Circular OPASI 2 - 276. Special Accounts for Cash Deposits

BANCO CENTRAL DE LA REPUBLICA ARGENTINA
__________________________________________________________________ COMUNICACIÓN " A " 3399 I 14/12/01 __________________________________________________________________ TO FINANCIAL ENTITIES:
Ref.: Circular
OPASI 2 – 276
Special Accounts for Cash Deposits

We address you to inform you that this Institution has adopted the following resolution:

"1. Incorporate -effective as of this date- as point 4.5. of Section 4. of the rules on "Savings deposits, payment of remuneration, pension savings and special accounts", the following:

"4.5. Special Accounts for Cash Deposits.

4.5.1. Participating Entities.
All financial entities may open "Special Accounts for Cash Deposits", subject to adjustment to the present regulation.

4.5.2. Holders.

4.5.2.1. Natural Persons.
For their identification and tax status, the provisions in force for the opening of savings accounts shall apply.
4.5.2.2. Legal Persons.
For their identification and tax status, the provisions in force for the opening of special current accounts for legal persons shall apply.

4.5.3. Opening and Operation. Safeguards.
Precautions must be taken to prevent the opening of accounts to non-existent persons due to the presentation of inauthentic documentation. Entities shall pay attention to the operation of the accounts with the purpose of avoiding that they may be used in relation to the development of illicit activities.

Internal rules and procedures shall be adopted to verify that the activity recorded in the accounts bears a reasonable relationship to the activities declared by the clients.

4.5.4. Currencies.

4.5.4.1. Pesos.

4.5.4.2. United States Dollars.

4.5.5. Deposits and other credits.
4.5.5.1. Deposits exclusively in cash,
via teller or ATMs.

When slips are used, they must contain, at a minimum, the following data:
i) Name of the financial entity.

ii) Name and surname or corporate name of the holder and account number.

iii) Amount deposited.

iv) Place and date. v) Seal of the receiving branch, unless mechanized security documents are used.
Alternative means such as magnetic cards or personal key identification that guarantee the genuineness of the operations may be used, extending the pertinent deposit receipt issued mechanically. Regarding the performance of operations through ATMs, entities must have implemented computer security mechanisms that guarantee the genuineness of the operations and provide for the issuance of the pertinent receipt with the essential data of the operation.

4.5.5.2. Other credits.

Only the following are admitted:

i) Transfers of funds from abroad -including checks when their collection has been confirmed- capable of being credited in cash, that is, not linked to foreign trade operations.

ii) The eventual collection of cash collections.

iii) Agreed remuneration.

4.5.6. Debits.
4.5.6.1. Via teller, under the conditions
agreed upon, through documents that meet the characteristics of a receipt.
Other alternative means such as magnetic cards or personal key identification that guarantee the genuineness of the operations may be used, extending the pertinent record of the transaction.

Debits may be contemplated for the sale of "counter checks" and "financial payment checks" issued by the entity and "cancellation checks".

4.5.6.2. Transfers, regardless of their form
-personal, electronic, telephone, via
"Internet", etc.-, which, in the case of legal persons, must be ordered by one of the natural persons included in the list referred to in point 4.4.2.5. Entities must have implemented computer security mechanisms that guarantee the genuineness of operations carried out in a non-personal manner.

4.5.6.3. Internal debits, automatic for the
payment of taxes and services, commissions and other items, under the agreed conditions.

4.5.6.4. Withdrawals through ATMs and operations carried out through
terminals at point of sale.
Entities must have implemented computer security mechanisms that guarantee the genuineness of these.

4.5.6.5. Movements -regardless of their nature-
may not generate a debit balance.

4.5.7. Other provisions.
In matters of remuneration, agreements to formulate debits, reversal of automatic debits, summaries and account closure, deposit guarantee, recommendations for the use of ATMs and record of delivery of information to the client, a similar approach to that established in points 4.4.7. to 4.4.14., for special current accounts for legal persons, respectively, shall apply."

2. Establish that the "Special Accounts for Cash Deposits" established by the preceding point 1. are not subject to the limitations referred to in item a) of Article 2 of Decree 1570/01."

By pointing out that we will duly send you the sheets that correspond to incorporate into the respective order, we salute you very respectfully.

BANCO CENTRAL DE LA REPUBLICA ARGENTINA
Alfredo A. Besio José Rutman
Emission Manager Chief Manager of of Rules Rules and Authorizations