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Argentina Toughens Know Your Customer (KYC) Procedures for Domestic and International Persons

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Buenos Aires - In an effort to combat financial crimes and maintain transparency in its financial sector, Argentina has strengthened its Know Your Customer (KYC) procedures for both domestic and international individuals.

New Regulations Require More Stringent Identification Documents

According to new regulations, all individuals seeking to open a bank account or engage in financial transactions in Argentina must provide identification documents that include:

  • Name
  • Place of birth
  • Date of birth
  • Nationality
  • For international persons: citizenship information

Additionally, financial institutions are required to verify the identity of customers through original documentation and maintain records of all customer interactions.

KYC Regulations Apply to Corporations as Well

Companies seeking to do business in Argentina must provide identification documents that include:

  • Name
  • Identification number
  • Tax identification number
  • Constitution act
  • Date of establishment

Legal officers and shareholders are required to provide the same information.

Beneficial Ownership Requirements Tightened

Financial institutions are now required to identify and verify the beneficial owners of all accounts and transactions, including:

  • Identifying the beneficial owner(s)
  • Verifying their identity through original documentation
  • Maintaining records of all customer interactions

Enhanced Due Diligence for Politically Exposed Persons (PEPs)

Argentina’s KYC regulations also apply to PEPs, requiring special attention and enhanced due diligence, including:

  • Verification of source of income and wealth
  • Conducting thorough risk assessments
  • Implementing measures commensurate with the level of risk posed by the customer

Stricter Procedures for Correspondent Banking Relationships

Argentina has implemented stricter procedures for correspondent banking relationships, requiring financial institutions to conduct thorough due diligence on counterparties.

Data Protection Laws Play a Crucial Role in KYC Regulations

Personal data is considered confidential and protected by law. Restrictions exist on the transfer of credit reports, and financial institutions are required to maintain records of all customer interactions.

Argentina’s KYC Regulations Align with International Standards

Argentina’s regulations align with international standards set by the Financial Action Task Force (FATF). The country has also implemented a risk-based approach to its AML/CFT regime, requiring financial institutions to conduct risk assessments and implement measures commensurate with the level of risk posed by their customers.

Efforts to Strengthen KYC Procedures Aim to Maintain Integrity of Financial Sector

The Argentine government’s efforts to strengthen KYC procedures are aimed at maintaining the integrity of its financial sector and preventing the misuse of its banking system. The regulations come into effect immediately, with all financial institutions required to comply by a specified deadline.

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