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The know your customer or know your client (KYC) guidelines and regulations for financial services require that professionals try to verify the identity, suitability, and risks involved with maintaining a business relationship.
Legal affairs
National regulatory framework regarding AML and effective date of the regulations
In Argentina, prevention of money laundering and financing of terrorism is regulated through Law 25,246 and complementary resolutions dictated by the Unidad de Información Financiera (public agency in charge of enforcing Law 25,246).
National regulator or relevant authority for AML controls
The national regulator for AML is the Unidad de Información Financiera ('UIF').
Customer Due Diligence
Conduct of a typical KYC identification process
According to the provisions contained in Law 25,246, obliged parties ('Sujetos Obligados') must comply certain obligations with respect to their clients: (i) require their clients to offer all information necessary to verify their identity; (ii) require their clients to verify the legal sources of funds; and (iii) notify the UIF of any suspicious transaction or operation made by their clients ('reportes de operación sospechosa').
Possibility to meet customer due diligence requirements by relying on third parties who are obliged by law themselves to comply with AML regulations
There is no legal restriction on relying on third parties to meet customer due diligence/KYC requirements who are obliged by law themselves to comply with AML regulations.
Possibility to outsource customer due diligence by contract to other third parties who are not obliged by law to meet AML regulations and rely on these (e.g., WebID, IDnow, PostIdent)
There is no legal restriction on relying on third parties to meet customer due diligence/KYC requirements who are not obliged by law themselves to comply with AML regulations. However, the obliged party shall be always reliable for breach of any AML provisions and in no way shall be able to limit its liability based on the outsourcing of KYC to third parties.
Presence of a license or registration requirement for the third party in case of outsourcing customer due diligence
There is no specific regulation on any license required to outsource customer due diligence to third parties.
Further questions
Entities that could be relied on specifically by law as a third party to comply with AML regulations (regardless of outsourcing)