The Financial Information Unit (FIU) formalized the new “Risk-Based Supervision Procedure” to improve the control of reporting entities, to mitigate the risks of money laundering and terrorist financing.
The Financial Information Unit (FIU) officialized the new “Risk-Based Supervision Procedure” to improve the control of reporting entities, to mitigate the risks of money laundering and terrorist financing, through resolution 61/2023 published in the Official Gazette.
The Obligated Subjects must provide the FIU with the necessary collaboration for the development of supervision functions, through two schemes trunks like the facilitation of access to the physical and electronic address and, if applicable, to that of its branches or other dependencies, provide all the documentation and information that is required in the framework of the procedures, “whatever its modality”.
If they refuse, hinder or obstruct the operation, a summary of punitive scope could be opened.
“The purpose of this regime is to regulate the supervision procedures provided for in subparagraph 7 of article 14 of Law No. 25,246, executed by the Supervision Directorate of the Financial Information Unit”, specifies the text attached to the regulations published in the edition of the Official Gazette.
The inspection procedures will be divided into integralwhen they are intended to supervise the operation of all the policies, procedures and controls of the money laundering or terrorist financing system, and specific, aimed at supervising compliance with certain policies and procedures. Both may be carried out with the presence (In Situ) or not (Extra Situ) of the control agents.
The monitoring of the FIU will be carried out through registrations and procedures made by the Obligated Subjects through the Operations Reporting System (SRO) or the one that replaces it in the future, as well as the Monthly Systematic Reports (RSM). They can also be done through the Annual Systematic Reports (RSA), of other reports that may be created in the future and of the risk self-assessment technical reports. It will also include reports of the Independent External Reviewer (REI), of all those that are required in accordance with current regulations.
The FIU may carry out Specific information requirements for Regulated Entities o resort to information from Public Administration bodies and decentralized and/or autarkic entities mentioned in subparagraph 15 of article 20 of Law No. 25,246 (in this case with the knowledge of the Unit’s presidency), associations, schools and professional councils, as well as other regulators or entities, among others.
Source: Ambito
