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Argentina Introduces Stricter Beneficial Ownership Requirements for Companies and Trusts

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In a move to boost transparency and combat money laundering, Argentina’s financial authorities have introduced new regulations requiring companies and trusts to disclose their ultimate beneficial owners. The changes, which took effect on November 23, 2021, aim to strengthen the country’s anti-money laundering regime.

What is an Ultimate Beneficial Owner?

According to General Resolution No. 17/2021 (GR 17/21), the ultimate beneficial owner is defined as an individual who owns at least 10% of a company or trust’s capital or voting rights, or exercises final control over it. This is a significant departure from previous regulations, which required ownership of at least 20%.

Broader Definition of Final Control

The new rules also introduce a broader definition of final control, which includes any situation where one or more individuals exercise control through a chain of ownership or other means. If an ultimate beneficial owner cannot be identified, the individuals in charge of managing, administering or representing the company or trust will be considered as such.

Requirements for Trusts and Similar Structures

Trusts and similar structures must identify each party to the trust and their respective ultimate beneficial owners. When there is a chain of ownership, companies must provide detailed information about the chain, including supporting documentation such as bylaws, shareholder registers, and other relevant documents.

Exemptions for Listed Companies

Listed companies that are subject to transparency and disclosure requirements may be exempt from identifying their majority shareholders if they indicate this circumstance on their filings.

Annual Filing Requirement

The new regulations also introduce an annual filing requirement for ultimate beneficial owners, which must be submitted once a year when requesting registration or complying with the annual informative regime. Companies and trusts that fail to comply with these requirements risk facing penalties and other sanctions.

Rationale Behind the Changes

The changes are aimed at strengthening Argentina’s anti-money laundering regime and improving transparency in the financial sector. They are part of a broader effort by the government to combat corruption and money laundering, and to improve the country’s business environment.