Best Practices to Prevent Bank Accounts Freezing by the UIF

In an interview published in the business section of El Norte, the scope and risks associated with the powers of the Financial Intelligence Unit (UIF) to freeze bank accounts linked to transactions deemed unusual or suspicious are addressed.

In this context, Gustavo Leal Cueva, partner at Leal Benavides y Cía, outlines a series of practical considerations that help explain how risk analysis in financial and tax matters is evolving.

From Legality to Traceability

One of the central themes emerging from the interview is the shift from a traditional approach focused on the legality of transactions toward a model in which traceability plays a decisive role.

While the lawfulness of transactions remains a necessary element, it is no longer sufficient. Authorities now assess the consistency between the origin, movement, and destination of funds, as well as their alignment with the taxpayer’s economic profile.

In this sense, transactions that appear to meet formal requirements may still trigger alerts if their economic logic cannot be consistently explained.

A Relationship-Based Analysis

Another relevant aspect is the change in how transactions are analyzed. As highlighted in the interview, authorities no longer review transactions in isolation but instead examine entire networks of relationships among taxpayers.

This implies that risk may arise not only from one’s own transactions, but also from connections with third parties whose activities may be questionable.

A lack of knowledge regarding the identity, business activity, or reputation of clients and suppliers significantly increases exposure to this type of scrutiny.

Economic Substance as a Key Element

The interview also emphasizes the importance of economic substance as an essential element in supporting transactions.

It is not enough to have formal documentation; each transaction must have a clear, verifiable business purpose, supported by real economic benefits.

The absence of these elements may lead authorities to classify transactions as simulated or lacking economic substance.

Practices That Increase Risk

Among the practices identified as risk-generating are those that undermine the traceability of funds, such as:

• Allowing third parties to use one’s own bank accounts.

• Engaging in transactions unrelated to the taxpayer’s economic activity.

• Operating with counterparties without sufficient information about their profile.

• Using intermediaries or structures without a clear operational purpose.

• Receiving funds without documentation supporting their origin or nature.

These practices, although sometimes perceived as routine or low-risk, may trigger alerts by making it difficult to reconstruct the flow of funds.

Prevention from the Outset

A cross-cutting element in the interview is the need to rethink how risk is managed.

The approach can no longer be limited to defending transactions after they are questioned by authorities; instead, it must focus on prevention from the moment transactions are structured and executed.

This involves ensuring not only formal compliance, but also the overall consistency of transactions, their documentation, and their alignment with the taxpayer’s economic activity.

Final Considerations

The strengthening of analytical powers by authorities, combined with the use of technological tools and data-driven evaluation models, is significantly reshaping the control environment.

In this context, traceability, consistency, and the ability to provide clear explanations are becoming essential conditions for the day-to-day operations of taxpayers and businesses.

The full interview can be accessed at the following link:: https://www.elnorte.com/como-prevenir-que-uif-le-congele-su-cuenta/ar3187408?v=2