The Central Bank of Uruguay published a recap of remarks by Fernando Fuentes, head of its Financial Intelligence and Analysis Unit, on recent advances and remaining challenges in Uruguay’s anti-money laundering and counter-terrorist financing framework. Speaking at the First Compliance Congress organised by the World Compliance Association’s Uruguay chapter, Fuentes linked system effectiveness to the quality of information provided by reporting entities and pointed to growing momentum in suspicious transaction reporting. Fuentes described a sustained increase in both the volume and quality of Suspicious Transaction Reports, attributing this to stronger understanding and commitment among obliged entities, supervisory actions aimed at ensuring compliance, and feedback mechanisms with frequent reporters that highlight good practices and pinpoint areas for improvement. He also outlined how artificial intelligence tools could streamline analytical processes while noting the need for responsible implementation, and stressed closer interinstitutional cooperation to reach effectiveness levels expected under international standards.
Central Bank of Uruguay 2025-11-13
Central Bank of Uruguay reviews progress in suspicious transaction reporting and explores AI use in AML analysis
The Central Bank of Uruguay highlighted advancements and challenges in its anti-money laundering and counter-terrorist financing framework, emphasizing quality information from reporting entities. Fernando Fuentes noted increased volume and quality of Suspicious Transaction Reports due to better understanding and compliance. He discussed artificial intelligence tools' potential to improve analysis and stressed responsible implementation and interinstitutional cooperation.