Prevention of Money Laundering and Terrorism Financing

Money laundering can be defined as a process by which a criminal organization attempts to give a legitimate appearance to funds obtained from illicit activities.

Terrorism financing is the provision of funds or other assets, whose origin may be legitimate or illicit, with the intention that they be used to support activities that instill fear in society or that seek to compel authorities to perform or refrain from performing an act through force.

Hanseatica, as an Insurance Company, is classified as an Obligated Subject in accordance with Article 20 of Law 25.246 – Concealment and Laundering of Assets of Criminal Origin – which is why it observes and applies in its operations the measures and procedures defined in Resolution 126/2023 of the Financial Information Unit (UIF).

Through Resolution 126/2023, the Financial Information Unit (UIF) regulates Law 25.246 on – Concealment and Laundering of Assets of Criminal Origin – as it pertains to the Insurance Industry, establishing the guidelines for AML/CFT Risk Management and minimum compliance that Obligated Subjects in the insurance sector must adopt and apply to manage, in accordance with their policies, procedures, and controls, the risk of being used by third parties for criminal AML/CFT objectives. It also outlines the aspects to observe for client identification, stipulating the various information and documentation requirements to be met as applicable.

The full text of Law 25.246 and UIF Resolution 126/2023 can be accessed via the following link. servicios.infoleg.gob.ar