Insurance Brokers - Anti-Money Laundering and Terrorism Financing Regulations

The “Final Beneficiary” online system had been launched in August 2018 through the Resolution of the Superintendence of Insurance (“SSN”) No. 816/2018 (the Resolution SSN 816) within the Anti-Money Laundering and Counter Terrorism Financing Department of the SSN. The purpose of Resolution SSN 816 was to have local insurers and reinsurers inform the SSN of their shareholders structure and the entities included within it, as well as the individuals with the real control over those legal entities.

The Resolution SSN 816 had also defined the concepts of “Final Beneficiary” and “Economic Group or Conglomerate”.

By means of the recent Resolution SSN No.1014/2019 (the “Resolution SSN 1014”), insurance broker entities were incorporated to this online “Final Beneficiary” system, through which they must report if they belong to an economic group or conglomerate, and the individuals or legal entities that are part of the group and its final beneficiary.

Entities must provide the SSN with this information through the "Final Beneficiary" online System, available on the SSN’s website https://login.ssn.gob.ar

Insurance broker entities must also appoint an agent responsible for the data entry, who must submit the information required by the Resolution 1014 to the SSN:

- only once, within 30 days as of November 7, 2019, and

- annually, on July 1-15.

The information submitted shall be considered a sworn statement.

Within five days of the data upload, insurance broker entities must also submit the sworn statement through the online platform “Paperwork at Distance” (the “TAD”, after its Spanish acronym), https://tramitesadistancia.gob.ar/tramitesadistancia/inicio-publico, in the  “Final Beneficiary of the SSN” option.

Finally, like Resolution SSN 816, the Resolution SSN 1014 makes it clear that this new online system does not exempt insurance broker entities from complying with the duty to inform any modification in its shareholder structure or economic group or conglomerate within 30 days.

Any failure of insurance broker entities to comply with the Resolution SSN 1014 may result in the sanctions provided in article 59 of Law No. 20,091.