KYC.IO

Global Regulations and Requirements for KYC Onboarding
(powered by KYC-Chain)

KYC to onboard domestic persons

nameplace of birthdate of birthnationality

KYC to onboard international persons

nameplace of birthcitizenshipdate of birth

corporate requirements

nameidentification numbertax identification numberconstitution act&datesource of earnings

National ID card name

Documento Nacional de Identidad (Argentina)

National ID Photo

back of national id photo back

Does the country have Esignature Laws?

Digital Signature Law No. 25,506 (2001) (no translation available)

E-sig law files

What year did the relevant AML laws and regulations become effective?

1996

Further details on AML regime

1996

Who is the regulator for AML controls for Banking

Unidad de Información Financiera (“UIF”) aBanco Central de la Republica Argentina (“BCRA”)

Link to site

www.uif.gov.ar, www.bcra.gov.ar

Other financial Services

Unidad de Información Financiera (“UIF”)

Website of Regulator

www.uif.gov.ar

Financial Sector regulator

www.uif.gov.ar

Practical Guidance for AML

The UIF provides information and guidance

Practical guidance PDF's

Is there a requirement to verify the identity of customers retroactively?

Retroactive details

Has the country been the subject of FATF mutal evaluation in the last 3 years?

Yes

PDF of FATF review

www.fatf-gafi.org

Are there minimum transaction thresholds (Y/N)

More details on minimum transaction thresholds.

What are the requirements for customer identification information for individuals

The law established two types of customers: 'permanent' and 'not frequent'. For each type of customer specific documentation is required, which varies from a simple identification to a tax declaration. Names are verified against original documents for both individuals and entities. ' frequent' customers who are individuals need to provide full name, birth place and date, citizenship, etc.

Details to be Collected on Corporates

name, identification number, tax identification number, Constitution Act and date, etc. Legal officers and shareholders must provide the same information. In addition, 'Permanent' customers need to provide: information on sources of income and financial information of accounts/investments in other financial entities. All information must be supported by proper documentation.

What are the high level requirements around beneficial ownership (identification and verification)?

Beneficial Owners are treated the same as 'permanent' clients, therefore beneficial ownership must be identified.

What circumstances are enhanced customer due diligence measures required?

Enhanced due diligence procedures are required for transactions over USD10,000 and some additional information is required for 'permanent' customers (see A9).

How should FI's deal with Politically exposed persons

The banking regulation has a specific paragraph on PEPs, requiring special attention to be taken in such cases. For all individuals considered to be PEPs, the KYC regulations apply, including enhanced due diligence in accordance with the client's profile.

What enhanced due diligence must be performed for correspondent banking relationships?

None stated in local regulations or guidance.

Are relationships with banks who might be considered a 'shell' and without substance permitted?

In what circumstances is additional due diligence required for non face-to-face transactions and/or relationships?

Based on regulations issued by the Unidad Information Financier, additional due diligence for non face-to-face transactions and/or relationships is required. Clients must provide information verified by other entities (for example credit card companies and other banks).

To whom are SAR's made? (suspicious activity reports)

UIF

Link to website of SAR reporting

http://www.uif.gov.ar/uif/index.php/es/

Other Suspicious or unusual transactions obligations.

Yes, in certain circumstances dependent on the industry, there are monthly reports of normal transactions.

Are there any de-minimis thresholds below which transactions do not need to be reported?

ARS50,000 (approx. USD3,560)

Are there any penalties for non compliance with reporting requirements e.g. tipping off?

Yes

Are there any requirements (legal or regulatory) to use automated Suspicious Transaction monitoring technology?

No. It is suggested in the regulations but not mandatory.

Is there a requirement to obtain authority to proceed with a current/ongoing transaction that is identified as suspicious?

Does the local legislation allow transactions to be monitored outside the jurisdiction?

Is there a legal requirement for a bank’s external auditor/other external organisation to report on the bank’s AML systems and controls?

Yes, an external auditor must audit the AML process and make a report in a quarterly basis for the BCRA regulator. The report is for the bank and for internal use. It is not a public report.

If an external report on the bank’s AML systems and controls is required: a) how frequently must the report be provided?

quarterly basis

To whom should the report on AML systems be submitted?

bank internal use as part of the statement audit

Is an AML system part of the financial statement audit?

yes

What are the requirements for the content of this external report on a bank’s AML systems and controls? Does it require: a) sample testing of KYC files? b) sample testing of SAR reports? c) examination of risk assessments?

Data Protection Laws And Personal Data

Data Protection for Corporate Data

it is a comprehensive protection of personal information recorded in files, records, databases, databanks or other technical means of data treatment, either public or private for purposes of providing reports, in order to guarantee the right of individuals to their honour and privacy

Data protection for "sensitive Data" and additional protections.

no, this law includes personal data, sensitive data, Datafile, register, database or databank

Do any restrictions on the transfer of credit reports exist?

yes

Regulator Acronym

UIF, BCRA

Year of last FATF mutual evaluation

2016

Field 67

due diligenceinformation verified by other clients

National ID card details

Issued at a person's birth, and updated at 8 and 14 years of age, and thereafter renewed every fifteen years.

Compulsory?

National ID source

http://www.identity-cards.net/record/argentina

Passport Photo

practical Guidance yes / no

Is there a risk based approach

Legal Requirement

Yes

Requirement to proceed

requirement to use automated suspicious transaction tools

Who are SARS made to?

UIF

shell banks

EDD for correspondent banking

Minimum transactions

key restrictions

Article 4 provides that the law does not apply to documents regarding death, family law or other highly personal matters.

Summary

Electronic signatures are valid with prior consent from each party. Summary of law Argentina follows the UNCITRAL model law and is similar to the laws of many European Union member states. It is considered a two-tier jurisdiction because it gives digital signatures the same status as handwritten signatures but also recognizes simple electronic signatures as legal and enforceable. Countries that follow this model give companies the opportunity to select different forms of signatures and customize their business processes based on the form that is most convenient and appropriate for each use case. Argentina’s laws are somewhat different in that they primarily discuss the enforceability of digital or advanced electronic signatures. However, Section 1197 of the Argentine Civil Code provides that when the parties agree that they will accept electronic signatures as valid and that they won’t challenge their validity, the agreement will bind both parties.

Are e-signatures acceptable

If the AML laws and/or regulations became effective in the last 2 years, what were the requirements of the previous AML regime?

N/A

Non financial sector (e.g. casinos, high value goods etc.)

Unidad de Información Financiera (“UIF”)

Does the country have a risk based approach?

Yes, although local regulators require certain procedures to be performed without taking into account the risk profile of the transaction or customer

Where copies of identification documentation are provided, what are the requirements around independent verification or authentication?

There is no information on independent verification of documentation in local guidance. Original documents must be seen by financial institutions

Is there case law, other constitutional law or any other laws or regulations that may impact upon the transfer of information to this jurisdiction?

Yes, Law 25326.

List of case law, constitutional law or any other laws or regulations that may impact upon the transfer of information.

Yes, Financial Institution Law 21.526 includes bank secrecy obligations