New banking restrictions for expats living in Buenos Aires? Did anyone else get an email from their bank? (UIF Resolution 14/2023)

[James Bond]

This is the reason I try to do very little with my local bank account except pay my monthly expenses and utility bills that I can't pay with my credit card. I do very little through my local bank account. I utilize Western Union and also use my cueva quite a bit when I need to get cash here. It is worth it to pay a little bit more and not have to deal with the scrutiny of AFIP.

Does anyone know if WU will have more restrictions as well? Even though I have a DNI I just use my foreign passport to get funds.

Word is that WU will also cooperate with AFIP on wires coming in for residents. I think that WU always had to supply AFIP with information but up until now I don't think that anyone really cared but Milei has a take no prisoners approach to things. He wants to get everything normalized. He wants all income and assets declared which seems to be the correct approach if Argentina is going to turn things around.

Unless you are breaking the law you don't have to worry about anything.

 

[Betsy Ross]

The entire banking system and Argentina in general is trying to get off the grey list. Argentina has ranked weak on money laundering and Javier Milei is big time cooperating with the USA so you will see banks and even lawyers and Escribanos more cautious now.

Los abogados deberán reportar operaciones sospechosas de lavado de sus clientes en algunos casos

La UIF reglamentó la nueva ley antilavado, que incorpora como “sujetos obligados” a los profesionales del derecho; hasta ahora, la mayoría de los profesionales estaban incluidos; fue un pedido del GAFI al gobierno argentino

www.lanacion.com.ar

 

[Stan]

I also got one of these emails. Are any of you taking action on this email?

 

[crypto]

I don't think it is just banks. All kinds of financial institutions now are being directed by AFIP to close accounts if the client shows no income with AFIP inside of Argentina. My friend has a DNI and an account with Ripio and he said that they demanded to see verification of income inside of Argentina. He only has his social security but that wasn't good enough and they closed his account.

They said it had to be income taxed INSIDE Argentina. Not sure if this is the new normal but sounds like it.

 

[James Bond]

I don't think it is just banks. All kinds of financial institutions now are being directed by AFIP to close accounts if the client shows no income with AFIP inside of Argentina. My friend has a DNI and an account with Ripio and he said that they demanded to see verification of income inside of Argentina. He only has his social security but that wasn't good enough and they closed his account.

They said it had to be income taxed INSIDE Argentina. Not sure if this is the new normal but sounds like it.

True. I was asked the same thing by Bitso. I used to do monitributo payments but stopped it during COVID. Now I am moving out of Argentina so I won't hassle with it but all of the financial related companies in Argentina seem to be going that route.

 

[Finance Prof]

True. I was asked the same thing by Bitso. I used to do monitributo payments but stopped it during COVID. Now I am moving out of Argentina so I won't hassle with it but all of the financial related companies in Argentina seem to be going that route.

I got the same letter with Bitso. In fact, previously I was able to withdraw pesos and I can't do that anymore. I will just let them close my account. But Milei's administration seems to have the notion that if you're not declaring any income then you shouldn't have a bank account which I disagree with.

The companies that deal with crypto don't seem to have strict guidance from Argentina so they are all interpreting things differently. Belo won't allow me to deposit cryptocurrency but will allow me to accept pesos inbound and outbound. I thought this would all improve with Milei but it seems like it's going the other way.

 

[crypto]

FYI. More friends with accounts at Ripio had their accounts closed.

 

[Mother Russia Argentina]

The entire banking system and Argentina in general is trying to get off the grey list. Argentina has ranked weak on money laundering and Javier Milei is big time cooperating with the USA so you will see banks and even lawyers and Escribanos more cautious now.

Los abogados deberán reportar operaciones sospechosas de lavado de sus clientes en algunos casos

La UIF reglamentó la nueva ley antilavado, que incorpora como “sujetos obligados” a los profesionales del derecho; hasta ahora, la mayoría de los profesionales estaban incluidos; fue un pedido del GAFI al gobierno argentino

www.lanacion.com.ar

I don't think Argentina will come off of Grey list. I have to believe money laundering here is very common. You can go into any cueva and wire in money undeclared and get cash. Same with crypto and not declared.

Argentina at risk of falling onto FATF money-laundering ‘grey list’

President Javier Milei wants to introduce a ‘blanqueo’ whitewash amnesty for undeclared assets. But his plan could see Argentina fall foul of the Financial Action Task Force money-laundering watchdog. RIGI multi-billion dollar investment incentive scheme is also under scrutiny.

www.batimes.com.ar