TITLE: Argentina's Financial Information Unit Establishes Minimum Requirements for Anti-Money Laundering and Counter-Terrorism Financing Prevention BODY: On March 14, 2024, Argentina's Unidad de Información Financiera (Financial Information Unit, UIF) issued Resolution 42/2024, establishing minimum requirements for identifying, evaluating, monitoring, administering and mitigating money laundering (ML) and terrorism financing (TF) risks. The resolution was published in the Official Gazette on March 18, 2024. The resolution applies to licensed public accountants whose activities are regulated by Professional Councils of Economic Sciences under Law 20.488, when they prepare or conduct specific activities on behalf of clients. These activities include: real estate purchases and sales exceeding 700 minimum monthly wages; asset administration exceeding 150 minimum monthly wages; bank and savings account administration exceeding 50 minimum monthly wages; organisation of contributions for entity creation or operation; creation and operation of legal entities; and audit reports of financial statements for obligated subjects or entities with annual ordinary income exceeding 4,000 minimum monthly wages. The resolution implements a risk-based approach aligned with Financial Action Task Force (FATF) Recommendations 22 and 23, requiring obligated subjects to implement comprehensive ML/TF prevention systems. Key obligations include: client due diligence differentiated by risk level (high, medium, low); continuous monitoring of habitual clients; identification and reporting of suspicious operations; maintenance of client files and transaction records for ten years; annual staff training; and independent external reviews of prevention systems for those conducting specific activities. Obligated subjects must submit risk self-assessment reports by April 30, 2026, covering 2024 and 2025. External reviewer reports are due by August 31, 2026. Systematic monthly reports on specific activities commence February 2025, with annual audited entity and systematic annual reports due by March 15, 2025, covering 2024. Suspicious operation reports must be submitted within 15 days for ML cases and 48 hours for TF cases. The resolution repeals Resolution UIF 65/2011.

TEXTO ORIGINAL - RESOLUCIÓN 42 / 2024 - UNIDAD DE INFORMACION FINANCIERA | Argentina.gob.ar

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