BCP Peru: Bank May Close Accounts Used for Raffles & Collections

The Banco de Crédito del Perú (BCP), the country’s largest bank, has announced recent measures allowing it to close personal savings accounts if they are used for unauthorized fundraising activities, including raffles, lotteries, and political campaigns. The policy change, detailed in updated contract terms, comes as subscription-based raffles gain popularity in Peru.

Under the new rules, the BCP can terminate account access and resolve contracts if customers are found to be using their personal savings accounts for “collectas,” “recaudaciones,” “rifas,” “sorteos,” “lotería,” “juegos de azar,” “apuestas,” or to receive funds for political campaigns. The bank will also scrutinize accounts receiving frequent deposits from individuals other than the account holder, deeming such activity inconsistent with personal use.

The BCP’s decision, reported on March 3, 2026, by Infobae Perú and La República, reflects a tightening of regulations surrounding the use of personal accounts for commercial or fundraising purposes. According to La República, the bank also considers the use of digital wallets like Yape for business, raffles, or lotteries as a breach of contract for personal accounts.

The bank’s updated contract language, citing Article 1430 of the Peruvian Civil Code, states that the closure of an account will occur “de pleno derecho” – as a matter of right – upon notification to the client. This means the bank does not require additional justification beyond identifying a violation of the new terms.

The move follows a growing trend of entrepreneurial ventures utilizing raffles and lotteries, prompting the BCP to clarify acceptable account usage. Soltv Perú reported that the bank is specifically targeting activities that deviate from the intended purpose of personal savings accounts, which are designed for individual or family expenses.

As of March 4, 2026, the BCP has not issued a public statement detailing the implementation timeline or specific procedures for identifying and closing accounts in violation of the new policy. The bank has not responded to inquiries regarding the number of accounts potentially affected by the changes.