19 Dic 24 Amendment to Regulations Applicable to Financial and Currency Exchange Entities and Rules for Issuers, Operators, Payment Service Providers, and Non-Financial Credit Providers

By Agustín L. Cerolini, Martín Chindamo and Tomás Mingrone

By means of Resolution No. 199/2024 (hereinafter, the «Resolution 199/2024«) and No. 200/2024 (hereinafter, the «Resolution 200/2024«), the Financial Intelligence Unit (hereinafter, the «UIF» for its acronyms in Spanish) amends the regulations applicable to financial and currency exchange entities and establishes rules for issuers, operators, payment service providers, and non-financial credit providers.

By issuing Resolution 199/2024, the UIF revises the provisions of UIF Resolution No. 14/2023 and its amendments, imposing stricter requirements on financial and currency exchange entities regarding the identification, evaluation, and mitigation of risks associated with the prevention of Money Laundering, Terrorist Financing, and the Proliferation of Weapons of Mass Destruction. These adjustments align with the recommendations issued by the Financial Action Task Force (hereinafter, the «FATF«). Resolution 199/2024 will come into force 30 days after its publication in the Official Gazette.

On the other hand, Resolution 200/2024 establishes specific obligations that issuers, operators, providers of collection and/or payment services, and non-financial credit providers must comply with to manage and mitigate the risks of Money Laundering, Terrorist Financing, and the Financing of the Proliferation of Weapons of Mass Destruction.

In this sense, Resolution 200/2024 requires the implementation of a risk-based prevention system, which includes policies and procedures for customer due diligence, transaction monitoring, and the reporting of suspicious activities. It will take effect the day following its publication in the Official Gazette, at which point UIF Resolution No. 76/2019 will be repealed.

However, issuers, operators, providers of collection and/or payment services, and non-financial credit providers will have until May 1, 2025, to implement and adjust their policies and procedures according to the new requirements.

These resolutions are issued in the context of the FATF’s fourth round of evaluations, which assesses the adequacy of Argentina’s regulatory framework against current international standards. The amendments aim to deepen the implementation of the risk-based approach, promoting effective regulatory compliance aligned with global best practices in the field.