The Financial Information Unit (FIU) updated the amounts of the transactions that the different regulated sectors must declare before the agency, for the prevention of money laundering and the financing of terrorism.
From the UFI they assured that “by increasing the thresholds for the adoption of due diligence measures and for the systematic reports of operations, the number of cases in which the regulated entities must report is reduced.”
The update was the product of the application of the risk-based approach, determined in the FATF international standard, which constitutes an effective way to combat money laundering and terrorist financing.
The measure was taken through FIU Resolutions No. 50/2022 and No. 51/2022, published this Wednesday in the Official Gazette.
The implemented changes are framed in the work of adaptation of the preventive regulation and in the purpose of improve the effectiveness of the national Anti-Money Laundering and Terrorist Financing (AML/CFT) system.
UIF Resolution 50/2022 adjusts the amounts for the different sectors such as notaries; professionals in Economic Sciences; mutual and cooperative associations; trustees of trusts; capital market; financial and exchange entities, among others (More information at argentina.gob.ar/noticias/nuevos-umbrales-para-sujetos-obligadas). It should be remembered that the figures had not been modified since November 2019.
Meanwhile, through Resolution FIU 50/2022l, the FIU approved the updating of thresholds for the automotive sector, which includes as subjects the National Directorate of the National Registries of Automotive Property and Pledged Credits and the Sectional Registries of Automobile Property and Pledged Credits; capitalization and savings companies; and human or legal persons whose usual activity is the sale of vehicles, who must register with the National Registry of Automotive Property.
This last measure also leaves without effect FIU Resolution No. 113/2021 –ordered last November-, and approves the new values corresponding to the FIU Resolutions Nos. 127/2012, 50/2013 and 489/2013 and their respective amendments.
In the case of automobiles the update mechanism will be maintained periodic and automatic in the months of January and July of each year based on the percentage of increase in the Price Index of the Automotive Sector (IPSA) that the Association of Automotive Dealers of the Argentine Republic (ACARA) publishes on its website”, he specified. the FIU in a statement.
“Both resolutions put into effect respond to the consensus reached after meetings with representatives of Chambers, Colleges and Associations from different sectors. The update increased the amounts, consequently, the cases of mandatory reporting for each sector will be lower”, they assured the FIU. In the case of automobiles
