Virtual Assets: UIF Requested information and Urged Reporting Entities to Take Extreme Measures
The agency warned that transactions carried out through said assets could be carried out by people who seek to circumvent international standards and avoid the anti-money laundering and terrorist financing regime.
Through a press release published on its website on May 20, 2020, the Financial Intelligence Unit (the “UIF” after its acronym in Spanish) emphasized that there has recently been an increase in transactions carried out through virtual assets.
In this context, among other actions, the agency asked certain Reporting Entities to take extreme measures with respect to actions that could pose a threat to the economic and financial regime, reminding them that they must reinforce oversight with respect to them, evaluating that they fit the profile of the customer who performs them, in accordance with UIF Resolution No. 70/2011, as amended by UIF Resolution No. 300/2014.
Lastly, the UIF reported that it is gathering information from agents involved to have updated data regarding such transactions and to adapt its anti-money laundering and terrorist financing regime to the Financial Action Task Force’s Recommendations.
This insight is a brief comment on legal news in Argentina; it does not purport to be an exhaustive analysis or to provide legal advice.