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The Financial Information Unit (UIF) established that banks, insurance companies and brokers may request tax documentation from clients seeking to dollarize their investment portfolios.

The measure, embodied in resolution No. 6/2022 published last Friday in the Official Gazette (BO), modifies the criteria imposed by that same body in 2017 (resolution 30) and 2018 (21 and 28) and it bears the imprint of the new head of that body, Juan Carlos Otero, a trusted camper of deputy Máximo Kirchner.

It aims to discourage the demand for physical and financial dollars, in another attempt to contain purchases and help contain the wide exchange rate gap, although officially it is justified by saying that it seeks to combat money laundering maneuvers.

“The rule is in line with the international standards of the International Financial Action Task Force (FATF), it strengthens the control tools that had been dismantled by the aforementioned rules” during the Macrista government, they maintain from that body.

“FATF Recommendation 10 determines that when the risks of money laundering or financing of terrorism are greater, financial institutions should be required to execute intensified measures of ‘Customer Due Diligence’ in line with the identified risks. In particular, they must increase the degree and nature of the monitoring of the commercial relationship, in order to determine if those transactions or activities appear unusual or suspicious”, explains the FIU resolution.

In the market they believe that the measure is trying to limit the demand for dollars by adding more and more requests for “extra” documentation.

The new FIU resolution replaces the first paragraph of article 37 of FIU Resolution No. 30/2017, while the second article replaces the first paragraph of article 35 of FIU Resolution No. 21/2018, with the following text : “The information and documentation requested must allow the preparation of a prospective transactional profile (ex ante), without prejudice to subsequent calibrations and adjustments, in accordance with the operations actually carried out.”

“Said profile will be based on the understanding of the purpose and the expected nature of the commercial relationship, the transactional information and the documentation related to the economic, patrimonial, financial and tax situation that the Client would have provided or that the Entity itself could have obtained, according to the Due Diligence processes that apply in each case”, add.

Although it is proposed as an optional criterion, the market suspects that the prior condition for clients to provide sworn declarations of Earnings and Personal Assets before carrying out any operation will be imposed on the facts. “No operator will want to seek problems with the control organisms”, they maintain.


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