The modification will enter into force on September 1, the same day that the resolution of April 28, 2018 will be repealed.
The Financial Information Unit (FIU) updated the minimum requirements for the identification, evaluation, monitoring, administration and mitigation of the risks of money laundering and financing of terrorism (LA/FT) of insurance sector“in accordance with the standards, good practices, guides and international guidelines currently in force”.
The measure was embodied in the resolution 126/2023published this Friday in the Official bulletinthat It will enter into force on September 1.the day on which the resolution April 28, 2018 will be repealed.
What is the modification?
In the recitals of the standard it is indicated that “it corresponds modify the current regulatory framework issued in respect of insurance sector” in order to update the obligations of companies to “manage and mitigate ML/TF risksin accordance with the international standards, good practices, guides and guidelines currently in force, in accordance with the recommendations issued by the FATF (International Financial Aid Group)”.
Likewise, it warned that from the result of the national risk assessments of asset laundering (ML), financing of terrorism (FT) and financing of the proliferation of weapons of mass destruction (FP) for the insurance sector, “arose the need to limit obligorsInsurance Intermediaries and Agents, to those who market life insurance with savings and retirement insurance”.
“It was deemed necessary distinguish obligations of compliance with respect to the Obliged Subjects that commercialize life insurance with savings and retirement insuranceand the due diligence procedures with respect to the clients that contract them, with the understanding that they represent a greater inherent risk of ML/FT/FP,” added the resolution.
In turn, it was considered appropriate “refit automatic update mechanism that uses the parameter of salary, minimum, vital and mobile and some obligations related to each obligated subject related to the insurance sector, considering the risk-based approach”.
Then, will be taken as valid at the minimum wage “effective as of December 31 of the previous calendar year and June 30 of the current calendar year, as applicable.”
On the other hand, the measure indicated that “Assumptions considered high risk have been identifiedand that consequently entail the application of reinforced due diligence by the obligated subjects”.
“Additionally, they have incorporated guidance warning signs subject to analysis by the regulated entities in order to determine if it would be appropriate to make a suspicious transaction report,” he added.
Finally, the FIU raised the need to simplify and flatten “the drafting language of the standard In order to gain a better understanding and effective implementation of the same by the obligated subjects”.
Source: Ambito
