{"id":15817,"date":"2026-09-02T13:30:08","date_gmt":"2026-09-02T18:30:08","guid":{"rendered":"https:\/\/bustamantefabara.com\/en\/?p=15817"},"modified":"2026-09-02T13:30:08","modified_gmt":"2026-09-02T18:30:08","slug":"new-rules-for-the-management-of-money-laundering-and-other-criminal-financing-risks-in-the-insurance-sector","status":"publish","type":"post","link":"https:\/\/bustamantefabara.com\/en\/new-rules-for-the-management-of-money-laundering-and-other-criminal-financing-risks-in-the-insurance-sector\/","title":{"rendered":"New Rules for the Management of Money Laundering and Other Criminal Financing Risks in the Insurance Sector"},"content":{"rendered":"\t\t
\n\t\t\t\t
\n\t\t
\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\"\"\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
\n\t\t
\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t

New Rules for the Management of Money Laundering and Other Criminal Financing Risks in the Insurance Sector<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

On August 17, 2026, Resolution No. SCVS-DNPLA-2026-00016283 was published, through which the SCVS issued the \u201cRules for the Management of Money Laundering and Other Criminal Financing Risks in the Insurance Sector,\u201d replacing Resolution No. SCVS-DNPLA-2022-007.<\/p>

\u00a0<\/p>

The following are subject to these obligations:<\/p>

  1. Insurance companies<\/li>
  2. Reinsurance companies<\/li>
  3. Reinsurance intermediaries<\/li>
  4. Insurance producer advisors<\/li><\/ol>

    \u00a0<\/p>

    For reinsurance intermediaries and insurance producer advisors, the obligations will become enforceable once the UAFE formally incorporates them by means of a Resolution.<\/p>

    \u00a0<\/p>

    MONEY LAUNDERING PREVENTION PROGRAM (PARLAFT)<\/strong><\/p>

    The obligated entities must implement a Prevention Program (PARLAFT), which includes a risk management system consisting of four stages:<\/p>

    1. Identification of risks related to clients, products, channels, and geographic areas.<\/li>
    2. Measurement of inherent and residual risk.<\/li>
    3. Control and mitigation through policies and procedures.<\/li>
    4. Ongoing monitoring.<\/li><\/ol>

      \u00a0<\/p>

      Five levels of probability and impact are established, the combination of which determines the risk rating and the applicable strategies.<\/p>

      \u00a0<\/p>

      ORGANIZATIONAL COMPLIANCE STRUCTURE<\/strong><\/p>

      The Compliance Committee will meet on a monthly basis in ordinary sessions and extraordinarily when necessary, with a quorum of half plus one of its members.<\/p>

      With respect to the Compliance Officer, the regulation establishes specific requirements, including:<\/p>

      1. A third-level degree in law, economics, business administration, auditing, finance, data science, or related fields.<\/li>
      2. A minimum of 5 years of experience for the principal officer or 2 years for the alternate officer in the financial, insurance, or securities sector.<\/li>
      3. 90 hours of training within the last 5 years, including at least 50 hours in risk management, as well as successful completion of the UAFE course.<\/li>
      4. The individual must not have been suspended or had their qualification as Compliance Officer revoked within the last 5 years.<\/li>
      5. The appointment will have a minimum term of 5 years and may be renewed. Failure to make a timely appointment constitutes a serious infringement.<\/li>
      6. The Compliance Unit must consist of at least the Principal and Alternate Compliance Officers, together with trained personnel and operational autonomy.<\/li><\/ol>

        DUE DILIGENCE AND KNOW YOUR CUSTOMER<\/strong><\/p>

        Three levels of due diligence are established:<\/p>

        1. Standard, for new or ongoing relationships.<\/li>
        2. Simplified, when the risk level is medium or low.<\/li>
        3. Enhanced, for counterparties residing in countries that do not comply with international standards, PEPs, or complex legal structures.<\/li><\/ol>

          \u00a0<\/p>

          Documents must be retained for 10 years.<\/p>

          \u00a0<\/p>

          COMPLIANCE DEADLINES<\/strong><\/p>

          The Resolution establishes critical deadlines that obligated entities must observe:<\/p>