Circular OPASI 2-367: Savings Deposits, Remuneration Payments, and Special Accounts. Opening Savings Accounts for Persons Aged 18 to 21

"2005 - Year of Homage to Antonio Berni"
BANCO CENTRAL DE LA REPÚBLICA ARGENTINA
COMMUNICATION "A" 4358 09/06/2005
TO FINANCIAL ENTITIES:
Ref.: Circular
OPASI 2 - 367
Savings deposits, payment of remunerations, and special accounts. Opening of savings accounts for persons over 18 years old and under 21 years old. ______ We address you to inform you that this Institution has adopted the following resolution:
"Replace point 1.2. of Section 1. of the regulations on 'Savings deposits, payment of remunerations, and special accounts' with the following:
'1.2. Holders.
Physically capable persons who can contract or freely dispose of the proceeds of their lawful work. Minors between the ages of 18 and 21 not included in the preceding definition may also be holders, provided they have prior authorization from the father, mother, or guardian, who must assume the responsibility arising from the acts of the minor holder of the account. This shall be formalized in a document specifying the entity, branch, account number, identity data of the authorized person and the responsible authorizer, and their address. In the event that the latter does not appear in person to carry out the opening procedure, it will be required that their signature on the document be certified by a financial entity, through a notarial act, or before a Justice of the Peace or equivalent official, depending on the jurisdiction in question.' We send you attached the sheets that, in replacement of those previously provided, should be incorporated into the ordered text of the regulations on 'Savings deposits, payment of remunerations, and special accounts'.

-2-
We salute you very attentively.
BANCO CENTRAL DE LA REPUBLICA ARGENTINA
Alfredo A. Besio José I. Rutman
Manager of Emission of Standards Principal Manager of Research and Emission of Normative

ANEXO

SAVINGS DEPOSITS, PAYMENT OF REMUNERATIONS, AND SPECIAL ACCOUNTS B.C.R.A.
Section 1. Savings accounts
Version: 5th COMMUNICATION "A" 4358
Validity:
09/06/2005
1.1. Participating entities.
1.1.1. Retail and wholesale commercial banks.
1.1.2. Financial companies.
1.1.3. Credit unions.
1.1.4. Savings and loan associations for housing or other real estate.
1.2. Holders.
Physically capable persons who can contract or freely dispose of the proceeds of their lawful work. Minors between the ages of 18 and 21 not included in the preceding definition may also be holders, provided they have prior authorization from the father, mother, or guardian, who must assume the responsibility arising from the acts of the minor holder of the account. This shall be formalized in a document specifying the entity, branch, account number, identity data of the authorized person and the responsible authorizer, and their address. In the event that the latter does not appear in person to carry out the opening procedure, it will be required that their signature on the document be certified by a financial entity, through a notarial act, or before a Justice of the Peace or equivalent official, depending on the jurisdiction in question.
1.3. Identification and tax status of the holder.
Verification shall be based on the documents that holders must present, in accordance with points 4.1. and 4.2. of Section 4. Additionally, the following data must be required at a minimum:
1.3.1. Full first and last names.
1.3.2. Place and date of birth.
1.3.3. Address.
1.3.4. Profession, trade, industry, commerce, etc.
1.3.5. Marital status.

SAVINGS DEPOSITS, PAYMENT OF REMUNERATIONS, AND SPECIAL ACCOUNTS B.C.R.A.
Section 1. Savings accounts
Version: 4th COMMUNICATION "A" 4358
Validity:
09/06/2005
1.4. Opening and operation of accounts. Precautions.
Precautions must be taken to prevent the opening of accounts for non-existent persons due to the presentation of inauthentic documents. In this matter, it is recommended that, in the absence of sufficient references or assurances regarding the new client, instructions be issued to consider aspects such as the age of the account, its activity, the permanence of deposits, and any other precaution that practice deems advisable before processing the deposit of checks, without harming the legitimate interests of clients who act honestly. Entities must pay attention to the operation of accounts to prevent them from being used in connection with the development of illegal activities. Internal norms and procedures must be adopted to verify that the activity recorded in the accounts is reasonable in relation to the activities declared by the clients.
1.5. Currencies.
1.5.1. Pesos.
1.5.2. United States dollars.
1.5.3. Other currencies.
At the request of the entities, the Central Bank of the Republic of Argentina may authorize the collection of deposits in other currencies.
1.6. Deposits and other credits.
1.6.1. Counter deposits under agreed conditions.
The receipts used must contain, at a minimum, the following data:
1.6.1.1. Name of the financial entity.
1.6.1.2. First and last names and account number.
1.6.1.3. Amount deposited.
1.6.1.4. Place and date.
1.6.1.5. In the case of check deposits, the name of the drawn entity, the amount of each check deposited, and the respective clearing periods.
1.6.1.6. Stamp of the receiving house, unless mechanized security documents are used.

B.C.R.A.
ORIGIN OF THE PROVISIONS INCLUDED IN THE ORDERED TEXT OF THE REGULATIONS ON "SAVINGS DEPOSITS, PAYMENT OF REMUNERATIONS, AND SPECIAL ACCOUNTS" ORDERED TEXT ORIGIN RULE Sec. Point Par. Com. Annex Cap. Sec. Point Par. OBSERVATIONS
1.1.1. "A" 1199
"A" 1820 I
I 2.
2.1. S/Com. "A" 1823 - pto. 2°
S/Com. "A" 2192 - pto 1.
S/Com. "A" 2241 - Cap. I

• Section 1.
  1.1.2. "A" 1199
  "A" 1823
  I 2.
  2.1.
  1.1.3. "A" 1199
  "A" 1823
  I 2.
  2.1.
  1.1.4. "A" 1199
  "A" 1823
  I 2.
  2.1.
  1.2. "A" 1653
  "A" 1820 I
  I 2.1.3.1.
  2.2.
  S/Com. "A" 2061- pto. 3.,
  “A” 3247 - pto. 1. and “A”
  4358
  1.3. "A" 3042 1. 1.3.1. S/Com. “A” 3247 - pto. 1.
  1° "A" 1199 I 5.7.
  2° “A” 1199 I 5.7.
  3° "A" 2814 1. 1.1.1.1.
  1.4.
  4° “A” 2814 1. 1.1.1.2.
  1.5.1. "A" 1199 I 2.
  1.5.2. "A" 1820 I 2.3.
  1.5.3. "A" 1820 I 2.3.
  1.6. "A" 3042 S/Com. “A” 3247 - pto. 1.
  1° "A" 1653 I 2.1.3.2.3. 1°
  “A" 1820 I 2.5. 2°
  1.7.1.
  2° "A" 3042
  1° "A" 1653 I 2.1.3.2.3. 2°
  2° “A” 1653 I 2.1.3.2.3. 2°
  1.7.2.
  3° “A” 3042
  1° "A" 1653 I 2.1.3.3. S/Com. "A" 2061 - pto. 3.
  2° "A" 3042
  1.7.3.
  3° "A" 3042
  1.7.4. "A" 1653 I 2.1.3.2.2.
  1.7.5. "A" 3042
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  “A” 1820 I 2.4.
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  “A” 1820 I 2.4.
  1.8.1.
  3° “A” 3042
  1.8.2. "A" 2468 1. 2°
  1.9. "A" 2468 1 1°
  1.9.1. "A" 1653 I 2.1.3.2.2.
  3.3.
  1° "A" 2508 Único 1° S/Com. “A” 3323
  2° "A" 2621 1. 1°
  3° "A" 2508 Unico 5°
  1.9.2.
  4° "A" 3042
  1.
  1.9.3. "A" 2468 1. 1°