We inform our clients and followers that today, Decree No. 274/25 was published in the Official Gazette, introducing amendments to Law 25,246 that consolidate existing practices and enhance procedures in line with international standards.
? What are the changes introduced?considered solely from the practical perspective of the Reporting Entity, without addressing political considerations or other aspects?
? 1. Powers and Authorities of FIU (Articles 13 and 14).
? FIU is authorized to use information received for strategic analysis purposes aimed at identifying ML/TF/PF trends and patterns.
? Its competence is extended not only to activities that constitute ML/TF/PF CRIMES but also to those ELATED to.
? FIU is authorized to exchange information with public intelligence bodies.
? Redefines its cooperation with the Public Prosecutor?s Office and the Judiciary (no longer acting as a plaintiff within the criminal proceedings, but externally), and broadens its collaboration to any agency of the National Public Administration.
? Empowers FIU to exchange strategic information with other public entities.
? 2. Obligations of Reporting Entities (R.E.) (Article 21).
? The Law now formally incorporates the Risk-Based Approach that FIU must apply when issuing directives to R.E., a criterion already reflected in recent resolutions.
? RE are authorized to exchange information among themselves for customer due diligence purposes, provided that the data subject?s consent is obtained.
? 3. Penalties for Non-Compliance by RE (Article 24).
? FIU is authorized, based on criteria of effectiveness and proportionality, to reduce the minimum fine set for the failure to submit a Suspicious Transaction Report (STR). This amendment does not alter the general fine range (from 1 to 10 times the amount of the unreported transaction) nor does it reduce the RE's potential liability for failing to submit an STR.
? 4. Introduction of a New Remediation Mechanism for Non-Compliance by RE (after commencement of administrative proceedings).
? A new mechanism is introduced allowing for the suspension of administrative proceedings (provided that the RE?s non-compliance does not involve failure to file an STR) if the RE fulfills the remediation measures (both financial and non-financial) within the deadlines established by the FIU. ???
? This new procedure is in addition to the remediation process within the Supervisory Process under FIU Resolution No. 61/2023, establishing an additional stage following supervision and within the framework of administrative proceedings. ??
? Access spanish version preliminary analysis of the Decree conducted by our Managing Partner here ? https://lnkd.in/dSW-NrQb. For the English version visit our website: https://lnkd.in/dRDCs42Q
? Learn how these changes impact you. Schedule a meeting here ? https://lnkd.in/dvikcFJX ??????