Anti-Money Laundering and Terrorism Financing Regulations for Insurance Entities: Amendments

Upon Resolution No. 816/2018 (the “Resolution”), the Argentine Superintendence of Insurance (the “SSN”, after its Spanish acronym) puts in place the "Final Beneficiary" Computer System under the scope of the Anti-Money Laundering and Counter Terrorism Financing Department of the SSN. The purpose of said system will be to identify:

 

(i) shareholders, either natural persons or legal entities –including the shareholders of the latter- of the local insurer or reinsurer,

 

(ii) members of economic groups or conglomerates, and

 

(iii) final beneficiaries.

 

In this sense, the Resolution provides definitions and interpretation guidelines for the concepts “Final Beneficiary” and “Economic Group or Conglomerate”.

 

Entities shall provide the Argentine Superintendence of Insurance with the information provided in the Resolution through the "Final Beneficiary" Computer System, available in the website https://login.ssn.gob.ar.

 

Moreover, entities must appoint an agent responsible for data entry, who must submit the information to the SSN:

 

(a) only once, within 30 days as of August 14, 2018, and

 

(b) annually, within March 1 and March 15 of every year.

 

The information submitted will constitute a Sworn Statement.

 

Notwithstanding the aforementioned, within five days of the data upload, entities must submit the Sworn Statement through the online platform of “Paperwork at Distance” (the “TAD”, after its Spanish acronym), by entering into “Final Beneficiary of the SSN” in the https://tramitesadistancia.gob.ar website.

 

Finally, the Resolution makes it clear that this new Computer System does not exempt entities from complying with the procedures or paperwork that require said information to be submitted in paper or electronic format, including a diagram or organization chart that shows graphically, in an organized way, the position of the members of the economic group or conglomerate and, if applicable, the position of the final beneficiary, and the connections between each other.

 

Any failure of entities to comply with the Resolution constitutes an irregular exercise of insurance activities under Section 58 of Law No. 20,091.