Prevention of Money Laundering and Financing of Terrorism

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

Terrorist financing is the provision of funds or other property, the origin of which may be licit or illicit, with the intention that they be used to support activities that instill fear in society or that seek to compel the authorities to perform an act or refrain from performing an act by means of force.

Hanseatica, as an Insurance Company, is a Regulated Entity pursuant to Article 20 of Law 25246-, Concealment and Laundering of Assets of Criminal Origin- and therefore observes and applies in its operations the measures and procedures defined in Resolution 126/2023 of the Financial Information Unit (UIF, for its acronym in Spanish).

By means of Resolution 126/2023, the Financial Information Unit (UIF) regulates Law 25246 on -Covers and Laundering of Assets of criminal origin- as far as the Insurance Industry is concerned, establishing the guidelines for ML/FT Risk Management and minimum compliance that the Obligated Entities of the insurance sector must adopt and apply to manage, according to their policies, procedures and controls, the risk of being used by third parties with criminal ML/FT objectives. It also indicates the aspects to be observed for the identification of clients, providing the different information and documentation requirements to be complied with as appropriate.

The full text of Law 25246 and Resolution UIF 126/2023 can be accessed through the following link. services.infoleg.gob.ar

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