The initiative seeks to comply with national and international regulations, including the recommendations of the Financial Action Task Force (FATF).
The Financial Information Unit (UIF) published this Monday two standards that update the requirements regarding prevention of money laundering and combating the financing of terrorism (PLA/CFT) for key sectors: the first concerns the public accountants and the second to real estate sector. This is within the framework of the regulatory adjustment that it is carrying out to comply with the requirements of the Financial Action Task Force (FATF) and comply with the requirements to approve the evaluation carried out by the organization within the framework of its fourth round of evaluations.
The Resolution 42/2024 issued by the UIFwhich was published this Monday in the Official Gazette, established the new minimum requirements for the identification, evaluation, monitoring, administration and mitigation of money laundering and terrorist financing risks that must be adopted and applied by Registered Public Accountants whose activities are regulated by the Professional Councils of Economic Sciences.
The official text then establishes the obligations that Public Accountants have in relation to the prevention of money laundering and financing of terrorism, toyes, as well as the measures that must be implemented to comply with said obligations in accordance with national and international regulations.including the recommendations of the Financial Action Task Force (FATF).
Specific activities
- Purchase and sale of real estate (more than 700 SMVM)
- Property and/or asset management (more than 150 SMVM)
- Administration of bank, savings and/or securities accounts (more than 50 SMVM)
- Organization of contributions for the creation, operation or administration of legal entities
- Creation, operation or administration of legal entities
- Purchase and sale of legal businesses and/or shares of legal entities
- Preparation of audit reports of financial statements (Technical Resolution No. 37 of the FACPCE) for entities with income equal to or greater than 4000 SMVM.
Real estate
Likewise, through Resolution 43/2024, they established new requirements for the prevention of money laundering and the financing of terrorism (LA/FT) in the real estate sector. The resolution applies to registered real estate agents and brokers, as well as companies of any type whose purpose is real estate brokerage.
Key points of the resolution
Risk-based approach: Obligated Subjects must implement a risk-based ML/TF Prevention System, which identifies, evaluates, monitors, manages and mitigates the ML/TF risks to which they are exposed.
Due diligence: Obligated Subjects must carry out Due Diligence on their Clients, which includes the identification, verification and evaluation of the ML/TF risk associated with each of them.
Suspicious Transaction Reports: Obligated Subjects must report to the FIU the operations that they consider suspicious of ML/TF.
Systematic Reports: Obligated Subjects must send information about their Clients and operations to the FIU, in accordance with the established information regimes.
The resolution aims to improve the prevention of ML/TF in the real estate sector, through the implementation of a risk-based approach and the strengthening of Due Diligence measures.
Source: Ambito
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