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Compliance with International Anti-Money Laundering (AML) Standards in Argentina

Argentina has made significant strides in aligning its AML framework with international standards. Here are the key points related to compliance with AML regulations in Argentina:

Adherence to FATF Recommendations

Argentina adheres to the Financial Action Task Force’s (FATF) recommendations, which cover essential areas such as:

• Customer Due Diligence: Ensuring that financial institutions and designated non-financial businesses and professions properly identify their customers.
• Suspicious Transaction Reporting: Allowing for the reporting of suspicious transactions to regulatory authorities.
• International Cooperation: Facilitating cooperation between countries in information sharing, extradition, and asset freezing.

Legislation and Regulation

Argentina has enacted comprehensive AML legislation, including:

• Law No. 25,246: Providing the legal basis for AML obligations on financial institutions and designated non-financial businesses and professions.
• Regulatory Oversight: Regulatory authorities, such as the Financial Information Unit (UIF) and the Central Bank of Argentina, oversee the implementation of AML measures.

Risk-Based Approach

Argentina has adopted a risk-based approach to AML/CFT, which involves:

• Risk Assessment: Assessing risks associated with money laundering and terrorist financing.
• Tailored Measures: Implementing AML measures accordingly based on the assessed risks.

International Cooperation

Argentina actively participates in international efforts to combat money laundering and terrorist financing, including:

• FATF Membership: Argentina is a member of the FATF and cooperates with other countries in information sharing, extradition, and asset freezing.
• International Collaboration: Collaborating with other countries to address common AML/CFT challenges.