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Argentine banks to segment customers to spot money laundering


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Argentine banks to segment customers to spot money laundering

Argentine banks will see a new norm implemented in coming days to help them detect money laundering and terrorist-financed operations, El Cronista reported, citing the head of the country's financial information unit, or UIF.

Under the measures, banks will segment their customers using a risk-based approach that will help them identify suspicious operations, UIF president Mariano Federici reportedly said during a ceremony held June 5 at Banco de la Nación Argentina.

The executive said he believes the rule will help banks and financial entities "focus efforts on where the risks and main threats are, working more efficiently in a method to achieve better results and to lay hands on the real criminals," Federici explained, noting a risk-based approach is endorsed by the Financial Action Task Force, or FATF.