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.
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.
Beneficial Owners are treated the same as 'permanent' clients, therefore beneficial ownership must be identified.
Enhanced due diligence procedures are required for transactions over USD10,000 and some additional information is required for 'permanent' customers (see A9).
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.
None stated in local regulations or guidance.
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).
Yes, in certain circumstances dependent on the industry, there are monthly reports of normal transactions.
ARS50,000 (approx. USD3,560)
No. It is suggested in the regulations but not mandatory.
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.
bank internal use as part of the statement audit
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
no, this law includes personal data, sensitive data, Datafile, register, database or databank
due diligenceinformation verified by other clients
Issued at a person's birth, and updated at 8 and 14 years of age, and thereafter renewed every fifteen years.
Article 4 provides that the law does not apply to documents regarding death, family law or other highly personal matters.
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.
Unidad de Información Financiera (“UIF”)
Yes, although local regulators require certain procedures to be performed without taking into account the risk profile of the transaction or customer
There is no information on independent verification of documentation in local guidance. Original documents must be seen by financial institutions
Yes, Law 25326.
Yes, Financial Institution Law 21.526 includes bank secrecy obligations