AR - Argentina

AML/CFT compliance in Argentina

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Argentina’s AML/CFT Supervisors

Argentine Republic's Financial Information Unit (UIF)

The Argentine Republic’s Financial Information Unit (UIF) is a body with financial autonomy and autarky in charge of data collection, treatment, and dissemination in order to deter and combat Money Laundering (LA), Terrorism Financing (FT), and Complex Economic-Financial Crimes (DEC). The FIU’s activities revolve around monitoring, identification, and investigation.

How to comply with AML/CFT regulations in Argentina

As a designated service you need to ensure that you have an AML/CFT program in place.

 

There is no such thing as a one-size-fits-all AML/CFT program. Each reporting entity is  unique and faces its own set of money laundering and terrorism funding risks. You must  design a program that is unique to your needs. This gives you the freedom to choose how to fulfill your responsibilities and to implement stronger and/or additional controls where required.

 

All AML/CFT Programs must be based on a risk assessment. The risk assessment serves as  the basis for your whole AML/CFT program. Your program must explicitly illustrate the  relationships between identified risk and the procedures, policies and controls relating to that  risk.

AML/ CFT regulations in Argentina determine any obliged entity must comply with the following obligations:

Reviewing and auditing your AML/CFT program

Systematic monthly report to the UIF

Must be carried out by those Obliged Subjects that are regulated in UIF Resolution No. 70/2011 and those regulated in UIF Resolution No. 156/2018, Annexes I, II and III.

Suspicious Operation Report (ROS/RFT)

According to the provisions of articles 20 bis, 21 subsection b) and 21 bis of Law No. 25,246 and amendments, the Obligated Subjects shall disclose to the Financial Information Unit any irregular operations that, depending on the suitability needed based on the activity they carry out and the research carried out, they suspect of Money Laundering or Terrorism Financing.

The Suspicious Operations Report must be well-founded and provide a summary of the circumstances that led to the operation’s classification. All supporting documents must be kept by the Obligated Subjects. Suspicious Transaction Reports must be kept confidential.

The maximum period for reporting illegal activities or money laundering operations is 150 calendar days from the day the operation was carried out or attempted.

For reports related to the funding of terrorism the maximum time limit for reporting is 48 hours from the time the operation was carried out or attempted, allowing non-working days and hours to be used for this reason.

How can
MemberCheck Help?

We provide our clients with a secure and simple solution for scanning for politically exposed or high-risk individuals, as well as checking names against sanction, regulatory, law enforcement, and other official lists.

Use our sophisticated scan filters and due diligence workflow to minimise, and reduce the amount of time you spend sorting through, false matches. Scan results and reporting sections allow you to access customer details, whenever and wherever required, as well as download reports, to customise for further investigation or to provide evidence of your AML program compliance, for auditing purposes.

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* This page is intended as general information only and should not be relied on as the sole source of information for your AML obligations and AML program. Please visit your local regulatory authority sites for the latest relevant and full information.

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