Peru's SBS opens AFP payments consultation

Update August 21, 2026: SBS clarified that Resolution No. 02052-2026 was published in Lima on August 14, 2026. El Comercio also confirmed that the draft aims to align the prudential and accounting framework for Fund Administration Companies, expanding the applicable accounting regime and linking it to the new rules for financial and insurance entities that manage pension funds.

The Superintendency of Banking, Insurance and AFPs has published a draft rule that adjusts the prudential and accounting framework for financial system and insurance-sector companies authorized to operate as Fund Administration Companies, while also opening a consultation on whether banks, finance companies and digital wallets can act as intermediaries in AFP contribution payments, under requirements for operational risk, business continuity, information security and cybersecurity.

What did SBS order through Resolution No. 02052-2026?

The resolution orders publication of the draft rule and sets a 15-calendar-day period, starting the day after its publication in El Peruano, for the public to submit comments and observations. According to Andina, the notice applies to financial and insurance companies with an additional line of business, and also amends the Accounting Manual for Managed Portfolios, the Accounting Manual for Companies in the Financial System and the Chart of Accounts for the Insurance System.

El Comercio reported that the goal is to align the prudential and accounting regulatory framework to ensure the proper operation of Fund Administration Companies. RPP added that the draft seeks to allow banks and insurers to compete with AFPs in pension fund administration, with specific prudential and accounting standards, updated accounting procedures and risk management policies aligned with international best practices.

How will AFP contribution payments change?

The proposal would allow banks, finance companies and digital wallets to act as intermediaries for pension contribution payments, including participation by employers, dependent workers, self-employed workers and third parties through digital wallets, other digital apps, correspondent ATMs and innovative payment mechanisms. La República said the authorization is expressly based on Article 16 of Law 32123, the Law on Modernization of Peru's Pension System, and adds a new article to the Compendium of Regulatory Rules for the SPP.

The same report says the intermediary institutions are payment service entities covered by Circular No. 0022-2025-BCRP. To take part, they must sign agreements with the Fund Administration Companies, set service terms and deadlines, and transfer collected funds no later than the second business day after payment. They will also be responsible for receiving, validating, recording, safeguarding and transferring contributions.

What control and cybersecurity requirements apply?

Entities offering these services must comply with SBS rules on operational risk management, business continuity, information security and cybersecurity as they apply to the services they provide. That fits with the regulator's own message about the growth of digital financial services and the need to strengthen authentication mechanisms to better verify user identity amid rising digital fraud.

This regulatory front is moving alongside other recent measures from the supervisor. SBS also changed its Infringements and Sanctions Regulation, adding new fines for banks, AFPs and insurers, and updated the framework to consolidate its oversight powers and align the sanctions regime with recent demands in the supervised financial sector.

What other recent changes has SBS made?

SBS approved new measures to strengthen protection of savers' money. According to Andina, the Deposit Insurance Fund must keep a target reserve between 8% and 10% of the total estimated insured deposits, current coverage protects up to 122,000 soles per depositor for the June-August 2026 period, and the reserve indicator must be calculated and published monthly, with the target band reviewed every four years or sooner if new risks appear.

At the same time, the regulator is also setting obligations tied to artificial intelligence. With the entry into force of Supreme Decree 115-2025-PCM, which regulates Law No. 31814 on AI systems in Peru, companies that develop, implement or operate AI systems, including those using them in finance and fintech for credit scoring, risk assessment and fraud detection, must comply with documentation, transparency, impact assessment and human oversight obligations. SRPM Abogados also said that September 10, 2026 marks the one-year deadline for private AI developers and implementers in the economy and finance, among other sectors, to comply with those obligations.