LOTBA and Banco Ciudad agree to strengthen money-laundering controls

The Lotería de la Ciudad de Buenos Aires (LOTBA) and Banco Ciudad signed a cooperation agreement to strengthen their systems for preventing money laundering and terrorist financing, LOTBA said. The agreement was announced by LOTBA president Jesús Acevedo during the Semana de Prevención del Lavado de Activos y Financiamiento del Terrorismo.

Under the agreement, the two institutions plan to exchange knowledge and good practices on prevention, prepare risk analyses and typologies, and run training sessions for the teams of both organisations. The agreement also aims to consolidate a permanent space for collaboration to keep improving prevention systems.

Acevedo said prevention requires constant updating, adequate tools and institutional cooperation.

In September, LOTBA completed the first independent external review of its money-laundering and terrorist-financing prevention system, which the entity said set a precedent in the gambling sector by adapting to the regulatory requirements of the Unidad de Información Financiera (UIF). The audit allowed the organisation to assess, coordinate and strengthen its internal controls and inspection procedures. The external assessment was carried out by specialist Francisco D’Albora, with the participation of LOTBA compliance officer and director Ezequiel Domínguez and the head of the prevention unit, Carolina Galtieri.