Here is the article in markdown format:

Argentina Enacts New Beneficial Ownership Reporting Requirements

Enhancing Transparency and Combating Financial Crimes

Buenos Aires, Argentina - In a move aimed at promoting transparency and preventing financial crimes, Argentina’s Public Registry (PR) has introduced new beneficial ownership reporting requirements through General Resolution No. 17/2021.

What are the New Regulations?

The new regulations, which came into effect on November 23, 2021, modify the definition of Ultimate Beneficiary Owner and introduce stricter requirements for identifying and disclosing beneficial owners.

Key Changes

• An individual will be considered a beneficial owner if they own at least 10% of a company’s capital or voting rights, or exercise final control over the entity through a chain of ownership.
• The previous threshold was set at 20%.
• New requirements for trusts and similar structures must identify each party to the arrangement and disclose their beneficial owners.

What Information is Required?

In cases where a chain of ownership exists, companies must provide detailed information about the ownership structure, including:

• Supporting documentation such as bylaws, shareholders’ registries, and other relevant documents.

Exemptions

Listed companies that are subject to transparency and disclosure requirements will be exempt from the identification requirement.

Who is Affected?

The new regulations apply to all entities registered with the PR, including foreign companies. The filing of beneficial owner information must be made once per calendar year, at the time of requesting registration or as part of the annual informative regime for foreign companies.

Goals and Expectations

Argentine authorities hope that these new reporting requirements will help to combat financial crimes and enhance transparency in the country’s business sector.