Argentina’s Financial Intelligence Unit Signs Groundbreaking Partnership with Main Reporting Entities

A Major Breakthrough for Financial Crime Prevention

In a significant step forward for financial crime prevention, Argentina’s Financial Intelligence Unit (FIU) has entered into a cooperation agreement with its main reporting entities to strengthen efforts against money laundering and terrorist financing. The partnership, known as Fintel AR, aims to facilitate swift information exchange and analysis between the FIU and participating banks to identify risks and strategic aspects of the anti-money laundering and counter-terrorism financing system.

A Global Trend

This pioneering initiative marks Argentina’s entry into a growing trend worldwide, as evidenced by the Egmont Group of Financial Intelligence Units. The group comprises 164 FIUs and is chaired by President Mariano Federici of Argentina’s FIU. The partnership will focus on:

Assessing risks to financial integrity in the banking sector
Developing typologies
Providing feedback to the financial system
Exploring potential amendments to Argentina’s regulatory framework

Key Participants

Fintel AR brings together seven major Argentine banks, including:

Banco Nación
Banco Galicia
Banco Provincia
Banco Supervielle
Banco Hipotecario
Banco Ciudad

Additional local and international institutions are expected to join the initiative in the near future following internal approval procedures.

Background

The partnership was preceded by a conference on public-private partnerships to combat money laundering and terrorist financing held at the British Embassy in Buenos Aires, which was sponsored by Argentina’s FIU on November 20, 2019.