The measure reaches those who carry out operations for an amount that reaches or exceeds the sum of $5,738,075 million.
According to the official text, the banks “must define a client profile, which will be based on the information and documentation related to the economic, patrimonial, financial and tax situation (sworn tax returns; authenticated copy of the deed justifying the funds with which the purchase was made; certification issued by a registered Public Accountant”.
They should also be taken into account “the amount, type, nature and frequency of the operations carried out by the client, as well as the origin and destination of the resources involved in its operations”.
The amount established to define the client’s profile will be automatically updated in January and July of each year based on the percentage increase in the Automotive Sector Price Index accumulated in the last six months, the FIU clarified.
However, banks are exempt from defining the customer profile when:
- The operations are carried out by means of bank transfers or personal checks, provided that the funds come from an account of which the client was the owner or co-owner, and/or when they originate from pledge or personal loans granted by financial entities subject to the regime of the Law No. 21,526.
- The operations are carried out by dation in payment or exchange of an asset, when the difference between the value of the contributed asset, personal check, bank transfer or collateral or personal credit and the price of the new asset that was acquired is not greater than the threshold established.
The FIU established that financial entities must report from the 1st to the 15th of each month the operations carried out in the immediately preceding calendar month.
“This measure will make it easier for reporting entities (banks) to manage the risks of money laundering and financing of terrorism, in accordance with the international standards approved by the International Financial Action Task Force,” the agency justified.
Source: Ambito
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