Sudeban and UNIF work with regulated entities to identify new money laundering methods
2 diciembre 2021

VENEZUELA

The Superintendency of Banking Sector Institutions (Sudeban in Spanish), together with the National Financial Intelligence Unit (UNIF in Spanish), began the IX Typology Exercise 2021. In this space, public agencies work with regulated entities to exchange knowledge, ideas and experiences that facilitate the location of methods, schemes and typologies used for Money Laundering and Terrorism Financing, all with the participation of national experts in the banking, customs and tax, crypto-assets, casino and mining sectors. It also seeks to achieve greater effectiveness in the Suspicious Activity Reports (SAR), submitted by the regulated entities to the UNIF.

Superintendent Antonio Morales emphasized that this exercise will allow progress to be made in adapting the financial system to the new needs of financial technologies and cryptocurrencies. For his part, the director of the National Financial Intelligence Unit (UNIF), Julio César Mora, pointed out that since the preparatory phase of the IX Typologies Exercise 2021, “we have been evaluating the behavior of the obligated subjects according to the established emerging warning signals and the study of the Suspicious Activity Reports (SAR); which will allow us to get to develop the new typologies”.

The public agencies hope that the results of this exercise will strengthen the work between the authorities and the regulated parties that the financial system carries out to combat money laundering. They also hope that the results will allow them to advance in the adjustment of the current regulatory framework in accordance with the practices established in the international standards on the fight against Money Laundering, Financing of Terrorism and Financing of the Proliferation of Weapons of Mass Destruction.

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