In order to improve the identification of people at high risk of carrying out money laundering activities the National Council of Supervision of the Financial System (Conassif) has amended Act 8204, the regulation against money laundering and financing of terrorism.

Supervised entities (banks, brokerage houses, pension and financial operators) must now implement automatic control mechanisms to detect abnormal transactions, and classify and group customers according to risk levels.

"José Luis Arce, Chairman, explained that improvements in regulations allow a clearer delineation for tracing illegitimate activities.

Source: Nacion.com

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