Its purpose is to organise anti-money laundering efforts and to tackle terrorist funding. It reports to the Republic's Presidency Office. Its tasks include creating and implementing a knowledge network to assist public bodies in their work, as well as providing statistics and metrics to assess the system's effectiveness on a daily basis. The Commission may recommend imposing financial countermeasures and sanctions on countries deemed to pose a high risk of money laundering.
National Secretariat for Combating the Money Laundering and Financing of Terrorism is a decentralised organisation that reports directly to the Republic's Presidency and exercises technical autonomy. SENACLAFT has the following functions allocated by the 19,574 Law:
Created by the Board of Directors of the Central Bank of Uruguay.
Establish effective customer due diligence systems and monitoring programs
Screen against Office of Foreign Assets Control (OFAC) and other government lists
Establish an effective suspicious activity monitoring and reporting process
Develop risk-based anti-money laundering programs
Have Customer Due Diligence (CDD) Programs
Identify and verify information about customers, using reliable data and information from sources
Determine the final beneficiary's name and take fair actions to check it. The term "final beneficiary" refers to a real individual who holds at least 15% (fifteen percent) of the capital or its equivalent, or of the voting rights, or who has final authority over an entity, whether that institution is a single person, a trust, an investment fund, or some other affectation or legal framework
Obtain information about the purpose of the business relationship and the nature of the businesses to be developed, this should be based on the risk assigned to the client, commercial relationship or type of transaction to be made
Conduct, if possible, regular reviews of the contractual arrangement and transactions to ensure that they are compliant with the facts available from the client's expertise and the risk profile allocated to it, including the source of funds
Report suspicious activity that might signal criminal activity (e.g., money laundering, tax evasion)
Law 19,574 requires financial institutions and non financial institutions to submit different reports. Notable reporting obligations include:
All natural or legal persons subject to the control of the Central Bank of Uruguay are obliged to report transactions, which are unusual, are presented without economic justification or arise with an unusual or unjustified complexity. Financial transactions involving assets around whose origin there are suspicions of illegality must also be reported in order to prevent money laundering and terrorism financing crimes. This information must be communicated to the Financial Information and Analysis Unit (UIAF) of the Central Bank of Uruguay.
Our clients are provided with a secure and simple solution in regard to scanning for politically exposed or high-risk individuals, as well as checking names against sanction, regulatory, law enforcement, and other official lists.
Use our sophisticated scan filters and due diligence workflow to minimise the amount of time you spend sorting through, false matches. Scan results and reporting sections allow you to access customer details, whenever and wherever required, as well as download reports, to customise for further investigation or to provide evidence of your AML program compliance for auditing purposes.
* This page is intended as general information only and should not be relied on as the sole source of information for your AML obligations and AML program. Please visit your local regulatory authority sites for the latest relevant and full information.