Any professional who provides services related to the purchase and sale of real estate and other activities classified as vulnerable to operations with resources of illicit origin must comply with the obligations established in the Law. These activities are described in Article 17 Section XI of the Federal Law for the Prevention and Identification of Operations with Resources of Illicit Origin (LFPIORPI). The vulnerable activities in question are the purchase, sale, or lease of real estate, prepaid cards, credits, and provision of services (including outsourcing). If this is the case, they must present an identification file (Know Your Customer) of the clients and their final beneficiary, as stipulated in Article 18 of the same Law in question. And for those cases where the value of the vulnerable activities exceeds the limits established in the Law, a notice must be submitted through the Money Laundering Prevention Portal (PLD) no later than the 17th day of the month following that in which the operation has been performed. In case of non-compliance, for example, that the notices are filed untimely (no later than 30 days after the correct date), or that they fail to file the notices; the sanctions could be very onerous for the companies, being subject to fines or UMAS. Our recommendation is to comply with these obligations by implementing a 'Money Laundering Prevention Compliance' program, to manage the risks that such activities entail. A Compliance program allows companies or professionals to identify and manage the operational and legal risks that their activities may represent, for which reason the following must be established within the program: 1. Prevention mechanisms (internal regulations, organization manuals, etc.) 2. Damage control (Internal complaint channels) 3. Procedures with which they will be dealt with
Commentaires