Rules of procedure in preventive inspections against money l

Javier CanosaPartner, Canosa Abogados

On July 21st 2010, the Official Gazette published resolution No. 104/2010 (hereinafter, the “Resolution”), issued by the Financial Information Unit (hereinafter, “FIU”) that approves the regulation of the procedure for the supervision of entities and individuals responsible for reporting operations suspicious of money laundering and financing of terrorism on the framework of law No. 25,246 on money laundering and financing of terrorism (hereinafter, the “Reporting Parties”).

Firstly, the Resolution provides that supervision shall only take place under the direction of the FIU, which must issue a supervision order (hereinafter, the “Supervision Order”) setting forth the agents authorized to perform such supervision.
The Supervision Order must include name and address of the Reporting Party subject to supervision, its Tax Identification Number, and place and purpose of the supervision.
Any request for information from the Reporting Party must be issued trough a Requirement of Information/Document Record, which shall state place, date and time in which the Reporting Party must make what was required available.
Likewise, intervening agents must register all actions taken during the supervision in a Verification Record. The Verification Record shall include place, date and time of the supervision, the tasks performed by the agents, the representations made by the Reporting Party and the documents entered in the record.
Regarding the documents added, the intervening agents must certify the copies of the original documents provided to them, and return in the same act the original documents to the Reporting Party, registering such event in the same Verification Record.
The Verification Record shall be issued in duplicate, signed by the intervening agents and the Reporting Party, who will receive a copy. Should the Reporting Party refuse to sign the Verification Record, such event must be expressly registered.
Additionally, the intervening agents must register any non-compliance by the Reporting Party, any refusal to collaborate with the requests, any lack of attention by a responsible person of the Reporting Party, or any other circumstance relevant for the procedure.
Finally, the intervening agents shall issue to the presidency of the FIU a final report detailing the procedures performed, the documentation added and the results.
The Resolution came into force on the eighth day following its publication in the Official Gazette.