Modifications on the National Payment System

On August 15, 2024, the Argentine Central Bank published Communication “A” 8088, which modifies the regulatory framework of the National Payments System by repealing items 4.3 and 6.4 of the “Transfer” rules. These modifications seek to simplify procedures and reduce operational risks.

Item 4.3. of the rules of the ”National Payment System – Transfers” established: “‘Know your customer’ policy: special precautions to be taken prior to making a transfer, in order to continue with the policy of minimizing risk, particularly with respect to accounts that present some of the following characteristics: i) Destination accounts that have not been previously associated by the originator of the transfer through ATMs, at the financial institution’s headquarters or by any other mechanism it deems appropriate. ii) Destination accounts that have not been open for more than 180 days. iii) Accounts that have not registered deposits or withdrawals in the 180 days prior to the date on which the immediate transfer is ordered.”

Item 6.4. of the complementary rules on transfers established that a receiving entity could reject transactions in foreign currency if it had a “Suspicion that the transfer is associated with a breach of the regulations on the purchase of foreign currency by resident individuals for the formation of foreign assets.”