The measure, which will enter into force in March 2024, establishes indicative alert signals to help companies determine if an operation is suspicious or not.
through the Resolution 169/2023 published in the Official bulletin this Friday, the Financial Information Unit (FIU) established a new regulatory framework, which will be in force from next year, for the savings and capitalization companies in terms of prevention money laundering and terrorist financing (ML/TF).
The resolution establishes an approach that requires entities identify, assess and mitigate the risks of LA/FT to which they are exposed.
The measure will enter into force on March 1, 2024 and establishes, among other points, which indicative warning signs companies must take into account to determine whether or not an operation is suspicious of laundering.
The measure establishes the following requirements for companies:
- Customer segmentation: Companies must segment their clients based on their ML/TF risk.
- Due diligence: Companies must apply due diligence measures according to the risk assigned to each client.
- Enhanced due diligence: Companies must apply enhanced due diligence measures to customers who are in high-risk cases.
- Suspicious transaction reports (ROS): Companies must report suspicious ML/FT operations to the FIU.
The detail of the resolution
In regards to the customer segmentation, the new regulations establish that companies must segment their clients based on their ML/FT risk. Factors to consider for segmentation include:
- The type of client
- The economic activity of the client
- The origin of the funds
- The frequency and amount of operations
in matters of due diligence, Companies must apply due diligence measures according to the risk assigned to each client. Due diligence measures include:
- Customer identification and verification
- Customer knowledge
- Operations Review
Another key point refers to enhanced due diligence, which provides that companies must apply enhanced due diligence measures to customers who are in high-risk cases. High risk scenarios include:
- Customers who cannot be identified or verified
- Clients who carry out unusual or suspicious operations
- Customers located in high-risk countries or jurisdictions
and the theme of suspicious transaction reports (STRs) It is very important, since it indicates that companies must report suspicious ML/FT operations to the FIU. Suspicious transactions are those that present one or more risk indicators, such as:
- Unusual or unjustified operations
- Operations that do not correspond to the economic activity of the client
- Operations that are carried out in cash or by other means that make their traceability difficult
The resolution FIU 100/2023 is an important step to strengthen the regulatory framework prevention LA/FT in Argentina. Above all because it implies the arrival of new requirements for clients of savings plans and management companies when evaluating their profiles.
Source: Ambito
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