Financial Crime World

Argentina’s Regulatory Framework for Financial Services

Key Takeaways

Online Lenders

  • Fintech companies operating in the online credit market are subject to specific regulations and requirements, including registration with the BCRA and reporting obligations.
  • Traditional banks may also operate in this space but must adhere to stricter regulatory requirements due to their deposit-taking activities.

Payment Processors

  • Payment processors are subject to registration and reporting requirements under the PSPCPs regime, which includes segregation of client funds and other obligations.
  • The BCRA has promoted interoperability among different payment systems and between payment systems and banks through initiatives such as the Uniform Virtual Code (CVU) and rapid-response codes (QR codes).

Fund Administrators

  • Fund administrators are subject to specific regulations and requirements, including registration with the BCRA and reporting obligations.

Regulatory Developments in Argentina

  1. Establishment of a Regulatory Framework for PSIs and PSPCPs: The BCRA has established a regulatory framework for “payments initiation services providers” (PSIs) and PSPCPs.
  2. Special Authentication and Cybersecurity Requirements: Special authentication and cybersecurity requirements have been implemented for PSIs and PSPCPs to ensure the security of client transactions.
  3. Strengthened Consumer Protection Measures: Strengthened consumer protection measures have been put in place for payment service providers, ensuring that clients’ interests are protected.
  4. Interoperability Requirements for QR Codes: Interoperability requirements have been introduced for QR codes, including credit cards, to promote seamless transactions and minimize transaction costs.

These regulatory developments demonstrate the BCRA’s commitment to promoting innovation in the financial services sector while ensuring consumer protection and maintaining financial stability.