Personal History Form for Puerto Rico IFEs Act 273

International Financial Entities (IFEs) licensed in Puerto Rico are subject to strict regulatory oversight. As part of the application and ongoing compliance process, every director, officer, shareholder, manager, investor, or individual named in the business plan must complete a Statement of Personal History (Personal History Form). This document is essential for demonstrating integrity, transparency, and fitness to operate within Puerto Rico’s regulated financial sector. Download the form here.

What Information Is Required?

The Personal History Form covers six major areas:

1. Personal Information – Full legal name, social security or identification number, date and place of birth, nationality, passport, marital status, addresses, and professional occupation. Applicants must also declare their role and ownership interests in the IFE.

2. Education & Professional Qualifications – Academic background, professional degrees, licenses (CPA, attorney, broker, etc.), and specialized training in banking, investment, or compliance.

3. Employment & Business Experience – A detailed employment record covering the last 10 years, along with a complete list of all business entities in which the applicant has served as officer, director, shareholder, or partner. This disclosure must be complete—failure to list even one entity can cast doubt on the accuracy of the form.

4. References – Three professional or personal references (excluding relatives and current employers).

5. Disclosure Questions – A comprehensive review of the applicant’s financial, criminal, civil, and regulatory history, including bankruptcies, foreclosures, judgments, regulatory actions, litigation, or professional license issues.

6. Supporting Documentation –

   • Two photographs

   • Resume

   • Passport copy and visa (if applicable)

   • Recent credit report

   • Negative debt certification from Puerto Rico Treasury (if applicable)

   • Financial Statements (see below)

   • Third-party background checks

GAAP-Compliant Financial Statements

All corporate and personal financial statements must be prepared according to U.S. Generally Accepted Accounting Principles (GAAP). Shareholders and controlling parties must provide audited financial statements for the past three years, prepared by a Certified Public Accountant (CPA). For directors and officers, a recent CPA-prepared financial statement compilation is required. These must include balance sheet, income statement, and cash flow reports.

Incomplete, unaudited, or non-GAAP financial statements will not be accepted.

Third-Party Background Checks

Regulators require independent background checks to be conducted on all officers, directors, shareholders, investors, and individuals identified in the IFE’s business plan. These checks must be performed by approved firms such as Kroll, NFC Global, Kreller Group, or JS Held.

The investigation must cover every country in which the applicant has lived or conducted business during the past 10 years. Reports must be submitted directly to the regulator by the investigative firm.

The Importance of Full Disclosure

Applicants must remember:

• All business entities must be disclosed. Omissions create doubt and may delay or deny approval.

• All financial assets must be reported. Concealing assets is considered a red flag for regulators.

• Any false or incomplete responses may result in rejection or revocation of licensing approval.

The Personal History Form is not just a formality—it is a central part of the due diligence process that ensures IFEs operate with transparency, financial integrity, and regulatory compliance.