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Version date: 4 March 2021 - onwards

7.5. Domestic Co-operation

7.5.1. Argentina: Co-operation between the FIU and financial sector supervisors

229. Argentina's FIU oversees AML/CFT supervision of the financial and DNFBP sectors. The FIU collaborates closely with other financial sector supervisors such as the Central Bank of Argentina, the National Securities Commission, the National Insurance Authority and the National Supervisor for Co-operatives and Mutual Associations.

230. In Argentina, the financial sector supervisors assess the risks of entities under their supervision and prepare Annual Supervision Plans (ASPs) that establish the type, level and frequency of supervisory activities. The FIU approves the risk matrices used by the financial sector supervisors to assess entity-level risks, and in doing so informs the risk assessment from an AML/CFT perspective. The FIU also reviews the financial sector supervisors ASPs and supervision procedures and is empowered to suggest modifications. The FIU can participate in the oversight of the financial sector supervisors and carry out direct supervision of regulated entities in the sector. The analysis of the results of supervisory activities are managed in working groups between the financial sector supervisors and the FIU.

7.5.2. Australia: Legal, Organisational and Functional Framework to Enable and Facilitate Domestic Co-operation

231. In Australia, there are several domestic co-ordination mechanisms to minimize operational challenges and facilitate co-operation. Below are the key mechanisms:

Memorandums of Understandings (MOUs) to act as a framework to share information between authorities involved in AML/CFT supervision.