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Compliance Guide: Anti-Money Laundering (AML) and Know Your Customer (KYC) Regulations in Argentina
As a business operating in Argentina, it is essential to understand and comply with the Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. This compliance guide outlines the key points you need to know to ensure your business remains compliant.
Identity Verification
When dealing with customers, businesses must verify their identities through:
- Government-issued documents such as ID cards or passports
- Bank statements that are not older than 3 months
This verification process is not limited to a one-time occurrence; it is recommended that you perform identity verification in multiple instances.
Timing of Verification
To maintain compliance, businesses must follow these guidelines regarding the timing of identity verification:
- Verify customer identities when onboarding new customers
- Apply identity verification according to monetary thresholds defined in Argentina’s regulation for transactions involving high-risk activities or high-value transactions
- Implement more frequent or enhanced identity verification measures for higher-risk situations
Politically Exposed Persons (PEPs) and Enhanced Due Diligence Measures
Businesses must determine if their customers are Politically Exposed Persons (PEPs), hold public office, or exhibit a higher risk profile. To help identify potential risks associated with PEPs, businesses can use AML Screening services from Shufti Pro.
Reliance on External Services
While businesses may seek the services of third-party providers for due diligence measures, they remain liable for maintaining compliance and fulfilling AML and KYC obligations.
Record Retention
To comply with AML and KYC regulations, businesses must retain data for at least 10 years. If data is processed, collected, or managed by a third-party provider, businesses are still responsible for collecting necessary information without undue delay.