Argentina’s Commitment to Anti-Money Laundering (AML) Compliance

Overview of Argentina’s AML Framework

Argentina has taken significant steps to align its Anti-Money Laundering (AML) framework with the international standards set by the Financial Action Task Force (FATF). The country’s commitment to AML compliance is essential for maintaining its status as a member of the global community and preventing the support of illegal financial activities.

Key Measures Implemented by Argentina

Adherence to FATF Recommendations

• Argentina aligns its AML framework with the FATF’s recommendations, covering areas such as:
  • Customer due diligence
  • Suspicious transaction reporting
  • International cooperation

Legislation and Regulation

• The country has enacted comprehensive AML legislation, including Law No. 25,246 (the “Anti-Money Laundering Act”) and subsequent amendments, to provide a legal basis for AML obligations on:
  • Financial institutions
  • Designated non-financial businesses and professions

Regulatory Oversight

• Authorities such as the Financial Information Unit (UIF) and the Central Bank of Argentina oversee the implementation of AML measures, issuing regulations, guidelines, and directives to ensure compliance with FATF standards.

Risk-Based Approach

• Argentina has adopted a risk-based approach to AML/CFT, assessing risks associated with money laundering and terrorist financing and tailoring AML measures accordingly.

International Cooperation

• Argentina actively participates in international efforts to combat money laundering and terrorist financing, being a member of the FATF and adhering to its mutual evaluation process.

Supervision and Enforcement

• Regulatory authorities have the power to impose penalties on entities that fail to comply with AML/CFT measures, ensuring that entities are held accountable for their actions.