The banks that make up Venezuela’s financial system must implement an integral system of risk management by September 13 to prevent money laundering and guarantee transparency in electronic transactions.

The measures are established on the new Legislation on Management and Supervision of Risks Related to Crimes of Money Laundering and Terrorist Financing, which is enforceable on every institution regulated by Venezuela’s Superintendence of Banks and Other Financial Institutions (Sudeban).

The risk management system will serve to evaluate and put into effect the measures to prevent financial institutions from being used as mechanisms to conceal the origin, purpose and destination of illicit capital. Likewise, banks and other financial institutions must increase the monitoring over their transactions, particularly those carried out through virtual banking.

This measure must pay special attention to warning signals, as well as generate reliable and effective methods to identify possible unusual or suspicious operations and guarantee the information’s integrity, availability and privacy.

Sudeban informed that this new regulation is part of the policies implemented by the Venezuelan Government to prevent and control money laundering and financing of terrorism.

AVN/Press Office – Venezuelan Embassy to the U.S./ August 26, 2010