The analysis of the Bali, Jakarta, Madrid, Turkey and London attacks shows that there are, at least, three alternative mechanisms for terrorist financing: use of non-profit organizations, alternative fund remittance systems, and crossborder transportation of currency. This means that, in most cases, action by financial institutions does not result directly from their detection of suspicious transactions.
It results from the financial institutions prompt and effective action. There is an effective detection of transactions made by individuals previously identified. 2  BIS Review 80/2005  In order to cooperate in following up and supervising this kind of transactions, the Central Bank of Argentina issued regulations this year, which established rules on Prevention of Terrorist Financing applicable to financial institutions.