Today, Argentina’s FIU signed a cooperation agreement with its main reporting entities. The partnership, called Fintel AR, is a collaborative initiative developed between the FIU and its main reporting banks in order to exchange and analyze information about risks and strategic aspects of the anti-money laundering and counter-terrorism financing system (AML/CFT) in a prompt and effective manner.
Fintel AR represents the first partnership of this type in the region, bringing Argentina in line with countries that are leading these initiatives worldwide.
Fintel AR´s initial agenda will be focused on a assessing risks to financial integrity in the banking sector, the development of typologies, the feedback to the financial system, and the discussion on the need for potential amendments to the domestic regulatory framework.
The Egmont Group of Financial Intelligence Units, comprising 164 FIUs and chaired by the President of Argentina’s FIU, Mariano Federici, promotes this type of partnerships, which are becoming a global trend and represent a significant evolution in the prevention of financial crimes.
Fintel AR is formed by Argentina’s FIU, Banco Nación, Banco Galicia, Banco Provincia, Banco Supervielle, Banco Hipotecario and Banco Ciudad. Other local and international banks have supported this initiative and are undergoing internal approval procedures to join the Partnership in the short term.
Prior to the launch of Fintel AR, a conference on Public-Private Partnerships to Combat Money Laundering and Terrorist Financing was held at and sponsored by the British Embassy in Buenos Aires and Argentina’s FIU on November 20, 2019.