The minimum amounts set forth to detect and report suspicious transactions were amended by the Financial Information Unit (“UIF”).
By Resolution No. 104/2016 (the “Resolution”), published yesterday in the Official Public Gazzette, UIF has amended the minimum amounts set forth for the identification and subsequent reporting of suspicious money laundering operations of clients, regular and/or occasional, of persons obligated to report.
The Resolution amended UIF’s Resolution No. 121/2011, applicable to financial entities, and UIF’s Resolution No. 229/2011, applicable to stockbrokers and stockbrokerage entities, defining “usual” clients as those carrying out transactions for an annual amount reaching or exceeding the amount of ARS 260,000 or its equivalent in other currencies; and “occasional” clients as those performing annual operations not exceeding the sum of ARS 260,000. Previously the threshold amount was ARS 60,000.
In addition, in case of cash deposits of or in excess of ARS 200,000 or its equivalent in other currencies, financial entities shall identify the depositor by requiring a valid ID.