The Argentine Central Bank (ACB) issued on 29 December 2017 the Communication "A" 6418 (the Communication) by means of which it incorporates the obligation to appoint a Responsible Individual for Consumers of Financial Services (Responsible Individual) and a Committee for the Protection of Consumers of Financial Services (Committee). The obligation to appoint or not the Committee will depend on the size, operation and/or clientele of the entity.
Consequently, financial and non-financial entities that issue credit cards shall appoint the Responsible Individual or the Committee, who shall be responsible for the analysis and review of the activities related to the internal process and control of consumers. In addition, the Responsible Individual or the Committee, as appropriate, shall receive reports of the internal process and control of consumers at least quarterly.
Finally, the Communication also provides the potential applicable sanctions to the appointed Responsible Individual and/or Committee.