Financial Crime World

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Anti-Money Laundering (AML) Regulations in Argentina

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The following text provides a comprehensive overview of Anti-Money Laundering (AML) regulations in Argentina. It covers various aspects, including the legal framework, obligations for regulated entities, reporting requirements, red flag indicators, and recent developments in AML regulations.

  • The main laws governing AML in Argentina are Law 26.683 and Law 25.246.
  • These laws provide a detailed definition of money laundering and auxiliary crimes.
  • They create the Financial Information Unit (UIF) and establish a stricter regulatory framework for the financial sector.

Obligations for Regulated Entities

Obligated Subjects

  • Financial institutions
  • Private pension fund managers
  • Exchange offices
  • Natural and legal persons engaged in games of chance
  • Stockbrokers
  • Stock brokerage firms
  • Intermediaries registered with futures and options markets
  • Insurance companies
  • Cryptocurrency businesses

Reporting Requirements

Types of Reports

  • Report of high amount cash transactions
  • Report of international transfers
  • Annual systematic report (RSA)

Data Retention

  • Regulated entities must keep certain information for at least 10 years, including:
    • Client identification data
    • Transaction-related documents
    • Software

Red Flag Indicators

Regulated entities should be aware of red flag indicators that may suggest money laundering or terrorist financing activity, such as:

  • Unusual behavior by customers
  • Irregular transaction patterns
  • Geographic risks

Recent Developments

Argentina has made significant strides in developing its AML regulations since becoming a FATF member in 2000. The country has granted a higher level of independence to the UIF, widened the scope of regulated businesses, and introduced new regulators.

Overall, the text provides a comprehensive overview of AML regulations in Argentina, highlighting the legal framework, obligations for regulated entities, reporting requirements, red flag indicators, and recent developments in AML regulations.