Anti-Money Laundering. Real Estate and Car Dealership Industries. Saving and Capitalization Companies

By Resolution No. 49/2013 (the “Resolution”) the Financial Information Unit (the “UIF”) modified Resolution No. 31/2012 (the “Amended Resolution”) in order to ease the Know Your Customer (the “KYC”) duties and obligations imposed by the Amended Resolution on the obliged subjects whose main commercial activity is the sale of: (a) cars, trucks motorcycles, buses, tractors, agricultural and vial machinery; and (b) Real Estate. In particular, the Resolution has raised the threshold from which the obliged subjects indicated above must request additional information to their customers with respect to their economic, financial and tax situation. Indeed, for the case of cars the annual amount has been raised from AR$ 300,000 to AR$ 350,000; while, for the Real Estate industry the annual amount has been raised from AR$ 600,000 to AR$ 1,000,000.

Furthermore, the UIF issued Resolution No. 50/2013 by which it repeals Resolution No. 34/2011 in order to update the regulations addressed to saving and capitalization companies as Obliged Subjects to comply with the anti-money laundering laws and regulations (the “New Resolution”). The main modifications brought by the New Resolution, among others, is that the obliged subjects indicated above must create a profile of their clients containing information with respect to their economic, financial, assets and tax situation with correspondent supporting documentation when clients carry out annual transactions of at least AR$ 350,000 (Resolution No. 34 derogated by the New Resolution only requested supporting documentation to support their Clients’ affidavit regarding the origin of funds for operations of above AR$ 40,000).

Both resolutions became effective as from their publication in the Official Gazette (i.e. March 12, 2013).