Unified Obligation to Collaborate with the Federal Control Authorities

The Financial Information Unit (UIF) issued Resolution No. 72/2023, published in the Official Gazette on May 2, 2023, approving the Regulation of the Obligation to Collaborate of the Argentine Central Bank (BCRA), the Argentine Securities Commission (CNV), the Argentine Superintendence of Insurance (SSN), and the Argentine Association and Social Economy Agency (INAES), for the supervisory procedures of the reporting entities under their control.

The Resolution seeks to improve the coordination between the different agencies involved in supervision and control tasks, to adjust the obligations and procedures to be complied with according to the international standards promoted by the Financial Action Task Force.

By means of this Resolution, the UIF eliminates the regularization plans in the current regulations –which have proved difficult to apply– and establishes suitable and proportional compliance corrective actions to be applied with a risk-based approach, within the framework of the supervisory procedures. The aim is to correct situations of major non-compliance or to remedy minor infringements to the AML/FT rules.

Finally, the Resolution regulates the new operation of the working groups and approves a model of the final technical report those agencies will have to use for writing their final technical reports. These reports must be submitted before the Financial Information Unit to comply with the obligation to collaborate.