CASSAGNE Consultores informs its clients and followers of the following regulatory development regarding Anti-Money Laundering, Counter-Terrorist Financing, and Counter-Proliferation Financing (AML/CFT/CPF).
? Today, INAES Resolution No. 1038/2026 was published in the Official Gazette. Through this resolution, the National Institute of Associativism and Social Economy (INAES) establishes new customer due diligence and reporting obligations applicable to mutual associations authorized to provide financial assistance services funded through their members' savings.
? The regulation is part of Argentina?s international commitments concerning the automatic exchange of financial account information and incorporates requirements related to the OECD Common Reporting Standard (CRS) as well as provisions associated with the U.S. Foreign Account Tax Compliance Act (FATCA).
Key aspects:
? New Documentation Requirements: Customer files and records relating to covered members and beneficiaries must include information regarding nationality, country of tax residence, Tax Identification Number (TIN), and other relevant information, as applicable.
? Enhanced KYC Procedures: Covered mutual associations must update their customer due diligence procedures to properly identify members, beneficial owners, and, in certain circumstances, natural persons exercising control over legal entities and other legal arrangements.
? The regulation harmonizes the compliance framework applicable to mutual associations with international tax transparency standards promoted by the OECD and adopted by Argentina.
? Reporting Obligations to ARCA: The information collected must be submitted to the Argentine Revenue and Customs Control Agency (ARCA) in accordance with the procedures and requirements established by such authority.
? Synergy Between Tax Transparency and AML Compliance: The identification of tax residences, beneficial owners, and control structures strengthens customer due diligence frameworks and enhances the early detection of risks associated with money laundering, terrorist financing, and international tax evasion.
? Operational Impact: Covered entities should review and update their onboarding forms, KYC procedures, customer files, beneficial ownership identification policies, and information update processes in order to incorporate the new data elements required under the regulation.
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? If you would like to assess how these regulatory changes may impact your organization or compliance framework, you may schedule a meeting directly with the Managing Partner of CASSAGNE Consultores: