Anti-Money Laundering (AML) Compliance FAQs

Understanding AML Compliance

What is AML compliance and how does it work?

AML compliance refers to a set of measures aimed at preventing money laundering, terrorist financing, and other illicit activities. It involves identifying suspicious transactions and reporting them to the relevant authorities.

Purpose of AML

What is the purpose of AML?

The primary purpose of AML is to stop the reintroduction of proceeds from illegal activities into the financial system, thereby protecting the integrity of the financial system.

Transaction Monitoring

What is AML transaction monitoring?

AML transaction monitoring involves analyzing customer transaction data to identify suspicious or unusual transactions that may indicate money laundering or terrorist financing activity.

Requirements for AML Compliance

Who is required to have an AML policy?

Regulated companies, including financial institutions, exchange offices, and other businesses listed in the AML regulations, are required to implement AML policies and controls.

AML Regulations in Argentina

What’s the condition of money laundering in Argentina?

Argentina has made significant progress in developing its AML regulations and is considered a country with a low risk of money laundering. It has been recognized by the Financial Action Task Force (FATF) for its efforts to combat money laundering.

Key Laws and Regulations

What is Law 25.246?

Law 25.246, also known as the AML Law, was enacted in April 2000 and provides a framework for preventing money laundering and terrorist financing in Argentina. It includes provisions such as creating the Financial Information Unit (UIF) and establishing a list of obligated subjects.

What is an obligated subject according to article 20 Law 25.246?

Obligated subjects include financial institutions, exchange offices, natural and legal persons engaged in games of chance, stockbrokers, insurance companies, and other businesses listed in the AML regulations.