TITLE: Argentina's Financial Information Unit Imposes Fines on Currency Exchange Operator for Anti-Money Laundering Violations BODY: On November 1, 2022, Argentina's Financial Information Unit (Unidad de Información Financiera, UIF) issued a resolution imposing administrative sanctions against Cambio Internacional S.A., a currency exchange operator, and two of its administrators for serious violations of anti-money laundering and counter-terrorism financing (AML/CTF) obligations. The UIF found Cambio Internacional S.A., along with administrators Joaquín Rafael Ledesma and Sergio Eduardo Guillén, responsible for multiple breaches of Law 25,246 and UIF Resolution 121/2011. The violations included deficiencies in the entity's AML/CTF procedures manual, absence of formal staff training programmes, inadequate customer identification and due diligence procedures, and failure to report suspicious transactions. Most significantly, the UIF determined that the entity failed to report six foreign currency purchase operations totalling 8.712 million pesos conducted by a client between March and June 2016, which lacked adequate documentation and appeared inconsistent with the client's stated business activities. The administrative proceeding, initiated in 2017, involved a formal investigation where the entity and its administrators were afforded due process rights, including the opportunity to present defences and evidence. The UIF rejected arguments that violations were moot due to t ... (2301 chars total)