SANTO DOMINGO – During the first day of the Third Latin American Congress on the Prevention of Money Laundering and Terrorist Financing (COPLAFT), two agreements of understanding were signed for the specialized training of personnel responsible for analyzing and detecting risks related to money laundering and terrorist financing in multiple banking.
The first agreement was signed by the heads of the Association of Multiple Banks (ABA), the representative of the Financial Action Task Force (GAFILAT), and the Financial Analysis Unit. The second agreement was signed by the ABA, GAFILAT, and FELABAN.
A press release highlights that this action reaffirms the commitment of the public and private sectors to continue promoting actions that strengthen the prevention of these scourges.
The event, which is being held in the Dominican Republic for the first time, is organized by the ABA and the Latin American Federation of Banks (FELABAN), with the title "Current Challenges, Innovation and Regional Collaboration".
Alejandro Fernández, Lidia Ureña. Rosanna Ruiz, Aileen Guzám and Giorgio Trettenero. (External source).
Theypromote collaboration to address the challenges of money laundering.
Authorities, financial industry leaders, and compliance specialists from Latin America considered that regional collaboration and technological tools strengthen strategies in the fight against money laundering and other forms of organized crime, as they presented their findings during the
In welcoming the event, Rosanna Ruiz, president of the Association of Multiple Banks of the Dominican Republic (ABA), stated that regional unity is a key element in providing agile and coordinated responses to the new complexities of today's world.
"The fact that the competent authorities, guarantors of the prevention, prosecution and punishment of money laundering, are present here; as well as the obligated entities, compliance officers, professionals from different areas based in the country and abroad, among others, is a clear demonstration of the great commitment of everyone to combat these crimes and the positioning of our countries," Ruiz stated.
For her part, Lidia Ureña, president of the Latin American Committee for the Prevention of Money Laundering and Terrorist Financing (COPLAFT), explained how money laundering affects the development of countries. "According to statistics from the United Nations Office on Drugs and Crime (UNODC), money laundering accounts for between 2 and 5% of the world's Gross Domestic Product each year," Ureña said.
In that regard, he considered that the reality would be different in the affected countries if these funds linked to money laundering could be used in initiatives to strengthen health, education, and the integral development of citizens.
Importance of the human factor in the prevention of money laundering
When discussing the challenges involved in preventing organized crime, Giorgio Trettenero Castro, Secretary General of the Latin American Federation of Banks (FELABAN), pointed out the importance of promoting competition in decision-making.
However, he noted that while compliance teams must leverage cutting-edge technology, the human factor remains crucial to the effectiveness of their functions, and warned that leaving decision-making in this critical and sensitive area entirely to artificial intelligence (AI) could carry enormous risks.
Meanwhile, the Superintendent of Banks, Alejandro Fernández W., stated that technology, such as generative AI, promises to be very helpful, "but it must be complemented by sound judgment, intuition, professional expertise, and timely decision-making." In this regard, he emphasized the importance of the role of personnel responsible for preventing these crimes in the financial sector.
Similarly, he stressed the importance of the public and private sectors working in a coordinated manner to prevent and address risks in financial activities, especially those related to money laundering.
Aileen Guzmán, director of the Financial Analysis Unit of the Dominican Republic, agreed, stating that "organized crime, unfortunately, is well organized and advances very quickly, which requires coordinated efforts between the public and private sectors to counteract its actions.".
The Latin American Congress on the Prevention of Money Laundering will continue until this Friday, October 4th, at the Marriott Piantini Hotel in Santo Domingo.
