Country _ Name
KYC requirements
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

The AML and KYC requirements apply to different industries of the market such as payment services before 2002. However, in 2002 the Financial Intelligence Unit (“UIF”) was created. Today, this authority is part of the SBS (starting on 2008). The Law # 27693 started the labour of the UIF.

National regulator or relevant authority for AML controls

The SBS. It has an internal department called Financial Intelligence Unit which supervises the non-banking sectors on AML and KYC.

Customer Due Diligence

Conduct of a typical KYC identification process

We have minimum standards to identify the client/customer/representatives: legal information, ID, handwritten signature, validation of PEP condition, client screening with international blacklists.

Possibility to meet customer due diligence requirements by relying on third parties who are obliged by law themselves to comply with AML regulations

KYC outsourcing is legal; however the providers shall meet all minimum requirements.

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)

KYC outsourcing is legal; however the providers shall meet all minimum requirements.

Presence of a license or registration requirement for the third party in case of outsourcing customer due diligence

No license is required nor registration to provide such outsourcing services.
Further questions

Further questions

Entities that could be relied on specifically by law as a third party to comply with AML regulations (regardless of outsourcing)

No credit institutions
No financial institutions
Yes auditors, external accountants, and tax advisors
Yes notaries and other independent legal professionals
Yes other trust or company service providers
No estate agents
No other persons trading high-value goods
No providers of gambling services



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