to various queries and in order to safeguard the interests of citizens, the Superintendency of Banking, Insurance and AFP (SBS) warned citizens that various informal entities and schemes are operating in our country that do not have its authorization to collect money in Peru. These entities carry out activities on multiple websites and social media platforms, where they offer investment opportunities to users.

Likewise, the SBS reiterates that the Ucayalina Savings and Credit Cooperative (‘Ucayalina Credit’) is not registered in the National Registry of Savings and Credit Cooperatives (Coopac Registry) of the SBS. Therefore, it is not authorized to use the term ‘Savings and Credit Cooperative’ or its acronym ‘Coopac’. It is also not permitted to receive deposits from its members or the general public, as established in the Twenty-Fourth Final and Complementary Provision of Law No. 26702.

What does the SBS recommend for reporting financial informality?

The SBS called on the general population to be adequately informed and take the necessary precautions when deciding where to save and invest their money. In this regard, the entity has the following communication channels to report these informal activities carried out by individuals or companies, which provide services without the respective authorization of the SBS or without being properly registered:

• Call 0-800-10840 (free line nationwide) or 01-200-1930
• Write to the email address informalidad@sbs.gob.pe
• Visit the SBS website.

What is the SBS and what is its function?

According to its website, “the Superintendency of Banking, Insurance and AFP is the body responsible for regulating and supervising the financial, insurance, private pension and cooperative savings and credit systems, as well as preventing and detecting money laundering,” it reads.