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The Financial Information Unit (“UIF” for its Spanish acronym) issued Resolution No. 130/2018 on 29 October 2018, which modifies the thresholds that shall be observed by the obliged parties for the identification and understanding of their clients and their operations. The UIF increased said thresholds in order to adhere to the international standards established by the International Financial Action Task Force.

Among the different modifications made, thresholds that companies which operate credit cards or buy and issue traveler's checks shall apply to make the operations systematic reports pursuant to Resolution No. 70/2011, were increased. Thus, said parties shall inform:

  1. Local consumptions with credit cards issued abroad, for amounts exceeding ARS 16,000 (Sixteen Thousand Argentine Pesos);
  2. The issuance of prepaid cards which are not chargeable for amounts higher than ARS 16,000 (Sixteen Thousand Argentine Pesos);
  3. Credit cards with monthly consumptions exceeding ARS 160,000 (One Hundred and Sixty Thousand Argentine Pesos);
  4. Advance payment of charges, before being credited, higher than ARS 160,000 (One Hundred and Sixty Thousand Argentine Pesos);
  5. Corporate credit cards with monthly consumptions exceeding ARS 400,000 (Four Hundred Thousand Argentine Pesos);
  6. Corporate credit cards advance payment of charges, before being credited, for an amount higher than ARS 400,000 (Four Hundred Thousand Argentine Pesos).

Furthermore, thresholds that companies which operate credit cards or buy and issue traveler's checks shall apply to identify Occasional and Regular Clients were also increased. Since the modification, a Regular Client is any client that makes operations for an amount that reaches or exceeds the sum of ARS 240,000 (Two Hundred and Forty Thousand Argentine Pesos) per year or its equivalent amount in other currencies. Any client making operations for an inferior amount shall be considered an Occasional Client.

Finally, the titular user that acquires a prepaid card (either chargeable or not) which does not exceed the monthly amount of ARS 16,000 (Sixteen Thousand Argentine Pesos) shall be identified in compliance with the provisions established in Section 13, subsections a) to h), of Resolution No. 2/2012. In those cases in which said sum is exceeded, the remaining requirements set forth in the aforementioned section shall be complied with as well.

 

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