Argentina

New Documents

Central Bank of Argentina Releases Cybersecurity Guidance for Financial Institutions

The Central Bank of the Republic of Argentina released guiding document A7266, aimed at aiding financial institutions and payment service providers in responding to cyber incidents.

May 7, 2021

Argentina Central Bank Suspends Reporting Requirements Due to COVID-19

Banco Central de la Republica Argentina, the central bank of Argentina, extended the reporting requirements of financial institutions due to the COVID-19 pandemic.

August 14, 2020

Argentina Creates Beneficial Ownership Registry

April 21, 2020

Argentina FIU Discusses Reporting Obligations During COVID-19 (in Spanish)

April 6, 2020

Secretary of State Michael Pompeo, Others Deliver Speech at Counterterrorism Meeting

July 19, 2019

News

Weekly Roundup: Alleged Reprisals Against AML Whistleblowers Draw Federal Scrutiny, US Lawmakers Debate FinCEN’s Role in Countering Domestic Terrorism, and More

U.S. officials blacklist Saudi military unit and official for killing of Jamal Khashoggi, 4AMLD bolstered European bank stocks, and more, in the weekly roundup.

February 26, 2021

Weekly Roundup: US Officials Target Ransomware Payments, Pennsylvania Bank Must Bolster AML Program, and More

Banque de Commerce et de Placements fined in Luxembourg for AML lapses, Austria expands investigations into Commerzialbank, and more, in the weekly roundup.

October 2, 2020

Midweek Roundup: FinCEN Lays Out COVID-19 Red Flags, OCC Chief to Resign, and More

May 20, 2020

Legal Brief: Global Financial Community Acts Against COVID-19

April 15, 2020

Midweek Roundup: Bank of America Sued over COVID-19 Lending, HSBC Self-reports AML Breaches, and More

April 8, 2020

Enforcement Actions

Argentina Imposes a Monetary Penalty Against Banco Macro for AML Violations (in Spanish)

Argentina’s financial intelligence unit fined the Buenos Aires-based financial institution and its chief compliance officer 538.161 pesos for failing to report suspicious transactions between April and October 2006.

January 9, 2014

Key Documents

Argentina Enacts AML Law, Establishes Financial Information Unit

June 1, 2011

Argentina Passes Counter Terrorist Financing Provisions

July 5, 2007

Argentina Stipulates Penalties for Violating AML Laws

June 1, 2011

Argentina Issues National Agenda on Anti-Money Laundering

September 11, 2007

Argentina Amends Certain Portions of the Penal Code (in Spanish)

December 22, 2011

Important Facts

  • The U.S. State Department labels Argentina as a major money laundering jurisdiction. Money laundering occurs throughout the financial system and is commonly related to narcotics trafficking, public corruption and tax evasion. The TriBorder Area (TBA) shared with Brazil and Paraguay is a major route through Argentina for dollar counterfeiting, drug trafficking, trade-based money laundering and other smuggling offenses. Specifically, the terrorist organization Hizballah has significant financing operations in the TBA. State and private financial institutions, money or value transfer businesses, exchange houses, real estate and the gaming industry are particularly vulnerable to laundering activities. Limited regulatory and criminal enforcement capabilities and insufficient controls at points of entry make it difficult for Argentina to adequately prevent the flow of illicit funds into the country, including the transport of bulk cash. It is also vulnerable to money laundering based on its cash-based economy and large informal sector. Foreign and domestic politically exposed persons are subject to enhanced due diligence and Argentina maintains know-your-customer and suspicious activity reporting requirements. Both foreign and domestic politically exposed persons are subject to enhanced due diligence.
-Source: 2020 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i

Technical Effectiveness
Compliant : 2 High :
Largely Compliant : 1 Substantial :
Partially Compliant : 26 Moderate :
Non-Compliant : 20 Low :

BASEL i

Rank : 74/141
Score : 5.08/10

TRANSPARENCY INTERNATIONAL i

Rank : 78/180
Score : 42/100

Tax Justice Network i

Rank : 94/133
Score : 55/100