Banco de Crédito del Perú (BCP), the country’s largest financial institution by reach and customer base, has amended the terms of its personal savings accounts to prohibit their use for certain activities, including raffles, lotteries, gambling, betting, collections and political fundraising.
Under the new contractual clause, the bank may close accounts and terminate contracts if a customer uses a personal savings account for said gambling activities without prior authorization.
The provision is grounded in Article 1430 of Peru’s Civil Code, allowing the bank to resolve the contract once it formally communicates its decision to the client.
The change comes due to a rise in subscription-based raffle businesses and social media-led prize draws, many of which rely on personal accounts to receive participant payments.
Under the updated rules, users organizing such activities through personal accounts risk having them closed.
“The bank may close the accounts and/or terminate this contract when any of the situations established below occur, in which case the closure of the account and/or the termination of the contract will take place automatically on the date on which the bank informs the client of its decision to use this termination clause,” explains the BCP.
The measure may also affect individuals using personal accounts to collect campaign donations ahead of Peru’s 2026 general elections.
BCP also reiterated other grounds for account closure, including inactivity for more than three months, suspected fraud exposure, non-compliance with regulatory updates or operations that could harm the bank or other clients.
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