New Regulations Towards A Digitalized Financial Sector

Author:Mr Juan Diehl Moreno and Santiago Ezequiel Eraso Lomaquiz
Profession:Marval O'Farrell & Mairal
 
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The Central Bank of Argentina issued Communiqués "A" 6058, 6059, 6068 and 6071 providing financial institutions with the possibility of implementing new technologies in several aspects of their activity.

Continuing with its aim to integrate the financial system with the available technological innovations to foster a greater formalization of the economy and access to banking services within the Argentine population as well as to facilitate the access and usage of available digital tools (see "New Regulation Implementing the Mobile Payment Platform" in Marval News # 162) the Central Bank of Argentina ( the "Central Bank") issued Communiqués ""A" 6058, 6059, 6068 y 6071.

These Communiqués provide financial institutions with the possibility of using digital and electronic signatures in foreign exchange transactions, executing documents through digital means, opening bank accounts and receiving check deposits through electronic means, respectively.

Communiqué "A" 6058 allows financial institutions to use electronic and digital signatures in foreign exchange transactions. Among other requirements, the Central Bank determines that banks must verify the customer's identity in person and execute specific agreements to use digital and electronic signatures for purchases and sales of foreign currencies.

Moreover, the Central Bank has authorized financial institutions to open bank accounts for non-client individuals through electronic means, provided that such means are capable of granting the same practical effects of the clients' physical presence. To that end, Communiqué "A" 6059 determines that financial institutions must take the necessary precautions to comply with anti-money laundering and financing of terrorism (, "AML/FT") regulations, specifically in connection with knowing and identifying their customers.

Specifically, the Central Bank requires financial institutions to implement all necessary procedures, technologies and controls to:

Allow the authentication of the applicants' identity and the accuracy of the data provided by them. Grant due compliance with all regulations regarding the use of electronic means, as well as those related to the storage, authenticity, integrity and confidentiality of the...

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