On July 11, 2025, the Central Bank of the Argentine Republic (“BCRA”) issued Communication “A” 8278 (the “Communication”), introducing amendments to the Consolidated Text on the Disciplinary Regime under the Central Bank of the Argentine Republic (Laws 21,526 and 25,065) and the Processing of Exchange Summaries (Law 19,359) (the “Disciplinary Regime”).
The amendments are as follows:
I. Extension of the Scope of Application of the Disciplinary Regime:
To the natural and legal persons previously subject to the disciplinary regime pursuant to Article 41 of the Financial Entities Law are now included “natural and legal persons who may be held responsible for violations of resolutions issued by the BCRA in the exercise of its powers.”
II. Voluntary Regulatory Compliance Agreements for Financial Infractions:
The Communication introduces the possibility for alleged offenders to adhere to a Voluntary Regulatory Compliance Agreement for Financial Infractions (the “Agreement”) proposed by the BCRA to achieve timely and effective action against alleged financial non-compliances, economizing and optimizing resources, favoring prompt regularization of irregular situations, and rapid and adequate repair of potential damages to the system and other affected parties.
Natural and legal persons susceptible to summary proceedings under Article 41 of Law 21,526 may adhere to the proposed Agreement in cases where a total or partial non-compliance is detected.
Adherence to the Agreement will benefit from a reduction of between 30% (thirty percent) and 50% (fifty percent) of the fine and/or up to one-third (1/3) of the disqualification period that would have otherwise applied, depending on whether the adherence occurs before or after the opening of the summary proceeding.
Requirements:
The viability of formulating an Agreement proposal will be determined considering the infringing party’s commitment during the investigation and the economic efficiency and effectiveness compared to a sanctioning process, among other factors.
Upon adherence to the Agreement, the facts in question must be fully acknowledged, written consent to the proposed sanctions must be given, consent to the investigation must be granted, and damages caused must be repaired, among other conditions.
In cases of very serious infractions, recidivism, or natural or legal persons operating without authorization or marginally, the possibility to propose the Agreement will be barred.
Procedure:
The proposal to adhere to the Agreement will be made available to the investigated parties within a non-extendable period of 10 banking business days counted from notification to all those accused as responsible for the investigated acts, who must submit their adhesion to the proposal. Such adhesion may be joint or individual, provided it is made clearly, unequivocally, and unconditionally.
Once adhesion is formalized, the Agreement meeting the requirements will be approved by the Deputy General Manager of Compliance and Control, and notification will be made to the interested parties and all relevant authorities for the supervision and monitoring of compliance with corrective measures and verification of damage repair.
Payment of the total amount of fines and corresponding reparations to the BCRA must be made by bank transfer within 5 business days following the notification of the homologation resolution of the Agreement. Payment arrangements for reparations to third parties will be established on a case-by-case basis.
Failure to Adhere/Non-Compliance:
In case of failure to adhere to the proposed Agreement or if it is not approved, the proceedings will continue according to the rules for summary instruction applicable to those who have not adhered.
In case of non-compliance, pre-summary or summary proceedings will continue according to their stage with respect to those who have breached the Agreement, expanding imputations related to responsible persons if necessary.
Payments made will not be refundable and will not be credited against any fines ultimately imposed.
