New Rules Apply to Anti-Money Laundering and Terrorist Financing

On November 23, 2021, the Public Registry of the City of Buenos Aires (“IGJ,” after its acronym in Spanish) issued General Resolution No. 17/2021, by means of which it adjusted the section on Anti-Money Laundering and Terrorist Financing and introduced changes to the Beneficiary Owner’s Sworn Statement requirement, echoing the issuance of Resolution 112/2021 of the Financial Information Unit (“UIF,” after its acronym in Spanish).

To read more about the echoed resolution, see our previous article here.

The IGJ issued the new Resolution by virtue of its legally conferred power to identify the beneficial owner of any person and/or legal entity under its jurisdiction.

To that effect, the IGJ has highlighted that any person/s referred to in section 2 of Resolution UIF 112/2021, or by the UIF regulation that may amend or replace it in the future, shall be deemed as beneficial owner.

Likewise, changes affecting the Beneficial Owner’s Sworn Statement include the following:

• in the case of a chain of ownership, the chain of ownership must be disclosed all the way up to the human person/s exercising ultimate control; and
• legal entities that make public offerings of their securities, listed in an authorized local or international market and that are subject to transparency and/or information disclosure requirements, are exempted from this requirement.