Dated July 26, 2019, and published in the Official Gazette on July 29, the Financial Information Unit ("FIU") issued Resolution No. 76/2019 (the "Resolution"), through which it amends the regulations on money laundering applicable to issuers of credit and purchase cards and traveler's checks, adopting a risk-based approach to comply with the guidelines issued by the International Financial Action Task Force (FATF). The new approach of the Resolution is the same as the one applied to financial entities, insurance companies and capital markets, but adapted to the particularities of this industry. Additionally, the Resolution includes new obliged subjects expanding the scope of the concept of credit and purchase card operator, adapting thereby to the new market participants.
Accordingly, the Resolution extended the list of obliged subjects to acquirers (such as Prisma or First Data) and aggregators, groupers or payment intermediaries (for example, Mercado Libre through its Mercado Pago service, among others). On the other hand, issuers of prepaid cards to be used exclusively for the purchase of products from the business that issued the card (for example, prepaid cards issued by supermarkets), and issuers of prepaid cards intended exclusively for the loading of fuels and lubricants, have been excluded from the definition of obliged subjects.
In addition, beyond the new approach, the thresholds applicable to the systematic monthly reports of transactions (consumption and/or cash advances) and advances of expenses were raised, using as a unit of measure the value of the minimum, vital and mobile salary, repealing Article 14 of Resolution No. 70/2011. Regarding the obligations of acquirers and payment intermediaries, beyond the obligations applicable to all obliged subjects to the Resolution, the latter must immediately provide upon request of the FIU information and documentation regarding the transactions in which they have intervened.
Finally, the Resolution will be effective as from October 31, 2019 with the implementation of a gradual plan.