Unidad de Informacion Financiera (UIF) will control credit/debit card transactions

gracielle

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5 August 2019
This will be effective as of the end of the year. The companies that issue credit and debit cards should start keeping track of their clients' movements
and keep them for a decade....

....The corresponding resolution bears the number 76, and indicates that all issuing card entities will have to evaluate background, activities
and behavior at the beginning and throughout the commercial relationship....It is also obliged to have data on residence, nationality, estimated income,
consumption, transactions made, equity, activity performed by the client, whether it is a legal or physical person and the means of payment used....

....Issuing companies are considered by the new regulation as Subjects Obliged to provide information....

....The firms must keep the documents of the operations carried out by their clients for a period of not less than 10 years, counted from the date
of the operation in a digital manner and protected against unauthorized access.

....Likewise, companies must make an annual report on the consolidation of the operations they carried out throughout the year.

On the other hand, the measure foresees that the client authorizes a card issuing company to share their information with other companies obliged
to keep control over money laundering or terrorist financing, such as banks.
 
5 August 2019
This will be effective as of the end of the year. The companies that issue credit and debit cards should start keeping track of their clients' movements
and keep them for a decade....

....The corresponding resolution bears the number 76, and indicates that all issuing card entities will have to evaluate background, activities
and behavior at the beginning and throughout the commercial relationship....It is also obliged to have data on residence, nationality, estimated income,
consumption, transactions made, equity, activity performed by the client, whether it is a legal or physical person and the means of payment used....

....Issuing companies are considered by the new regulation as Subjects Obliged to provide information....

....The firms must keep the documents of the operations carried out by their clients for a period of not less than 10 years, counted from the date
of the operation in a digital manner and protected against unauthorized access.

....Likewise, companies must make an annual report on the consolidation of the operations they carried out throughout the year.

On the other hand, the measure foresees that the client authorizes a card issuing company to share their information with other companies obliged
to keep control over money laundering or terrorist financing, such as banks.
1984....
 
I inadvertently left out this sentence:
....On the other hand, they will have to carry out evaluations of risk assessment of money laundering or financing of terrorism in relation to the channels of distribution and sales, such as operations via internet, distribution through mobile devices and remote operability, among others...
 
Interlocking Global Business Systems
The Restructuring of Industries, Economies and Capital Markets

First published in 1999 by Quorum Books, Westport, CT.

Excerpt...Pg. 192
In 1949, US Congress enacted legislation which required financial institutions to report any transactions
which were not "customary" for a particular account (31 C.F.R. 102.1 1949.)
Supplementary legislation enacted since 1970....
etc. etc.

Curiously Orwell's 1984 was also first published in 1949.
 
This type of legislation works well enough in the US and similar countries.
But this is ARG....a society where many have mastered the art of circumventing these types of laws.
Whereas issues of privacy are not high on their list of interests.
 
Argentina must be the most financially controlling society in the world atm . It is incredible the paperwork one must provide just to access his own money . These restrictions have impeded the development of the Argentinian economy as people are scared to spend money . A economy for it to grow it requires trust and free spending . Argentinians today are buying very little in their own country even properties as you need to show provenance of your funds for any purchase .
 
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