Money Laundering is a method that seeks to disguise the nature, location, ownership or control of money and/or assets of illicit origin. For this to occur, there must be at least one predicate or base crime.

Some examples of this type of crimes are those related to Law No. 20,000, known as the drug law, which typifies and punishes the preparation, manufacturing, transformation, preparation or extraction of narcotic or psychotropic substances or drugs, as well as the preparation and illicit trafficking of precursors to produce drugs, abusive medical prescription, illegal supply and facilitation of goods to commit crimes contemplated in this law.

Likewise, bribery, also known as bribery or kickback, occurs when a public official offers, requests or accepts money in exchange for performing or omitting an act that is part of his or her duties, even in situations in which the conduct for which the money was received do not carry out.

The money obtained from the execution of the crimes mentioned above could be entered into voluntary products of our administrator, in order to hide its origin, and then be withdrawn, granting an appearance of legality.

Along these lines, one of the warning signs for the AFPs are the contributions made in the Voluntary Pension Savings Account (APV) or in the Voluntary Savings account (Account 2) for significant amounts, inconsistent with known income and/or savings capacity, without proving the origin of the money used. Another sign is amounts withdrawn shortly after being paid, contravening the objective of said financial product by its nature.

Preventing money laundering is everyone’s job, therefore, it is essential that you always pay attention to the warning signs of a suspicious operation and that you report them to the Compliance Unit.

In this way, you contribute to promoting the culture of prevention of money laundering and together we prevent our Administrator from being used for these bad practices, as well as avoiding possible fines.