Financial Services Companies

Financial Services Companies are entities which are not financial intermediaries but regularly and professionally provide the following services: currency exchange, fund transfers, payments and collections, safe deposit box rental, credit and other of similar nature.

They following are not considered financial services companies:

1. Companies that regularly and professionally provide only one of the aforementioned services.
2. Those that exclusively perform the activities permitted to foreign exchange companies or fund transfer companies.
3. Those that combine the services of transfers of funds with payment and collections.
4. Those whose main business is providing credit, but do not provide fund transfers abroad or foreign currency exchange services, even if they additionally offer any of the other services mentioned in the first paragraph.

These entities require Authorization from the Superintendency of Financial Services to operate for reasons of legality, timeliness and appropriateness.  See requirements for authorization (Art. 92 of the Central Bank of Uruguay Communications Compilation of Financial System Regulation and Control Rules RNRCSF in Spanish).

In these cases, supervision is primarily aimed at monitoring the entities' prevention systems for money laundering or terrorist financing through supervisory mechanisms and promoting that they manage risk professionally.

The role of protecting financial users is also performed by responding to inquiries and denouncements.

See List of Financial Services Companies authorized to operate in the Uruguayan financial system.