LATIN AMERICA
Full revamp of Argentina’s AML/CFT regulations now applicable to the gambling sector LAST OVERHAULED AFTER A CRITICAL FATF EVALUATION IN 2010, ARGENTINA IS DETERMINED TO IMPROVE ITS FINANCIAL CONTROLS AND NOW GAMBLING IS COVERED AS TOMÁS GARCIA BOTTAS REPORTS
Introduction After more than ten years, the Financial Information Unit (“UIF” after its acronym in Spanish) has updated the Anti- money Laundering (AML) regulations applicable to gaming. Resolution UIF N° 194/2023 (the “Resolution”) is a complete overhaul of the previous rules established by means of Resolution UIF N° 199/2011. With certain exceptions as described in detail in this article (due in 2024, 2025 or 2026, as applicable), the Resolution entered into force on December 1, 2023. This article will address the main changes the Resolution has brought to the industry and the actions that should be taken to remain compliant. Please keep in mind that unlike gaming and gambling, AML/CFT regulations fall under the competence of the Argentine Federal Government. For this reason, the Resolution is applicable nationwide.
The Resolution in brief The clock is always ticking so, for readers (like me) with limited time, we have listed below the major changes incorporated in the Resolution. These outline the requirements now placed on those organisations covered by the new Resolution (“Obligated Entities”). The section following includes additional comments on each of these items. • Application of a risk-based approach to the AML/FT procedures of the Obligated Entities. • New definitions for Customers depending on the Obligated Entity: • Customers in brick and mortar operations: any player who (i) collects a prize; (ii) exchanges chips/cash; for a value equal or greater to 15 Minimum, Vital, and
IMGL MAGAZINE | JANUARY 2024
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