Anti-money laundering unit issues new rules for insurance companies

Friday, February 4, 2011

Argentina's anti-money laundering unit - Unidad de Información Financiera (UIF) - has issued new rules regarding insurance companies to prevent suspicious activity related to money laundering and financing of terrorism, a press release from the country's presidency reads.

The measure follows similar action taken by UIF in late January this year regarding credit cards and traveler's checks, after criticism from the Financial Action Task Force (FATF-GAFI) in October 2010 of the low level of anti-money laundering controls in Argentina.

According to resolution 32/2011, all life insurance policyholders with annual premiums of 40,000 pesos (US$9,971) or more will have to inform insurance companies about the origins of their funds via a legalized document, with proof of such funds' legality. As for P&C policyholders, the limit was set at 50,000 pesos, the release reads.

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Insurance companies will have up to 30 days to report any suspected money laundering.

To read UIF's resolution, in Spanish, go to this link