Argentina’s Anti-Money Laundering (AML) Framework

Reporting Suspicious Transactions in Argentina

In Argentina, reporting suspicious transactions or activities involves a series of procedures to ensure effective detection and prevention of illicit financial activities.

Procedures for Reporting Suspicious Transactions

• Conduct Customer Due Diligence: Conduct thorough customer due diligence on parties involved in the transaction.
• Document and Maintain Records: Document and maintain records of the suspicious transaction or activity, as well as any supporting documentation.
• Internal Review and Analysis: Conduct internal review and analysis to assess the grounds for suspicion.
• Submit Report to Financial Information Unit (UIF): Submit a report to the UIF, which is responsible for receiving, analyzing, and disseminating information related to suspicious transactions and SARs.
• Provide Detailed Information: Provide detailed information about the suspicious transaction or activity in the SAR, including the nature of the transaction, parties involved, date and location, and any additional relevant details.
• Prompt Reporting: Report to the UIF promptly and without delay once the suspicious transaction or activity is identified.

Protection from Retaliation

Entities reporting suspicious transactions are protected by confidentiality provisions under Argentine law, and their identities are generally kept confidential to prevent potential retaliation.

Complying with International AML Standards in Argentina

Argentina’s anti-money laundering framework also involves complying with international Anti-Money Laundering (AML) standards.

Procedures for Complying with International AML Standards

• Adhere to FATF Recommendations: Adhere to the Financial Action Task Force (FATF) recommendations, which serve as the global benchmark for AML and counter-terrorist financing efforts.
• Enact Comprehensive Legislation: Enact comprehensive AML and CFT legislation to address the FATF’s recommendations.
• Oversee Implementation of AML Measures: Oversee the implementation of AML measures through regulatory authorities, including the UIF and the Central Bank of Argentina.
• Risk-Based Approach: Adopt a risk-based approach to AML/CFT, which involves assessing the risks associated with money laundering and terrorist financing and tailoring AML measures accordingly.
• Participate in International Efforts: Participate in international efforts to combat money laundering and terrorist financing through membership in organizations like the FATF.
• Maintain Robust Supervision and Enforcement: Maintain a robust system of supervision and enforcement to ensure compliance with AML/CFT measures.

By following these procedures, Argentina’s anti-money laundering framework facilitates the detection and prevention of illicit financial activities.