Financial Crime World

Argentina Tightens Up on Know Your Customer (KYC) Regulations with bronID

==============================================

A Major Overhaul for Argentina’s Financial Sector

Argentina’s financial sector is preparing for a significant shift in the way it verifies individuals and organizations, with the introduction of strict Know Your Customer (KYC) regulations. At the heart of this move is bronID, an innovative solution that utilizes cutting-edge technology to verify identities against robust data sources.

The KYC Verification Process

Individual Verification

When verifying individuals, bronID relies on a range of government databases and registries to ensure accuracy:

  • AFIP (Administración Federal de Ingresos Públicos) database: boasting an impressive 99% adult population coverage.
  • RENAPER registry (Registro Nacional de Personas): providing an additional layer of verification, augmented with B2C files for recency and accuracy.

Organization Verification

For verifying organizations, bronID uses a combination of company registries and stock exchange data to authenticate entities:

  • Private companies: verified against primary sources such as the company registry.
  • Public listed companies: cross-checked against both primary and secondary sources, including ticker numbers and address information.

The Impact of Stricter KYC Regulations

The introduction of these stringent regulations is set to have far-reaching implications for Argentina’s financial sector:

Enhanced Transparency

By verifying individuals and organizations, the risk of money laundering and other illicit activities will be significantly reduced.

Increased Efficiency

bronID’s innovative solution will enable faster and more accurate verification processes, saving time and resources for financial institutions.

Conclusion

The era of robust KYC verification has arrived in Argentina, with bronID at the forefront of this move. As the country adapts to these new requirements, it remains to be seen what benefits they will bring to both individuals and organizations alike. One thing is certain - the introduction of stricter KYC regulations will enhance transparency and reduce the risk of illicit activities, paving the way for a more secure financial sector.