Financial Crime World

Anti-Money Laundering (AML) Regulations in Argentina

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Overview of AML Laws in Argentina

Argentina has strict anti-money laundering laws to prevent financial crimes. The country is a member of the Financial Action Task Force (FATF), which requires it to implement and enforce AML regulations.

Key Points on AML Regulations in Argentina

  • Penalties for Money Laundering Crimes: Individuals and businesses convicted of money laundering crimes face imprisonment from 2 to 10 years and fines ranging from 2 to 10 times the amount of the illegal transaction.
  • AML Compliance Requirements: Regulated companies must have an AML policy in place, with senior management responsible for ensuring that all AML-related policies and controls operate properly.

Businesses Subject to AML Regulations

The list of businesses required to comply with Argentine AML regulations has expanded since the country became a FATF member in 2000. These include:

  • Financial Institutions: Banks, credit unions, savings and loan associations, and other financial institutions.
  • Private Pension Fund Managers: Companies that manage private pension funds.
  • Exchange Offices: Businesses that exchange currencies.
  • Natural and Legal Persons Engaged in Games of Chance: Casinos, lottery operators, and other businesses that offer gaming services.
  • Stockbrokers and Stock Brokerage Firms: Companies that buy, sell, or trade securities on behalf of clients.
  • Intermediaries Registered with Futures and Options Markets: Businesses that facilitate trading on futures and options exchanges.
  • Insurance Companies: Insurance providers and underwriters.

Reporting Requirements

These businesses are required to report suspicious transactions to the Financial Information Unit (UIF) and maintain records of their customer relationships, account information, and transaction history.

Financial Information Unit (UIF)

The UIF is mainly entitled to impose administrative fines on businesses that fail to comply with regulatory/administrative AML requirements. It plays a crucial role in enforcing AML regulations in Argentina.

Cryptocurrency Regulations

Argentina continues to propose new regulations to confront money laundering, including the UIF’s proposition to include cryptocurrency businesses under AML laws, expected to take place in 2022.