Federico Sturzenegger makes a strong impression in the Government and advances some of its projects during Javier Milei’s administration. On this occasion, the Central Bank (BCRA) resumed an initiative of Mauricio Macri’s management: the one of Activate and make more flexible the opening of banking correspondents in the country.
Although with Some changes from the 2018 proposalapproved a rule on Thursday that enables this figure in the country, since it provided that financial entities may delegate to complementary financial services agencies all active, passive and service operations in pesos that they carry out with their clients and the general public.
It is worth mentioning that banking correspondents are Commercial establishments that act on behalf of and on behalf of a bankgenerally, in order to expand, with lower costs for the banking entity, territorial coverage, expand financial services, facilitate procedures and reduce time. “They are points of attention located in stores, for example, where customers can make transactions without having to go to branches of financial institutions,” he explains to Ambit a fountain.
A project by Sturzenegger that is being taken up again with some changes
“In the previous attempt by the BCRA to impose this type of measures, the measure It could not be applied due to the reluctance of the banking unionBut, this applies in much of the world and I think today It is necessary due to the advancement of fintech, digital wallets and electronic payments.“, says economist Federico Glustein.
He believes that it is good to give some strength to the banks in this context, and that it is a good measure that they apply Some rules are less flexible than in the project that Federico Sturzenegger had promoted a few years ago. However, he points out that care must be taken with the fact that prior authorization from the BCRA will not be required. And, in this sense, he points out that it is good to deregulate some aspects, but warns that “the risks must be taken into account.” bank users rights as we move forward on that path.”
During the previous management of the Central, that of Miguel Pesce, The monetary regulator had to authorize the correspondents. That is to say, they could not be opened without the approval of the BCRA. But, Starting from the new communication “A” 8069, the regulations for the expansion of banking entities were modified with some new features for the regulation of correspondent banks and in order to make their management more flexible.
Correspondent banking: new features of the regulation
Among other points, expanded the operations that can be donebut only in pesosnot in dollars. It also established that the correspondence may only be delegated in legal entities (companies) and not in physical persons (unlike the Macri administration’s project).
“These complementary agencies They must be legal entities –not financial institutions– residents in the country and operate in one or more premises such as a post office, collection agency, etc., with the provision of financial services – through delegation – being a secondary activity,” the regulatory text states.
The new BCRA regulation authorizes banks to use different types of commerce -such as post offices or pharmacies-, such as banking correspondents“This reduces expansion costs for banks,” a source in the sector told this newspaper.
To enable a new correspondent, Banks have to inform the BCRA in advancebut they do not require the approval of the entity as until now. This is done through a “prior communication sent to the Superintendence of Financial and Foreign Exchange Entities (SEFyC) At least 60 calendar days before the start date of the activities or delegated operations”, according to the standard.
This is how bank correspondents will operate
And it was arranged that Cash deposits may be made in each account up to a monthly limit equivalent to 3 times the Minimum, Vital and Mobile Salary (SMVM) for monthly paid workers who work the full legal work day. Remember that the minimum wage is $234,315.12 since May, according to the latest update and it is expected that it will soon be set by decree by the Government, after the failure of the last meeting of the Salary Council. Therefore, The monthly limit for correspondents is $702,945.36until the minimum wage is adjusted again.
Furthermore, in every operation that is agreed upon, The complementary financial services agency must use the same forms and documentation – in physical or electronic format – that the entity uses.
Entities must have internal procedure manuals for each complementary agency, which allow a clear appreciation of the process followed and the identification of existing controls and the administrative sectors, positions and posts responsible for each step in the flow and control of transactions. “These manuals must be kept up to date and must be available to the SEFyC at all times,” states the rule.
Source: Ambito
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