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Argentina's AML/CFT Supervisors

Argentina

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Argentine Republic's Financial Information Unit (UIF)

The Financial Information Unit of the Argentine Republic (UIF) is a financially autonomous organisation charged with the collection, treatment, and distribution of data in order to prevent and fight Money Laundering (LA), Terrorism Financing (FT), and Complex Economic-Financial Crimes (CEFC) (DEC). The FIU's primary functions are surveillance, identification, and investigation.

How to comply with AML/CFT regulations in Argentina

Argentina

As a designated service, you must maintain an AML/CFT programme.

There is no such thing as a one-size-fits-all anti-money laundering/counter-terrorist financing scheme. Each reporting organisation is distinct and confronts unique money laundering and terrorist financing concerns. You must create a programme that is tailored to your specific requirements. This provides you with the flexibility to carry out your duties in the manner that you see fit and to apply stronger and/or additional controls if necessary.

All AML/CFT programmes must be risk-based. The risk assessment serves as the foundation for your whole anti-money laundering/counter-terrorism financing operation. Your programme must demonstrate clearly the connections between recognised risks and the processes, rules, and controls that address those risks.

Argentina's AML/CFT laws provide that every obligated entity must adhere to the following obligations:

  • Collect paperwork from customers that may be used to establish their identity, legal status, address, and any other information necessary to carry out the planned activity.
  • Any suspicious occurrence or activity, regardless of its size, should be reported. Consider suspicious operations to be those transactions that, in light of the activity's uses and customs, as well as the experience and suitability of the individuals required to report, are unusual, without economic or legal justification, or of unusual complexity or unjustification, and are conducted in isolation or repeatedly.
  • Refrain from disclosing to the client or other parties the anti-money laundering (AML) activities that are being carried out in accordance with the legislation.
  • Risk Assessment: The likelihood of a company being a victim of money laundering should be assessed by an assessment of the firm's entire control environment, as well as the industry's characteristics.
  • Know Your Customer: keep accurate records in order to comprehend the client's profile.
  • Monitoring: A framework must be created that allows the monitoring and management of client transactions in order to identify anomalous and suspicious behaviour that fits the specified profile.
  • Investigation : Make sure to verify that all workers understand the essential importance of adhering to the organization's policies and procedures relating to the prevention of money laundering and terrorist financing.
  • Report: the entity's systems must be capable of collecting the information necessary to meet regulatory obligations for reporting to different authorities while preserving the integrity of the information.
  • Audit: A risk-based internal audit plan should be in place to show compliance with the anti-money laundering and counter-terrorism financing policy.
  • The company should conduct awareness training programmes to increase awareness and encourage good behavioural patterns.

Reviewing and auditing your AML/CFT program

Compliance

Systematic monthly report to the UIF

Must be carried out by the Obligated Subjects specified in UIF Resolution No. 70/2011 and UIF Resolution No. 156/2018, Annexes I, II, and III.

Systematic monthly report to the UIF (ROS/RFT)

According to the provisions of Articles 20 bis, 21 subsection b), and 21 bis of Law No. 25,246 and amendments, Obligated Subjects shall report to the Financial Information Unit any irregular operations that they suspect of Money Laundering or Terrorism Financing, based on the suitability required based on the activity they conduct and the research conducted.

Suspicious Operations Reports must be well-founded and provide a description of the facts behind the categorisation of the operation. The Obligated Subjects must retain all supporting documentation. Suspicious Transaction Reports must be treated with the utmost confidentiality.

The maximum reporting time for unlawful actions or money laundering is 150 calendar days from the day the activity was carried out or attempted.

For reports involving the financing of terrorism, the maximum time period for reporting is 48 hours from the time the activity was carried out or attempted, allowing for the utilisation of non-working days and hours.