VENEZUELA: Government restricts even more possibility of sending remittances from abroad.

The Superintendency of Banking Sector Institutions Venezuela (Sudeban) reported on Tuesday that remittances sent from abroad must be made through authorized exchange houses.

The Superintendency of Banking Sector Institutions (Sudeban) issued a circular to all public and private banks to establish protocols for those traveling abroad. In the circular that was leaked through social networks, Sudeban orders financial institutions that their clients provide them with specific information about which country they will arrive in and how long they will be there, all for the use of their banking instruments. . If there is going to be a modification of the place where they are going to be or of the time of permanence, they should be equally informed.

In this sense, the institution indicates that these remittances can not be made by transfers between natural or legal persons who "from abroad send money through electronic banking without paying the corresponding fee".

These measures, the state body alleges, are promulgated in order to "protect users" and technology systems to avoid generating bank crimes or crimes using these systems.
However, this Tuesday, August 28, the Superintendent of Banks, Antonio Morales, reiterated that remittances sent from abroad must be made through authorized exchange houses and not by transfers between natural or legal persons who send money from abroad. electronic banking without paying the corresponding fee. Therefore, the new resolution of Sudeban seeks to restrict the mechanism used by Venezuelans to send remittances to their relatives and friends for several years, since it was impossible for them to do so through the regular channels due to the iron exchange control established by the Government since 2003.

Superintendent Commander. Antonio Morales in this regard:
"The country has the structure, regulations appropriate to national and international standards and active and authorized exchange houses for sending remittances from anywhere in the world (...) The objective is to encourage the use of exchange bureaus, whose economic activity precisely contemplates the reception and sending of remittances from abroad, "said the superintendent in a meeting with representatives of the banking sector.
Morales said that this decision "is framed within the measures dictated by the national government to protect the new monetary cone (...) The measure adopted has also been implemented in other countries."

Sources of the sector of exchange houses indicated that despite the increase in the price of the dollar in the Dicom, still fails to capture the interest of Venezuelans to send foreign currency from abroad through the three companies authorized by the Government to receive remittances : Italcambio, Zoom and Insular Group.

PRECAUTIONARY MEASURES:
Given this, the resolution SIB-DSB-14539 dated August 27, 2018 warns that if a bank detects the conduct of transactions outside the regulations provided previously (place and time where they will be abroad) through the address IP, the institution will be in the duty to block their access to the online portal of the entity, which makes it impossible to make bank transfers.
This will be blocked until the person calls the bank and makes new notifications of their location and time of stay in the place, while the bank must identify the IP addresses to know if it is true or not where they are.
In addition, banks have to make weekly reports detailing who has left the country, what credit tools they have on hand, and how long they will be left out.
Also with the IP should be given a detail "discriminating: name of the owner; place of destination and period; type and identification of the instrument; type, place of origin and amount of the operation ".

It is worth noting that in the circular SIB-DSB-14539, the Sudeban orders financial institutions to ask their clients to let them know if they will travel outside of Venezuela, where and time they will be abroad, so that they can enter online banking and do operations. In case of not communicating, the client can not make any kind of transactions.

Follow the venezuela government doing theirs, while the Venezuelan people, arms crossed.

God bless us, greetings!