Circular OPASI 2-409: Savings Deposits, Remuneration Payments, and Special Accounts. Regulatory Adaptation

"2010 - YEAR OF THE BICENTENNIAL OF THE MAY REVOLUTION" COMMUNICATION "A" 5035 22/01/2010 TO FINANCIAL ENTITIES:
Ref.: Circular
OPASI 2 - 409
Savings deposits, payment of remuneration and special accounts. Regulatory adaptation. ______ We address you to inform you that this Institution has adopted the following resolution:

"1. Replace point 1.2. of Section 1. of the rules on "Savings deposits, payment of remuneration and special accounts" with the following:

"1.2. Holders.
Natural persons capable of contracting or freely disposing of the proceeds of their lawful work."

2. Replace point 3.2 of Section 3. of the rules on "Savings deposits, payment of remuneration and special accounts" with the following:

"3.2. Holders.
Natural persons capable of contracting or freely disposing of the proceeds of their lawful work."

Finally, we send you the sheets that, in replacement of those previously provided, should be incorporated into the ordered text of the reference. Likewise, it is recalled that on the website of this Institution www.bcra.gov.ar, accessing "regulations" ("ordered texts"), the modifications made with texts highlighted in special characters (strikethrough and bold) will be found.

We salute you very attentively.
CENTRAL BANK OF THE ARGENTINE REPUBLIC
Darío C. Stefanelli José I. Rutman
Manager of Emission of Regulations
General Manager of Regulations

ANNEX

1.1. Intervening entities.
1.1.1. First-degree commercial banks.
1.1.2. Financial companies.
1.1.3. Credit unions.
1.1.4. Savings and loan societies for housing or other real estate.
1.2. Holders.
Natural persons capable of contracting or freely disposing of the proceeds of their lawful work.
1.3. Identification and tax status of the holder.
It will be verified based on the documents that holders must present, in accordance with what is provided in points 5.1. and 5.2. of Section 5. In addition, the following data will be required at a minimum:
1.3.1. Full 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.
1.4. Opening and operation of accounts. Requirements.
In the event that the customer opts for the opening of a savings account, the pertinent record of the express offer of the "Basic Account" referred to in Section 3. and the decision of the applicant not to have accepted that type of account must be added to the opening background information. Version: 8th COMMUNICATION "A" 5035 Validity:
22/01/2010
SAVINGS DEPOSITS, PAYMENT OF REMUNERATIONS AND SPECIALS B.C.R.A.
Section 1. Savings account.

3.1. Intervening entities.
3.1.1. First-degree commercial banks.
3.1.2. Financial companies.
3.1.3. Cooperative credit unions.
3.1.4. Savings and loan societies for housing or other real estate.
Entities that opt to offer the service of these accounts must communicate this with 15 calendar days' advance notice via a note, signed by the legal representative, addressed to the Superintendence of Financial and Currency Entities.
3.2. Holders.
Natural persons capable of contracting or freely disposing of the proceeds of their lawful work.
3.3. Identification and tax status of the holder.
It will be verified based on the documents that holders must present, in accordance with what is provided in points 5.1. and 5.2. of Section 5. In addition, the following data will be required at a minimum:
3.3.1. Full names.
3.3.2. Place and date of birth.
3.3.3. Address.
3.3.4. Profession, trade, industry, commerce, etc.
3.3.5. Marital status.
3.4. Opening and requirements.
The existence of these accounts must be informed to new clients, when the opening of a savings account is requested and it is not linked to the granting of financial assistance. SAVINGS DEPOSITS, PAYMENT OF REMUNERATIONS AND SPECIALS B.C.R.A.
Section 3. Basic account.
Version: 6th COMMUNICATION "A" 5035
Validity:
22/01/2010

In the event that the customer opts for the opening of a savings account, the offer provided for in the previous paragraph must be evidenced by adding to the opening background information the pertinent record of the express offer of the basic account and the decision of the applicant to have opted for the first. The offer of the basic account cannot be conditioned on the acquisition of other products. Precautions must be taken to prevent the opening of accounts with fake, inauthentic documentation or in the name of persons whose documents do not correspond to their presenters. Entities must pay attention to the operation of accounts with the purpose of avoiding that they can be used in relation to the development of illicit activities. Internal norms and procedures must be adopted to verify that the movement registered in the accounts bears reasonableness with the activities declared by the clients. It is recommended, in case of not having sufficient references or assurances about the new client, to issue instructions so that prior to processing the deposit of checks, aspects such as the age of the account, its movement, permanence of deposits and any other precaution that practice makes advisable are taken into account, without harming the legitimate interests of clients who act honestly.
3.5. Currency.
Pesos.
3.6. Information security.
Entities must have implemented information security mechanisms that guarantee the authenticity of operations.
3.7. Deposits and other credits.
3.7.1. Counter deposits under agreed conditions.
The receipts used must contain, at a minimum, the following data:
3.7.1.1. Name of the financial entity.
3.7.1.2. Names and surnames and account number.
SAVINGS DEPOSITS, PAYMENT OF REMUNERATIONS AND SPECIALS B.C.R.A.
Section 3. Basic account.
Version: 6th COMMUNICATION "A" 5035
Validity:
22/01/2010

3.7.1.3. Amount deposited.
3.7.1.4. Place and date.
3.7.1.5. When dealing with deposits of checks or official payment orders nominative,
the name of the drawn entity and the amount of each of the deposited documents. In the case of bearer checks or checks payable to a specific person -whether or not they have the "not to order" clause- and that are delivered by their beneficiary to a third party for collection management through their presentation at the counter or through their deposit into an account for electronic compensation, the signature and clarification of the principal or orderer of the management and their personal identification number -according to the rules on "Identification documents in force"- must be recorded on the back, in the case of natural persons or CUIT or CDI in the case of legal entities, regardless of the existence or not of the document that instruments the mandate. Additionally, one of the following expressions will be inserted: "in procuration", "value for collection" or "for its collection management", as a manifestation of the effects of that endorsement. The obligation to record the personal identification number or CUIT or CDI, as appropriate and the legend mentioned above falls, indistinctly, on the principal or orderer and the agent or manager."
3.7.1.6. Stamp of the receiving house, unless mechanized security writings are used.
Alternative means such as the magnetic card or identification by personal key may be used, guaranteeing the authenticity of the operations, extending the pertinent record of the deposit issued mechanically.
3.7.2. Deposits in ATMs and in self-service terminals within national territory.
The record will be issued with the essential data of the operation.
3.7.3. Transfers -including electronic-, telephone orders, through "internet", etc.
The record of the operation in the account statement (point 3.13.) will be proof of the operation.
3.7.4. Capitalized interest and other credits.
3.8. Withdrawal of funds.
3.8.1. By counter: under agreed conditions, through documents that meet the characteristics of a receipt.
SAVINGS DEPOSITS, PAYMENT OF REMUNERATIONS AND SPECIALS B.C.R.A.
Section 3. Basic account.
Version: 8th COMMUNICATION "A" 5035
Validity:
22/01/2010

Alternative means such as the magnetic card or identification by personal key may be used, guaranteeing the authenticity of the operations, extending the pertinent record of the transaction.
3.8.2. Through ATMs and operations carried out through terminals at sales points within national territory.
The pertinent record will be issued with the essential data of the operation.
3.8.3. Transfers -including electronic-, telephone orders, through "internet", etc.
The record of the operation in the periodic statement (point 3.13.) will be proof of the operation.
3.8.4. Internal debits, automatic for the payment of taxes and services, commissions and other concepts, under agreed conditions.
3.8.5. By purchases in affiliated merchants, made with debit card.
The pertinent record will be issued with the essential data of the operation.
3.8.6. Movements -whatever their nature- cannot generate a debit balance.
3.9. Fee-free movements.
3.9.1. The following operations will be fee-free:

• those that are channeled through any of the ATMs in the country that correspond to the same financial entity that issued the debit card delivered to operate with the account,
• debits for purchases in merchants,
• debits for electronic transfers ordered through "home banking" and
  any other electronic means enabled by the entity, and
• direct debits.
  3.9.2. They will be fee-free for the client, per calendar month:
• two operations at the counter at the branch where the account is located,
• three operations carried out through ATMs of other financial entities in the country that belong to the same network in which the entity operates, and
• one operation in ATMs in the country that belong to another network.
  SAVINGS DEPOSITS, PAYMENT OF REMUNERATIONS AND SPECIALS B.C.R.A.
  Section 3. Basic account.
  Version: 8th COMMUNICATION "A" 5035
  Validity:
  22/01/2010

ORDERED TEXT ORIGIN NORM
Sec. Point Par. Com. Annex Ch. Sec. Point Par.
OBSERVATIONS
1.1.1. "A" 1199
"A" 1820 I
I 2.
2.1.
S/Com. "A" 1823 - pt. 2°
S/Com. "A" 2192 - pt 1.
S/Com. "A" 2241 - Ch. I -
Section 1. and "A" 4368.
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- pt. 3.,
"A" 3247, pt.1, "A" 4358 and
"A" 5035.
1.3. "A" 3042 1. 1.3.1. S/Com. "A" 3247 – pt. 1.
1° "A" 4809
2° "A" 1199 I 5.7. S/Com. "A" 4809.
3° "A" 1199 I 5.7.
4° "A" 2814 1. 1.1.1.1.
1.4.
5° "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, "A" 4936,
4971 pt. 16. and 5000.
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 – pt. 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
1° "A" 1653 I 2.1.1.1.
"A" 1820 I 2.4.
2° "A" 1653 I 2.1.1.1.
"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 Unique 1° S/Com. "A" 3323.
2° "A" 2621 1. 1°
1.
1.9.2.
3° "A" 2508 Unique 5°
B.C.R.A.
ORIGIN OF THE PROVISIONS INCLUDED IN THE ORDERED TEXT OF THE RULES ON "SAVINGS DEPOSITS, PAYMENT OF REMUNERATIONS AND SPECIALS"

SAVINGS DEPOSITS, PAYMENT OF REMUNERATIONS AND SPECIALS ORDERED TEXT ORIGIN NORM Sec. Point Par. Com. Annex Ch. Sec. Point Par. OBSERVATIONS 4° "A" 3042
1.9.3. "A" 2468 1. 1°
1°
2°
3°
"A" 2468
"A" 2468
"A" 2468
1.
1.
1.
4°
5°
6°
2° "A" 2468 1. 5°
1.9.4.
3°
2°
3°
"A" 2468
"A" 2468
"A" 2468
1.
1.
1.
6°
5°
6°
1.10. 1° "A" 2621 3.
2° "A" 2508 Unique 3°
1° "A" 3042 S/Com. "A" 4809 and "A"
4971 pt. 16 and 5022
1.11.
2° "A" 3042 S/Com. "A" 3323,
4809, 5000 and 5022
1.11.1. "A" 2621 2.
1.11.2. "A" 3014 3. 3.7.1.6.
4° "A" 3042
1.12.1. "A" 3042
1.12.2. "A" 3042 S/Com. "A" 4809.
1.12.2.1 "A" 1199 I 5.2.2. 1° and 2°
. "A" 1653 I 2.1.3.4.
1.12.2.2
. "A" 1199 I 5.2.2. 3° S/Com. "A" 4809.
1.13. "A" 1199 I 6.3. S/Com. "A" 2807-pt. 6
"A" 1820 I 2.6.
1.14. "A" 2530
1.
1.15. "A" 1653 I 2.1.3.5.
2.1. "A" 2590 I 4.4.1.
1° "A" 2590 I 4.4.2.
2.2.
2° "A" 2956
2.3. "A" 2590 I 4.4.3. S/Com. "A" 4047.
2.4. "A" 2590 I 4.4.4.
2.5. "A" 2590 I 4.4.5.
2.6. "A" 2590 I 4.4.6. S/Com. "A"4809.
2.7. "A" 2590 I 4.4.7.
2.8. "A" 2590 I 4.4.8.
"A" 2590 I 4.4.9.
2.9.
"A" 2956
2.10. "A" 2590 I 4.4.10.
2.11. "A" 2590 I 4.4.11.
1° "A" 2590 I 4.4.12.
2° "A" 2590 I 2.
2.
2.12.
3° "A" 2956 2°
3.1. "A" 4809 1.
3.2. "A" 4809 1. S/Com. "A" 5035.
3.3. "A" 4809 1.
3.4. "A" 4809 1.
3.
3.5. "A" 4809 1.