Risk Management in the Financial Services Industry: Argentina Adopts New Guidelines
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The financial services industry in Argentina is under increasing pressure to implement effective risk management strategies to combat corruption. In response, the government has adopted new guidelines aimed at ensuring the integrity of companies operating in the sector.
Cooperation Treaties and International Networks
Argentina has a number of cooperation treaties with other countries, including Brazil and the United States, which allow for the exchange of information and evidence related to criminal matters. The Ministry of Foreign Affairs and Worship is the central authority responsible for these agreements, except in cases where the Treaty of Mutual Legal Assistance in Criminal Matters with the United States designates the Ministry of Justice and Human Rights as the authority.
Integrity Programmes: A Key Element in Risk Management
The integrity programme is a critical component of any risk management strategy. The programme must be tailored to each company’s specific risks, needs, and characteristics, and adapted to the context in which it operates. The guidelines issued by Argentina’s Anti-Corruption Office provide technical guidance for companies seeking to establish an effective integrity programme.
Elements of an Effective Integrity Programme
The Corporate Criminal Liability Act and the Guidelines mandate or recommend several elements that should be included in any integrity programme. These include:
- An ethical code, policies, and procedures of integrity
- Rules of integrity in public tender processes and other interactions with the public sector
- Training and awareness
Banks Play a Crucial Role in Transparency
The recent enactment of Law No. 27504, which regulates political funding, highlights the importance of transparency in financial transactions. Banks are now required to facilitate cash donations to political campaigns through the banking system, allowing for easier tracing and identification.
Conclusion
In conclusion, Argentina’s financial services industry is under increasing pressure to implement effective risk management strategies to combat corruption. The new guidelines issued by the Anti-Corruption Office provide a framework for companies seeking to establish an integrity programme that is tailored to their specific needs and risks. By implementing these guidelines, companies can help ensure the integrity of their operations and comply with relevant laws and regulations.
References
- Announcement of the agreement between Argentina’s Public Prosecutor’s Office and Brazil’s Public Ministry (June 19, 2019)
- Memorandum of Understanding between Argentina’s Financial Information Unit and foreign counterparts (available at https://www.argentina.gob.ar/uif/internacional/convenios)
About the Author
[Your Name] is a risk management expert with [Company Name]. She has extensive experience in the financial services industry and has written extensively on topics related to risk management and compliance.