English
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.
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:
Collect from clients documentation that can be used to prove their identity, legal status, address, and other information that is required in each case in order to carry out the intended operation
Report any suspicious event or operation regardless of the magnitude. Consider suspicious operations to be those transactions that, in accordance with the uses and customs of the activity, as well as the experience and suitability of the persons obliged to report, are unusual, without economic or legal justification or of unusual complexity or unjustified, are carried out in isolation or repeatedly
Refrain from revealing to the client or third parties the AML actions that are being performed in compliance with the law
Risk Evaluation: the probability of the entity being exposed to money laundering should be determined by an examination of the entity's overall control environment, as well as the characteristics of the industry
Know Your Customer: maintain up-to-date information in order to understand the client's profile
Monitoring: a framework must be developed that enables the review and control of customer transactions in order to detect irregular and suspicious activity in accordance with the predefined profile
Investigation: ensure that all employees of the organisation recognise the critical nature of adhering to policies and procedures pertaining to the prevention of money laundering and funding of terrorism
Report: the entity's systems must be capable of capturing the information required to comply with regulatory requirements for reporting to various authorities, while maintaining the information's integrity
Audit: there should be a risk-based internal audit strategy in place to demonstrate compliance with the terrorism-related money laundering and funding prevention policy
Awareness training programs should be implemented in the organization in order to raise awareness and promote healthy behavioral habits
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.
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.
Our clients are provided with a secure and simple solution in regard to 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 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.
* 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.
