Anti-Money Laundering and Terrorism Financing - Motor Vehicles

On April 4, 2013 the Public Registry of Motor Vehicles (the "DNRPA") issued Provision No. 132/2013 in order to implement the modifications established by Resolution No. 49/2013 of the Financial Information Unit. Accordingly, the DNRPA increased the amount of the transactions (the "Transactions") from which the DNRPA must request to their clients supporting documentation and/or information evidencing the origin of the funds to AR$ 350,000.

Furthermore, it established that in order to evidence the origin of funds, any of the following documentation shall be valid to that end:

1. authenticated copies of the deed by which the funds used to perform the purchase are justified;
2. certification extended by a public accountant certifying the origin of the funds, legalized before the correspondent Professional Association, describing the examined documentation;
3. banking documentation evidencing the existence of the funds;
4. documentation evidencing the sale of movables, real estate, securities, livestock, for a sufficient amount; and
5. any other documentation that may support – in accordance to the origin declared– the possession of sufficient funds to perform the transaction.

Provision No. 132/2013 entered into force on April 4, 2013.