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Anti-Money Laundering (AML) Regulations in Argentina

Overview of AML Regulations

• AML compliance is mandatory for all regulated companies in Argentina.
• The Financial Information Unit (UIF) is responsible for enforcing AML regulations.

Identifying Customers and Conducting CDD

Obligated entities must identify customers and conduct Customer Due Diligence (CDD) to ensure proper identification of clients. Additional information may be required, such as:

• Address verification
• Income origin documentation
• Asset documentation

Red Flag Indicators

Suspicious activity may arise from unusual customer behavior or patterns that suggest money laundering or terrorist financing. Examples include:

• Irregular or uncommon transaction patterns
• Suggestive of criminal activity
• Source of funds related to criminal activities

Reporting Requirements

Obligated entities must submit three types of reports:

1. Report of High Amount Cash Transactions (AR $280,000+)

2. Report of International Transfers

3. Annual Systematic Report (RSA)

AML Fines and Penalties

Failure to comply with AML regulations may result in fines or penalties. The maximum penalty for failing to comply is up to 10 times the value of the goods/services or transaction involved.

Recent Developments

Argentina continues to propose new regulations to improve AML compliance. The country has made significant strides in developing its AML regulations, with a risk score decrease from 6.74 in 2016 to 5.03 in 2021.

Additional Information

• Law 25.246 (AML Law) was enacted in April 2000 and provides the main provisions for AML regulations.
• Obligated subjects include:
  • Financial institutions
  • Exchange offices
  • Natural and legal persons engaged in games of chance
  • Stockbrokers and stock brokerage firms
  • Intermediaries registered with futures and options markets
  • Insurance companies