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Argentina Lays Down Anti-Money Laundering Rules, Includes Crypto Firms

Argentina will include cryptocurrency firms in its anti-money laundering regime.

Photos by Twenty 20 Photos / Envato

Argentina is all set to include cryptocurrency firms in its anti-money laundering regulatory regime, according to the Buenos Aires Times.

Argentina’s Unidad de Información Financiera (UIF) is the competent authority of the country regarding the task of regulating money laundering risks. Now, it’s reportedly working on the addition of crypto firms to its list of entities that are subjected to AML reporting requirements.

Per a person “with direct knowledge of the matter,” the objective is for new regulations to come into full force this year.

Should these regulations pass, it should significantly change the way crypto firms interact with regulators within Argentina. These firms are (reportedly) only tasked with compliance with the 2019 tax reporting regulations.

A Regulatory authority overseeing AML risks that have put crypto firms in its crosshairs isn’t something that’s happened for the 1st time, either.

In the UK, the Financial Conduct Authority, also known as the FCA has made the same exact move-in march 2021.

Crypto businesses have, since then–as denoted by the FCA–needed to file annual financial crime returns. These returns document, for instance, the amount of suspicious activity reports generated in the reporting period.

At the time, the FCA said, “This policy statement proposes that additional firms and crypto asset businesses should be brought into the scope of the return based on their business activities and the potential money laundering risks.”

In more recent times, the U.S. and the European Union, or EU, have taken huge regulatory swings at crypto, as well.

Just earlier this month, for example, President Biden went ahead and signed a much-awaited crypto Executive Order, the Executive Order on Ensuring Responsible Development of Digital Assets. A portion of this executive order seeks to put the crackdown on illicit finance within the crypto industry.

The European Parliament lawmakers have also put it to a vote to approve the Markets in Crypto Assets Regulation legislative package.

It may not yet be the law, but the MiCA package’s objective is to coordinate the EU’s approach regarding the regulation of the crypto industry writ large.


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