• May 27, 2021

How to verify an Argentinian

How to verify an Argentinian

How to verify an Argentinian 1080 719 Data Zoo

Overview:

The South American country Argentina has been in an economic crisis since it turned to the International Monetary Fund (IMF) for a $75 billion loan in 2018. With the economy further hammered by the pandemic and the outlook uncertain, the government is now in crunch talks with the IMF to negotiate a new deal after the country restructured its private foreign debt in 2020. The government and economists forecast a 5% to 7% economic rebound this year, which should start to be seen from the second quarter.

Financial Action Task Force (FATF) Status

Argentina is a member of FATF as they have established money laundering and terrorist financing regulations in compliance with FATF recommendations. 

In 2014, Argentina was removed from the FATF list of countries for having strategic AML deficiencies as the country improved its Anti-Money Laundering(AML) and Counter-Terrorist Financing (CTF) regime and notes. They had established the legal and regulatory framework to meet its commitments in its action plan regarding the strategic deficiencies that the FATF had identified in June 2011. Argentina is therefore no longer subject to the FATF’s monitoring process under its ongoing global AML/CFT compliance process. 

Regulators

Financial Information Unit 

Argentina’s Financial Information Unit (FIU) enforces the law on preventing money laundering and CTF. It represents an important move in further integration of the international financial and banking systems.

National Committee for Combating Money Laundering and Terrorist Financing

The government created a National Committee for Combating Money Laundering and Terrorist Financing to coordinate the country’s money laundering and terrorist financing policies, including the development of national risk assessments (NRA) and a national strategy to combat those crimes. 

GAFILAT

The purpose of the Financial Action Task Force of Latin America, GAFILAT (formerly known as Financial Action Task Force of South America (GAFISUD)), is to develop and implement a comprehensive global strategy to combat money laundering and terrorist financing – as set out in the FATF Recommendations.

US Department of State Money Laundering assessment (INCSR)

The US State Department categorises Argentina as a Country/Jurisdiction of primary concern regarding Money Laundering and Financial Crimes.

Relevant regulations

Argentina has taken significant steps in recent years to strengthen its AML/CFT regime. In 2017, Argentina enhanced their KYC laws by introducing new regulations that further defined AML, CTF and risk management. The AML/CTF prevention system was one of the most significant changes that emphasised risk management and compliance.

 Another significant change was the implementation of an external auditor’s report. The auditor’s report requires that each financial institution’s prevention system be audited by an independent third-party yearly. The auditor is expected to issue a statement that highlights the strengths and weaknesses of the existing program while recommending changes to make. The 2017 regulations pointed out that companies self-evaluate their riskiness. The law recommended that companies do this based on how much commercial activity they conduct each year. The provisions also suggested that companies evaluate these processes at the end of each year and adjust accordingly.

Argentinian verification available

Argentina citizens can be verified using government, commercial and credit data sources. Institutions can verify and validate their customers’ names, dates of birth, and addresses based on their documentation. Citizen of Argentina can be verified using the following documents:

National identity card:

The Argentinian national identity card, “Documento Nacional de Identidad” (DNI), is issued by the government to citizens and foreign residents. The card is initially issued at birth and managed by the parents or guardians. You can verify your customers’ first name, last name, date of birth, and card number.

Passport:

The Argentinian passport is issued to citizens by the Argentine National Registry of People (RENAPER). You can verify your customers’ first name, last name, date of birth, passport number and expiry.

Driver licence:

The Ministry of Interior and Transport issues Argentinian driver licences to eligible drivers. A complimentary digital format is available, but it does not replace the physical format. You can verify your customers’ first name, last name, date of birth, and licence number.

AML Screening:

Global watchlists can identify if Argentinian citizens are high-risk individuals or entities. You can screen your customers’ against PEPs, Sanctions and adverse media lists.

Author Sara Singh Tak, Data Zoo Marketing Specialist


About Data Zoo

Businesses or Institutions can maintain customer due diligence through compliance with the countries KYC/AML regulations. To mitigate fraudulent or illegal activities, identity verification is the solution to mitigate. The quality of the verification plays a major, that is verifying against reliable multiple independent data resources. Data Zoo provides 90% coverage of the 45.6 million Argentinian population with a response time of less than 3 seconds, verifying the name, DOB and address of an individual.

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