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On 8 January 2024, the Financial Information Unit (UIF for its Spanish abbreviation) issued Resolution No. 1/2023 ("Resolution"), establishing minimum requirements for the identification, evaluation, monitoring, management, and mitigation of money laundering and terrorist financing risks applicable to persons or legal entities that perform remittances within and outside Argentina. The Resolution is aligned with prior resolutions issued by the UIF for other regulated entities. Accordingly, the Resolution changes the approach from formal regulatory compliance to a risk-based approach.
On 8 January 2024, the UIF issued the Resolution by which minimum requirements were established for the identification, evaluation, monitoring, management, and mitigation of money laundering and terrorist financing risks applicable to persons or legal entities that perform remittances of funds within and outside Argentina ("Regulated Entities").
Among other provisions, the Resolution establishes the following obligations for Regulated Entities:
To access this alert's Spanish version, click here.
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