The regulatory agency said that banks will need to monitor transactions related to the platform. The superintendency seeks to detect the “intermediaries” operating on the website.
In recent days, the Superintendency of Institutions of the Banking Sector of Venezuela (Sudeban) issued an alert against the exchange platform AirTM. The regulatory agency announced the detection of “unusual operations”, presumably related to money laundering and terrorist financing.
Sudeban, along with the Financial Intelligence Unit (UNIF), explained that AirTM offers a virtual account that is “outside the controls established in the financial sector.” The statement occurred after they had conducted risk prevention and control monitoring.
The superintendency called on national banks to exert greater control of transactions related to the platform. In this regard, they highlighted that “the national banking system must conduct exhaustive monitoring of the said transactions.” They also said that “banking institutions need to ensure the transparency of transactions.”
Something notable about the statement is the fact that UNIF also urged banks to report intermediaries “that lend themselves to transactions on this type of platform.” It is not clear whether the authorities would block users’ accounts or initiate an investigation.
Sudeban cites compliance with Resolution 083.18 on the administration and control of risks related to money laundering, terrorist financing, and proliferation of weapons.
Blocking of AirTM in Venezuela
Last August 20th, a Twitter user identified as @vesinfiltro reported the blocking of the AirTM website in Venezuela. In the message, the user explained that the service was not available for these operators: CANTV, Movistar, Digitel, Supercable, and Movilnet.
The action reportedly was through DNS blocking, about which @vesinfiltro reported that “AirTM has already been subject to blocking in the past, mainly for publishing exchange rates and currency exchange operations. There is documentation that recorded this using expert-reviewed OONI and ad-hoc metrics.”
Users of this exchange platform also stated that they could not access the website. One of them, identified as @ DimasMorillo89, asked what was happening with the platform. The company replied by providing a link on how to enter it without any blocking or restriction. However, the user did not receive information about the decision by Sudeban and UNIF.
There was a restriction in the access to the AirTM website from Digitel and Movistar, but the same did not happen with private Internet providers. However, it is not clear when the blocking of the website started.
This platform operates in the cloud, in which users can exchange funds through intermediaries, better known as “tellers”. These are users that the company endorses, who have funds in different payment processors for the exchange of balance in different currencies.
The CEO of the company, Rubén Galindo, said in December 2018 that Venezuela accounted for 65% of the total users of the platform. The executive highlighted that the oil-producing country was the first where AirTM achieved mass adoption.
This exchange platform also includes among its services the purchase of cryptocurrencies such as Bitcoin (BTC). To acquire crypto assets, Venezuelan users must deposit a given amount in bolivars (VES) and later exchange it for AirTM dollars.
By Alexander Salazar
