Anti-Money Laundering - Simplification For Affidavit Filing

The Public Registry of Commerce simplifies the procedure to file the affidavit of origin and legality of funds and condition of Politically Exposed Person.

Resolution No. 9/2012 of the Public Registry of Commerce partially amended Resolution No. 2/2012 of such agency, concerning the obligation to file an affidavit regarding the condition of Politically Exposed Person and of origin and legality of funds.

On May 14, 2012 Resolution No. 9/2012 (the "Resolution 9") of the Public Registry of Commerce ("PRC") was published in the Official Bulletin, partially amending Resolution No. 2/2012 (the "Resolution 2") of the PRC.

Through Resolution 2, the PRC established on the one hand the requirement to file an affidavit on the origin and legality of funds to associations and/or foundations that receive donations or contributions from third parties for amounts of AR$ 100,000 (or its equivalent in kind) and evidence of the origin of the funds if the donations or contributions received exceed AR$ 200,000.

On the other hand, the Resolution also required managers and members of the audit organ of commercial companies and legal representatives of foreign companies, as well as members of the board of civil associations and foundations...