Editor’s Note
This article outlines new regulatory requirements from Argentina’s Financial Information Unit (UIF). Resolutions 54/2024 and 55/2024 mandate specific anti-money laundering and counter-terrorist financing protocols for obligated entities, effective upon their March 26 publication.
The new UIF Resolutions 54/2024 and 55/2024, published on March 26 in the Official Gazette, establish the minimum requirements for the identification, assessment, monitoring, management, and mitigation of money laundering, terrorist financing, and financing of the proliferation of weapons of mass destruction (ML/TF/FP) risks. These requirements must be applied by the obligated subjects established in subsection 16 of Article 20 of Law No. 25,246 to prevent their use by third parties for criminal purposes.
The new regulations replace Resolution 28/2011 and establish a new regulatory framework for the obligated subjects in these sectors to increase the effectiveness of the preventive system by adopting a risk-based approach.
In their development, the results of the National Risk Assessments for ML and TF/FP, approved by Decrees 653/22 and 652/22 respectively, have been considered.
The new Resolutions propose a customer segmentation based on the risk assigned to each of them and distinguish the due diligence measures to be applied according to the rating given to them. They also include warning signs for identifying situations that may lead to greater exposure to ML/TF/FP risk.
Finally, they specify the minimum compliance policies, procedures, and controls that must be met, as well as the data that must be included in the Unusual Operations Registry and in the systematic reports that must be submitted to the UIF.
Additionally, Article 5 of UIF Resolution 70/2011 is repealed with respect to the Obligated Subjects covered by the new resolutions.
Access to UIF Resolution 54/2024
Access to UIF Resolution 55/2024