Argentina implements new AML rules

Argentina is reported to be implementing new anti-money laundering (AML) laws, which will bring cryptocurrency firms into scope of the new regime.

As per the Buenos Aires Times, Argentina’s financial authority Unidad de Información Financiera (UIF), is reportedly working on adding crypto firms to its list of entities subject to AML requirements.

UIF regulates any money laundering risks and this plan of action is to come into force this year.

The relationship with cryptocurrency firms and Argentinian regulators will drastically change once the regulations are passed in the country.

This is not the first time AML regulatory authorities have taken an interest in crypto firms when overseeing AML laws.

The Financial Conduct Authority (FCA) in the UK implemented a move not dissimilar to that of Argentina back in March 2021.

The FCA has filed a number of financial crime returns documenting several suspicious activity reports. It tweeted at the time: “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 events, the US and European Union (EU) have actioned further regulatory changes in association with crypto.

President Biden signed an executive order based on Ensuring Responsible Development of Digital Assets, aimed to stamp down on corrupt finance obtained within the crypto industry.

The EU also took to European Parliament lawmakers to implement and approve the Markets in Crypto Assets Regulation (MiCA)  legislative package focusing on coordinating the EU’s approach to crypto regulation.

Early this year a Bloomberg report said that an alliance of EU member states, among which Germany, the Netherlands, Spain, Austria, Italy and Luxembourg have reached out to crypto companies to seek input on the creation of the European Commission’s Anti-Money Laundering Authority.

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Updated: 03/18/2022 — 17:00