Financial Crime World

Argentina Enforces Strict AML/KYC Regulations on Domestic and International Persons

Overview of Argentina’s Anti-Money Laundering (AML) and Know Your Customer (KYC) Regulations

Argentina’s Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations are enforced by the Unidad de Información Financiera (UIF) for banking and other financial services. The country has been subject to a Financial Action Task Force (FATF) mutual evaluation in 2016.

Domestic Persons

To onboard domestic persons, financial institutions must collect information verified against original documents, including:

  • Full name
  • Birthplace and date of birth
  • Citizenship
  • National ID card details

International Persons

For international persons, the following information is required:

  • Full name
  • Place of birth
  • Citizenship
  • Date of birth
  • National ID card details (if applicable)

Corporate Requirements

Corporations must provide:

  • Company name
  • Identification number
  • Tax identification number
  • Constitution Act and date
  • Information on sources of income and financial information of accounts/investments in other financial entities

Beneficial Ownership

Beneficial owners are treated as permanent clients, requiring identification and verification.

Enhanced Due Diligence

Enhanced due diligence procedures are required for transactions over USD 10,000. Additional information is required for “permanent” customers.

Politically Exposed Persons (PEPs)

Special attention must be taken when dealing with PEPs, including enhanced due diligence in accordance with the client’s profile.

Correspondent Banking Relationships

No specific requirements for correspondent banking relationships are stated in local regulations or guidance.

Shell Banks

Relationships with banks without substance are not permitted.

Non-Face-to-Face Transactions and/or Relationships

Additional due diligence is required for non-face-to-face transactions and/or relationships, including information verified by other entities.

Suspicious Activity Reports (SARs)

Financial institutions must report suspicious transactions to the UIF within a specific timeframe.