Circular SINAP 1-246 Payment Service Providers. Adjustments.

"2026 - YEAR OF ARGENTINE GREATNESS" "2026 - YEAR OF ARGENTINE GREATNESS"

COMMUNICATION “A” 8432 30/04/2026 TO ATM NETWORKS, TO ELECTRONIC FUNDS TRANSFER NETWORKS, TO ADMINISTRATORS OF ELECTRONIC FUNDS TRANSFER PAYMENT SCHEMES, TO PAYMENT SERVICE PROVIDERS OFFERING PAYMENT ACCOUNTS, TO PAYMENT SERVICE PROVIDERS FULFILLING THE INITIATION FUNCTION, TO PAYMENT ACCEPTORS WITH TRANSFERS, TO QR ADMINISTRATORS, TO CARD PAYMENT ACQUIRERS, TO PAYMENT INSTRUMENT AGGREGATORS, TO EXTRA-BANK COLLECTION COMPANIES FOR TAXES AND/OR SERVICES: Ref.: Circular SINAP 1-246: Payment Service Providers. Adjustments.

We address you to inform you that this Institution has adopted the resolution which, in its relevant part, provides: “1. Replace point 1.3 of the consolidated text on Payment Service Providers with the following: “1.3.1. The following may not operate as a PSP: 1.3.1.1. Legal persons regularly constituted in the country, or, if private legal persons incorporated abroad, those that have complied with Law 19.550 and its amendments regarding the habitual exercise in Argentina of acts within their corporate purpose. 1.3.1.2. Legal persons that CNV regulations expressly recognize as markets, clearing houses, or agents of any kind. 1.3.2. May not act as shareholder, partner, hold voting rights –direct or indirect (in the latter case, when exercising final control)–, or be members of the administration or supervisory body of a PSP: 1.3.2.1. Natural persons covered by letters a), b), d), e) or f) of article 10 of the Financial Institutions Law, or those convicted of intentional crimes against property, public administration, economic and financial order, or public faith; for violation of secrets and privacy, unlawful association, or breach of letter b) of article 1 of the Exchange Control Law. 1.3.2.2. Natural and legal persons listed in resolutions on terrorism financing communicated by the Financial Information Unit (UIF) and/or found in the Public Registry of Persons and Entities linked to Terrorism Acts and its Financing (RePET) and/or designated by the United Nations Security Council Committee –in which case subject to the application of corresponding sanctions and restrictive measures–, without prejudice to other applicable measures under current legislation. Likewise, consideration will be given to whether the person –natural or legal– has been fined by the UIF or disqualified, suspended, prohibited, or revoked by the BCRA, CNV and/or the National Insurance Superintendence (SSN).” 2. Incorporate into the consolidated text on Payment Service Providers as point 1.4.1.1 the following: “1.4.1.1. PSPCP as a Service: comprises those PSPs offering payment accounts –and, eventually, interoperable digital wallet services– to third-party service recipients, who use the accounts via a user interface provided by that third party and technologically integrated to the PSPCP.” 3. Incorporate into the registration procedure for the “Registry of Payment Service Providers” the requirement to report the following: − The Compliance Officer before the Financial Information Unit –primary and alternate–. − In the operational and commercial description of PSPCP: ▪ Which bank(s) will be their sponsoring bank(s). ▪ Whether they will offer payment accounts –and, eventually, interoperable digital wallet services– through third parties (i.e., whether they will operate as PSPCP as a Service per point 1.4.1.1 of the consolidated text on Payment Service Providers). If affirmative, they must register the list of entities to which they will provide services, subject to exclusions in point 1.3 of the cited text. For each of those entities, they must provide the information required in points 2.2.2.1 to 2.2.2.4, 2.2.2.6 and 2.2.2.12 of the consolidated text on Payment Service Providers, as well as a description of the services they will provide. Likewise, PSPCP as a Service must update this list whenever modifications occur, considering that they may not provide services to an entity until it has prior approval from the Central Bank of the Argentine Republic. 4. Incorporate as point 2.2.2.12 of the consolidated text on Payment Service Providers the following: “2.2.2.12. Shareholders and executives i) Identification of natural persons holding at least 10% (ten percent) of the capital and/or voting rights of the legal entity, along with details of their personal background required in the respective application. ii) Identification of natural persons who by other means exercise final control, direct or indirect, over the PSP, along with details of their personal background required in the respective application. iii) Identification of members of the administration and/or supervisory body, along with details of their personal background and positions required in the respective application. Likewise, persons mentioned in the preceding points must submit: − Sworn declaration stating they do not fall under any disqualifications set forth in letters a), b), d), e) or f) of article 10 of the Financial Institutions Law, are not listed in resolutions on terrorism financing communicated by the UIF, are not found in the Public Registry of Persons and Entities linked to Terrorism Acts and its Financing (RePET), have not been designated by the United Nations Security Council Committee –subject to application of corresponding sanctions and restrictive measures–, have not been convicted of money laundering and/or terrorism financing crimes, and regarding whether they have been fined by the UIF or disqualified, suspended, prohibited, or revoked by the BCRA, CNV and/or SSN. − Sworn declaration on Politically Exposed Person (PEP) status according to current UIF regulations. − Criminal background certificate issued by the National Reincidence Registry within 5 (five) business days prior to submission to SEFYC. For persons with actual domicile abroad, equivalent certificates issued by the competent governmental authority of their country of residence must be submitted.” 5. Incorporate as point 2.2.4 of the consolidated text on Payment Service Providers the following: “2.2.4. Sworn declaration signed by the legal representative of PSPCP as a Service, committing not to provide services to an entity until BCRA has notified the corresponding approval of that entity in the registry, and to report cancellations through the registry.” 6. Incorporate as point 2.2.5 of the consolidated text on Payment Service Providers the following: “2.2.5. Consent to the extension of jurisdiction in favor of the Federal Court of the Autonomous City of Buenos Aires, for all legal purposes of the relationship between the entity and the BCRA.” 7. Incorporate following point 2.2.5 of the consolidated text on Payment Service Providers the following: “The sworn declarations requested in points 2.2.2.12., 2.2.3. and 2.2.4. must be signed with the digital signature provided for in Law 25.506.” 8. Extend from 6 (six) to 12 (twelve) months the timeframe for commencing operations required in the fifth paragraph of point 2.3 of the consolidated text on Payment Service Providers. 9. Replace point 2.5 of the consolidated text on Payment Service Providers with the following: “2.5. Cessation of activities 2.5.1. By PSP decision PSPs may decide to deregister from the “Registry of Payment Service Providers”, which implies cancellation of the corresponding registration upon notice to BCRA via the registry application at least 30 (thirty) calendar days before the effective date. 2.5.2. By BCRA decision 2.5.2.1. Inactivity When BCRA concludes that a PSP has been inactive for at least 180 (one hundred eighty) consecutive calendar days –counted from the start of operations date declared in RPSP– it will be deregistered. Criteria considered by BCRA as indicative of inactivity, and thus determining deregistration, are any of the following: i. Failure to submit BCRA information regimes. ii. Reporting “not operating”, or not reporting operations –quantity or amount–, in the applicable information regime. iii. Not registering transactions in data reports managed by immediate transfer scheme administrators supplied to BCRA –only when regarding PSPCP–. iv. Any other situation, in SEFYC’s judgment, allowing conclusion that the PSP is inactive. 2.5.2.2. Fundamental changes in conditions necessary for registration. 2.5.2.3. Sanctions imposed by BCRA, UIF, CNV and/or SSN on the PSP, its shareholders and/or executives. In the same sense, information and/or sanctions communicated by foreign entities or authorities with equivalent powers may be considered. 2.5.2.4. Operational changes regarding what was reported in point 2.2.2.11.” 10. Incorporate as the final paragraph of Section 3 of the consolidated text on Payment Service Providers the following: “In the case of PSPCP as a Service, they must observe the applicable compliance reporting requirements with professionals registered in the “Auditors Registry” enabled at SEFYC.” 11. Incorporate as point 4.5 of the consolidated text on Payment Service Providers the following: “4.5. PSPCP as a Service: particular provisions 4.5.1. Regarding the use of payment accounts, third-party clients are customers of the PSP offering payment accounts as a service –PSPCP as a Service–. 4.5.2. The use of payment accounts by third-party service recipients does not relieve the providing PSP –PSPCP as a Service– from complying with all applicable regulations for PSPCP. 4.5.3. Third-party interfaces must inform their clients –in the view or screen displaying the payment account balance, clearly and legibly– of the commercial name of the providing PSP and any other information required by the consolidated text on Protection of Financial Service Users, without prejudice to the liability of PSPCP as a Service for compliance with those provisions. 4.5.4. Interfaces, processes and systems used by third-party service recipients for client onboarding, account operations, provision –if applicable– of interoperable digital wallet services and information management must comply with regulations issued by the Central Bank of the Argentine Republic regarding identification and customer due diligence, digital onboarding, prevention of money laundering and terrorism financing, fraud prevention, information security, operational continuity and management of technological and operational risks. PSPCP as a Service will be responsible for contractually establishing these requirements with third-party recipients, verifying their adequate implementation and ensuring that the provision method does not imply standards lower than those required for direct offers of payment accounts and, eventually, interoperable digital wallet services. 4.5.5. Contracts that each PSPCP as a Service concludes with receiving entities must be available to SEFYC. 4.5.6. Non-compliance with these provisions may lead to deregistration by the Central Bank of the Argentine Republic for acting as PSPCP.” 12. Extend the scope of point 5.5.2.1 of the consolidated text on National Payments System – Payment Services to payment service providers offering payment accounts and not providing digital wallet services. 13. Establish that payment service providers subject to obligations before the UIF will be covered by the provisions of the consolidated text on Prevention of Money Laundering, Terrorism Financing and Other Illicit Activities. 14. Establish that payment service providers offering payment accounts as a service at the date of this communication's publication will have 10 (ten) business days from publication to report to the Central Bank of the Argentine Republic the list of entities they serve (name, tax ID/CUIT and a description of services provided). Compliance with this requirement does not exempt PSPCP as a Service from the obligation set forth in point 15 of this communication. This reporting requirement must be fulfilled via the email address sdep_vigilancia_estadisticas@bcra.gob.ar. 15. Grant 90 (ninety) calendar days for payment service providers registered in the “Registry of Payment Service Providers” to comply with what is established in this communication. 16. Establish that the provisions of this communication apply to registrations currently in process as of their publication date. 17. Until the “Registry of Payment Service Providers” application is updated, the requirements established in this communication will be fulfilled by submitting the requested documentation and information to the email address sdep_vigilancia_estadisticas@bcra.gob.ar.” We respectfully greet you. CENTRAL BANK OF THE ARGENTINE REPUBLIC Matías A. Gutiérrez Girault, Principal Manager of Payment Systems and Current Accounts Alejandra I. Sanguinetti, Deputy General Manager of Payment Means