Argentine Superintendence of Insurance Establishes Implementation of Comprehensive Anti-Money Laundering System
Among other objectives, the system will allow monitoring the money laundering prevention systems of insurance and reinsurance companies.
On December 7, 2022, the Argentine Superintendence of Insurance issued Resolution 808/2022, establishing the implementation of the Integral System for the Prevention of Money Laundering (SIPLA).
The aim of the SIPLA is to facilitate the obligated entities’ duty of reporting before the Superintendence their Anti-Money Laundering and Counter Terrorism Financing (“ML/TF”) Prevention Systems, the Structure of the ML/FT Prevention Area, the Risk Self-Assessment and Independent External Reviewer reports submitted to the Financial Information Unit, their Regular and Alternate Compliance Officers, and the ML/FT Typologies.
These objectives will be fulfilled if they:
- Prepare and update the Register of Entities included in the Common Reporting Standard (CRS) and collect the information of the information regime established by Resolution SSN No. 38632/2014 and the transactions reported by insurance companies.
- Collect information corresponding to the Foreign Account Tax Compliance Act (FATCA).
- Systematize the information regarding Compliance Officers of the Registry of Compliance Officers and of the Risk Matrices of the Companies and supervision of the Management.
The following were approved with the Resolution: (i) the "Modules of the Integral System for the Anti-Money Laundering", which detail the information to be provided by insurance and reinsurance companies; and (ii) the "Instructions for Using the Integral System for Anti-Money Laundering", which detail the steps to access the system and upload the information requested in the different modules.
Insurance companies must provide, as a sworn statement, the information established in all the "Modules of the Integral System for the Anti-Money Laundering". The local reinsurance companies will have to provide the information in the "ML/FT Typologies" and "Compliance Officers" Modules approved by the Resolution.
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SCHEDULE FOR THE SUBMITTING THE INFORMATION |
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MODULE |
FREQUENCY |
DATE OF SUBMISSION |
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"System Data" and "ML/FT Typologies" |
Semiannual |
i) Information as of December 31: between February 1 and 15. ii) Information as of June 30: between August 1 and 15. |
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Structure of the ML/FT Area" |
Annual |
Information as of June 30: between August 1 and 15. |
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“Compliance Officers” |
- |
Within five (5) business days from the appointment of the Compliance Officers, Alternate Compliance Officers, or any change in their information. |
Finally, the Resolution states that the SIPLA does not exempt insurance or reinsurance entities from complying with the reporting requirements, pursuant to Resolution UIF No. 155.
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