Update of UIF Resolutions for accountants and real estate agents or brokers

Summary:

The Argentinian Financial Intelligence Unit (UIF) has published two new resolutions, 42/2024 and 43/2024, which came into effect on March 18, 2024. These resolutions replace previous resolutions 65/2011 and 16/2012 and introduce a new regulatory framework for mandatory subjects in the financial sector to prevent money laundering and terrorist financing (ML/TF) based on risk assessment. The new resolutions consider international standards, national risk assessment results, and sector-specific requirements. Key features include client segmentation based on assigned risk, simplified, medium, or reinforced due diligence measures, warning signs for increased ML/TF risk, and specific monitoring activities. Contadores Pu00fablicos, agents, and real estate brokers are required to comply with these new regulations, which aim to increase the effectiveness of the prevention system.