The FATF Recommendations establish the need for deterrent sanctions for non-compliance with the rules.
Through Resolution 105/2024 of the Financial Information Unit (UIF), published this Friday in the Official Gazette, the deadline was extended for the Obligated Subjects may request the application of a sanctioning regime prior to a legal reform.
Key points
Background
Law No. 25,246 establishes a sanctioning regime for those who fail to comply with their obligations to the UIF. Therefore, the agency is empowered to apply these sanctions through an administrative summary.
- The FATF Recommendations establish the need for deterrent sanctions for non-compliance with AML/CFT regulations.
- UIF Resolution No. 90/2024 approved the regulations of the summary procedure for the application of sanctions.
- Transitional clauses 1° and 2° of UIF Resolution No. 90/2024 establish provisions for the application of the new sanctioning regime.
Reason for resolution
The need to extend the deadline for Obligated Subjects to request the application of the previous sanctioning regime has been noted, due to consultations and to allow effective compliance with the rule.
In this way, the UIF extends the established deadline by 40 working days. It also establishes that the measure begins to apply as of its publication in the Official Gazette.
With this, the UIF seeks to facilitate compliance with AML/CFT regulations and ensure the effective application of sanctions.
Source: Ambito
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