The new norm modifies the emblematic Resolution 30/2017, which was the initial kick for the implementation of the concept of the Risk-Based Approach in the system for the prevention of money laundering and financing of terrorism in Argentina.
The objectives of the reform
The purpose of the standard is to optimize the operation of the sector and align with the international standards and best practices of the FATF and the new text was made based on joint work between the FIU, the Central Bank (BCRA) and the entities of the banking and financial sector themselves, “whose opinions and experiences were central to the development of the resolution,” he said. the FIU in a statement.
Among the entities representing the financial sector who participated in the work meetings and whose opinions were taken into account are associations of Argentine Banks (ADEBA), Specialized Banking (ABE), Banks of Argentina (ABA) and Public and Private Banks of the Argentine Republic (Abappra), in addition to the Argentine Chamber of Exchange Houses and Agencies (Cadecac).
The reform focuses on the main guidelines for the risk management of Money Laundering (ML) and Financing of Terrorism (FT)and sets minimum standards for each financial institution to adopt and apply in the event that there are third parties that use them for criminal purposes.
Among other novelties, the prohibition of maintaining anonymous accounts or under fictitious names was established, the measures required regarding the Politically Exposed Persons (PEPs) foreign companies and emphasizes the need to apply Enhanced Due Diligence measures that are proportional to the risks encountered.
Likewise, the possibility that financial institutions may depend on third parties for the execution of certain security measures is included. Due diligence.
Source: Ambito
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