New Regulations for Payment Service Providers

The Argentine Central Bank (the "BCRA" after its acronym in Spanish), through Communique “A” 6929 of March 13, 2020, established a new Information Regime applicable to payment service providers that offer payment accounts within the framework of the previous Communique “A” 6885, dated January 30, 2020.

Communique “A” 6929 of March 13, 2020, (the “Communique”) provides the information to be submitted by payment service providers (“PSP”) to the BCRA in three different sections: "Information for Supervision", "Statistical Information - National Payments System" and "Quarterly Information". The information must be submitted in accordance with the rules on "Submission of Information to the BCRA". In addition, the Communique provides models of how the information should be submitted.

Section A on "Information for Supervision" requires information on client’s payment accounts (detailing the balance of funds credited to client’s payment accounts, the number of client’s payment accounts and number account and sight deposit account of every financial institution to which funds from client’s payment accounts are credited), and balances invested in mutual funds reported to clients − including information on the balance of clients investments in mutual funds, number of clients with investments in mutual funds and detailed information for each mutual fund in which client’s funds are invested.

Section B on "Statistical information - National Payment System" must be complied with on a monthly basis. It includes information regarding the number of transactions and the total amount thereof.

In this regard, transactions must be classified according to two situations: payments received and/or payments sent by the PSP. Details on how the transfers made are sent and received are also required.

Finally, this section requires that additional information be provided on clients and accounts with respect to transactions reported under the previous paragraph.

Section C, on "Quarterly Information", establishes the obligation to submit a special external auditor's report certifying compliance with the rules on PSP and the integrity of the information contained in Section A.

Sections A and B must be submitted on the 20th day of the month following the one to which the data corresponds. As regards the deadline for submission of Section C, it will operate on the 20th of the month following the end of each calendar quarter.