Risk management of money laundering and financing of crimes in the institutions of the popular and solidarity financial sector

Abstract

Introduction: currently financial institutions are deployed in a market that is increasingly exposed to financial risk called money laundering and financing of crimes including terrorism, however, the use of prevention mechanisms such as the adoption of policies, processes, plans, among others, has enabled them to improve decision-making by minimizing the possibility of this risk occurring. The issue of money laundering and financing of crimes including terrorism is of great importance for the institutions of the Popular and Solidarity Financial Sector, one of them the Savings and Credit Cooperatives (COAC's), which are economic units that are dedicated to the Financial intermediation and their business activities are exposed to this threat that generates losses not only financial and economic but also of reputation seen in the deterioration of their image. Objective. Determine the degree of management of this risk from Resolution No. 011-2014-F. Methodology. The approach, type and scope were qualitative-quantitative, exploratory and descriptive. The units of analysis were four COACs from segments 2 and 3 of the city of Guaranda, a sample of the population was not obtained because it was small. To gather the data for the study, the survey, observation and documentary analysis and the instruments called questionnaire, the observation file and the bibliographic file were used. Regarding the questionnaire, it was validated using the criteria of experts familiar with the subject. Results. The COAC's of segment 2 have 100% complied with Resolution No. 011- 2014-F and 25% are working hard to comply with some parameters defined in the standard, this to protect institutional well-being rather than for compliance with the rule. One of the difficulties of segment 3 organizations is that they do not have a computer system to perform due diligence and thus minimize the possibility of this risk occurring. Conclusion. The degree of non-compliance with the standard by these organizations that were the object of analysis is minimal.