12 Sep 24 The Argentine Central Bank of Argentina updates regulations regarding «Payment Service Providers»

By Agustín L. Cerolini, Martín Chindamo and Maria Agustina Martin Triscali

On September 10, 2024, the Central Bank of the Republic of Argentina (the «BCRA» for its acronym in Spanish) published Communication “A” 8102 (the “Communication”), which introduces changes to the regulations concerning «Payment Service Providers» (“PSP”) in line with the provisions set forth in Communications «A» 7972 and «B» 12648.

Through the Communication, the BCRA established that PSP will no longer be permitted to apply for simultaneous registrations for different functions. If a PSP wishes to undertake more than one function subject to registration, it must complete the registration process for one function before initiating the process for another, having first obtained the corresponding certificate for the initial function.

Additionally, the Communication introduced a requirement for PSP with Payment Accounts (“PSPCP” for its acronym in Spanisg) to comply with a detailed informational regime outlined in Section 3 of such regulations, which mandates the submission of a quarterly report. The final report, dated December 31 of each year, must also include an assessment of compliance with financial consumer protection regulations. The PSP who performing the Initiation Function (“PSI” of its acronym in Spanish) are also subject to this informational regime, although their report must be submitted annually as of December 31, and must confirm compliance with financial consumer protection regulations.

Finally, compliance reports submitted by PSPCP and PSI, prepared by licensed professionals or professional associations, must adhere to the requirements of the informational regime outlined in the BCRA’s «Report by Independent Public Accountants on Compliance with BCRA Regulations by Payment Service Providers.«