Prevention of Money Laundering and Financing of Terror

Sancor Seguros is firmly committed to collaborate with competent authorities on the prevention of Money Laundering and Financing of Terrorism. Therefore, it has adopted all necessary precautions with the intent to preserve the Insurance System from the fraudulent use of criminal organizations.

Money laundering is an economic crime of international level considered by our legal system, through which organized crime tries to legitimate the economic result of their criminal actions, incorporating it into the circuit of formal economy. Funds that are laundered come from previously committed crimes among which we can highlight, for their social and economic impact: drug-trafficking, smuggling of weapons and narcotics, international terrorism, human trafficking, child prostitution and corruption in all its forms, to name but a few of the main examples.
Financing of terrorism are activities of who, by means of any method, directly or indirectly, unlawfully and intentionally, provides or collects funds with the intention to use them, knowing that all of it or part will be used for that purpose. In these cases, the relevant point is the potential destination of funds, being their origin lawful or unlawful.
"Obligated subjects" are institutions, companies, natural or legal persons, public administration organisms, etc., which have to submit information to the Financial Information Unit (UIF, by its Spanish acronym).
Sancor Seguros is an obligated subject according to the terms of Law N.° 25,246 – Art. 20-paragraph 8, its modifying Law 26,683; Art. 2 paragraph a) point 1 of Resolution 202/2015 of UIF.
Companies are obligated to:
  • Obtain from customers, requesting or contributing parties, documents irrefutably evidencing their identity, legal status, domicile and other data to be specified in each case when carrying out any type of activity included in their purpose.
  • Report any suspicious event or transaction. For the purposes of this law, "suspicious transactions" are those transactions that, according to uses and customs related to the field involved, as well as to the experience and competence of the parties who have the duty to inform, are unusual, have no economic or legal justification or are unusually or unjustifiably complex, whether performed on a single occasion or repeatedly
    • Abstain from revealing to clients or to third parties the proceedings which are being carried out in fulfillment of law 25,246 and resolution 202/215
The UIF enjoys functional independence within the Ministry of Justice and Human Rights of the Nation. This institution is responsible for analyzing, handling and disclosing information for the purpose of preventing and deterring the laundering of assets arising from crime.
Being reached by the provisions of these resolutions (202/2015, 50/2011, 51/2011, 11/2011, 52/2012) Sancor Seguros must fulfill, among others, with these requirements:
  • Designation, by the administrative organism, of a Fulfillment Officer, who will be responsible for ensuring observance of the policies established by the maximum authority of the company to prevent, detect and report operations that can be related to crimes of money laundering and financing of terrorism and of Applicable Law established by the UIF.
  • Create and apply a policy of identification and knowledge of customers; this is a key factor for an effective functioning of policies for the prevention of Money Laundering and Financing of Terrorism.
  • Elaboration of registries for the analysis and risk management of detected unusual operations and those, because of having being considered suspicious, were reported. Any fact or operation (tried or carried out) which may have verified the presence of an Alert Signal, or if it is not consistent with the Profile of Customer, will be immediately communicated to the Fulfillment Officer.
  • Implementation of technological tools for the registry and consolidation of operations carried out with customers, which allow the analysis or monitoring of different variables so as to visualize possible suspicious activities.
It refers to people that fulfill or whom have been trusted prominent public functions, in the country or abroad.
In order to verify if someone is qualified as PEP it must be corroborated with the list established in Res. 52/2012 of UIF.
If a person has to be considered as PEP, they should fulfill form DDJJ PEP.