On April 11, 2022, through RESOLUTION UIF No. 50/2022, the Financial Information Unit (“UIF”) updated the amounts from which certain obligated subjects must apply identification measures to their clients.
Financial Institutions are authorized to carry out simplified identification processes, for those clients who (1) operate for monthly amounts that do not exceed $ 720,000, and correspond to accreditation of remuneration, or to a cessation fund for workers in the construction industry, and (2) who operate for monthly amounts that do not exceed $ 90,000 in accounts linked to the payment of social plans.
Private Banking clients will be those who, among other characteristics listed in the relevant regulations, have an equity of at least $60,000,000 under the management of the Financial Institution.
Financial Institutions must identify people who make cash deposits at $600,000.
Foreign Exchange Entities must identify persons who carry out foreign currency transactions in cash at $600,000, and the amount from which they must carry out due diligence tasks to annual operations of $1,200,000.
Financial Institutions must make the Report of High Amount Cash Transactions (RTE) to those transactions made in local or foreign currency that involve delivery or receipt of cash worth $ 600,000.
Insurance intermediaries must register as obligated subjects with UIF and comply with some aspects of the regulations relevant to those with a net worth at the end of the accounting year that is equal to or greater than $ 48,000,000 and / or with an annual turnover equal to or greater than $ 300,000,000).
Transactions in which notaries public must require supporting documentation on the lawful origin of the funds to those that exceed the sum of $26,300,000.
Natural or legal persons engaged in the sale of works of art, antiques, jewelry or goods with metals or precious stones must: (1) identify their clients, those operations that exceed the sum of $ 600,000 (2) require an affidavit on the legality and origin of the funds, operations that exceed $ 2,400,000 and (3) require supporting documentation that allows establishing the origin of the funds, to operations that exceed the sum of $5,400,000.
Legal entities that organize or regulate professional sports (soccer) must identify clients for those transactions that exceed the sum of $ 720,000.
Remittance companies define clients as habitual or occasional, those clients ordering operations that exceed the annual sum of $ 720,000.
Natural or legal persons acting as administrators, trustees, intermediaries or trust agents define clients as habitual or occasional, those clients ordering operations that exceed the annual sum of $ 720,000.
The Systematic Operations Reporting regime is modified for certain obligated subjects, increasing the amount of operations that trigger a reporting obligation to the UIF.
