Circular OPASI 2-460: Update of Consolidated Texts on Tax Cooperation Measures

2014 - YEAR OF HOMAGE TO ADMIRAL GUILLERMO BROWN, ON THE BICENTENNIAL OF THE NAVAL BATTLE OF MONTEVIDEO

COMMUNICATION “A” 5588 05/06/2014

TO FINANCIAL ENTITIES:

Ref.: Circular
OPASI 2 - 460
Actions of cooperation in tax matters between the Argentine Republic and other countries. Communication “A” 5581. Update of consolidated texts.

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We address you to deliver to you attached the sheets that, in replacement of those provided at the appropriate time, must be incorporated into the consolidated texts of the regulations on “Checking accounts opened in cooperative credit unions”, “Savings deposits, salary account, universal free account and special accounts”, “Term deposits and investments” and “Regulation of the bank current account”, for the purpose of updating them based on what is provided in the resolution made known through Communication “A” 5581.

Likewise, it is recalled that on the website of this Institution www.bcra.gob.ar, accessing “regulations” (“consolidated texts”), the modifications made with texts highlighted in special characters (strikethrough and bold) will be found.

We salute you attentively.

CENTRAL BANK OF THE ARGENTINE REPUBLIC
Matías A. Gutiérrez Girault Darío C. Stefanelli Manager of Emission Manager of Norms Principal Manager of Emission and Normative Applications

ANNEX

Section 7. “Central of rejected bills of exchange”, “Central of disqualified drawers of bills of exchange” and “Central of bills of exchange reported as lost, stolen or altered”.
7.1. Administration.
7.2. Reasons for inclusion.
7.3. Cancellations of rejected bills of exchange.
7.4. Guidelines for inclusion.
7.5. Information to the Central Bank of the Argentine Republic.
7.6. Exclusion of included persons.
7.7. Lack of information. Sanctions.
7.8. Opening of accounts with fraudulent documentation.
7.9. Controls and documentation.

Section 8. Closure of accounts and suspension of the bill of exchange payment service as a prior measure to account closure.
8.1. Grounds.
8.2. Procedure.
8.3. Suspension of the bill of exchange payment service prior to account closure.
8.4. Controls and documentation.

Section 9. Notices.
9.1. General aspects.
9.2. Minimum content.

Section 10. General provisions.
10.1. Recommendations for the use of ATMs.
10.2. Deposit guarantee.
10.3. Issuance of bills of exchange and return of deposits.
10.4. Return of bills of exchange to drawers.
10.5. Discriminatory acts.
10.6. Method of computing deadlines.
10.7. Peso transfer service. Charges and/or commissions.
10.8. Special client identification procedures in matters of international tax cooperation.
Correlation table.

B.C.R.A.
CHECKING ACCOUNTS OPENED IN
COOPERATIVE CREDIT UNIONS
Version: 4th COMMUNICATION “A” 5588
Validity:
13/05/2014

10.7.2. Transfers destined to checking accounts for judicial use.
Fund transfers destined to these accounts must be free of charges or commissions for the originator. To this effect, the cooperative credit union receiving the transfer must verify that the destination account of the funds corresponds to a checking account for judicial use. If such correspondence is not verified, it must proceed with the return of the transaction, in accordance with the applicable regulations in that matter.

10.7.3. Advertising.
Cooperative credit unions that possess electronic means such as ATMs and/or “Internet” banking (“home banking”) must display in the headquarters of all their branches, in the access areas of the premises and where account opening procedures are carried out, informational signs -which must not be less than 29.8 cm in base by 42 cm in height- of the costs to be applied on transfers between accounts in pesos, the model of which is found in point 6.12.2. of Section 6. of the regulations on “Savings deposits, salary account, universal free account and special accounts”. For the purpose of having the signs in the established dimensions, they must enter the exclusive site https://www3.bcra.gob.ar.

10.8. Special client identification procedures in matters of international tax cooperation.
Based on the Standard of the Organization for Economic Cooperation and Development (OECD) for the Automatic Exchange of Information in Tax Matters and the provisions of the Foreign Account Tax Compliance Act (“Foreign Account Tax Compliance Act” - FATCA) of the United States of America, financial entities must take the necessary measures to identify account holders covered by said standard and provisions. To this effect, they will proceed to:

10.8.1. Include, in the files of clients who are covered and are natural persons (also including those that control non-financial entities of the country included), in addition to data on nationality and place and date of birth, information on the country of fiscal residence and the address and tax identification number with the pertinent supporting documentation.
If they are legal persons and other covered clients, the respective information will include the country of fiscal residence and the address and tax identification number in that country.

10.8.2. Comply with the secrecy safeguards referred to in art. 39 of the Financial Entities Law and art. 5°, para. 2, inc. e) of the Personal Data Protection Law.
The information on covered clients must be presented to the Federal Public Income Administration, according to the regime that said Administration establishes. The scope and definitions referred to covered subjects, accounts and data to be supplied, as well as due diligence procedures, must be understood in accordance with the terms of the document “Standard for Automatic Exchange of Financial Account Information-Common Reporting Standard” approved by the OECD.

CHECKING ACCOUNTS OPENED IN
COOPERATIVE CREDIT UNIONS
B.C.R.A.
Section 10. General provisions.
Version: 3rd COMMUNICATION “A” 5588
Validity:
13/05/2014

CHECKING ACCOUNTS OPENED IN
COOPERATIVE CREDIT UNIONS
B.C.R.A.
Section 10. General provisions.
Version: 1st COMMUNICATION “A” 5588
Validity:
13/05/2014

CHECKING ACCOUNTS OPENED IN
COOPERATIVE CREDIT UNIONS
CONSOLIDATED TEXT ORIGINATING NORM
Sec. Point Para. Com. Annex Sec. Point Para.
OBSERVATIONS
7. 7.9. “A” 4713 Unique 7. 7.9.
8.1. “A” 4713 Unique 8. 8.1.
8.2. “A” 4713 Unique 8. 8.2.
8.3. “A” 4713 Unique 8. 8.3.
8.
8.4. “A” 4713 Unique 8. 8.4.
9. 9.1. “A” 4713 Unique 9. 9.1.
9.2. “A” 4713 Unique 9. 9.2.
10.1. “A” 4713 Unique 10. 10.1.
10.2. “A” 4713 Unique 10. 10.2. S/Com. “A” 5170.
10.3. “A” 4713 Unique 10. 10.3.
10.4. “A” 4713 Unique 10. 10.4.
10.5. “A” 4713 Unique 10. 10.5. S/Com. “A” 5388.
10.6. “A” 4713 Unique 10. 10.6.
10.7. 1st “A” 5212
10.7.1. “A” 5127 3. S/Com. “B” 9961 and “A” 5164, 5212 and
5473.
10.7.2. “A” 5212
10.7.3. “A” 5137 S/Com. “A” 5164.
10.8. “A” 5588
10.8.1. “A” 5588
10.
10.8.2. “A” 5588

• Index -
  6.14. Designation of checking deposit accounts.
  6.15. Savings Box Communication “A” 5526.
  6.16. Special client identification procedures in matters of international tax cooperation.
  Section 7. Transitional provisions.
  Correlation table.

B.C.R.A.
CONSOLIDATED TEXT OF THE REGULATIONS ON “SAVINGS DEPOSITS, SALARY ACCOUNT, UNIVERSAL FREE ACCOUNT AND SPECIALS” Version: 2nd COMMUNICATION “A” 5588 Validity:
13/05/2014

6.13. Counter operations.
Users of financial services who are holders of the accounts provided for in these regulations will have the right to carry out counter operations, without restrictions on the type of operation -subject to those that may exist for operational reasons- nor on the minimum amount. Commissions may not be applied to operations carried out at the counter by users of financial services who are natural persons, with the scope provided for in the third paragraph of point 2.3.2.2. of the regulations on “Protection of users of financial services”.

6.14. Designation of checking deposit accounts.
The designation of products or services in requests, contracts, Internet banking system (home banking) and account summaries must comply with that provided for in the Bank’s regulations (“savings box in pesos”, “savings box in dollars”, “bank current account”, “salary/social security account”, etc.), without prejudice to the possibility of additionally referring to the commercial package that they may eventually constitute.

6.15. Savings Box Communication “A” 5526.
“Purchases for holding foreign banknotes in the country” may be credited in these accounts, which will be enabled by financial entities exclusively for that sole purpose, in the foreign currency in question and owned by the purchaser, whether exclusively or as co-owner. These savings boxes may not be subject to any commission (opening, maintenance, fund movements, balance inquiries, etc.) and must be opened in the financial entity selling the foreign currency. For the purpose of verifying compliance with the minimum deposit period, provided for by Resolution No. 3,583/14 of the Federal Public Income Administration (AFIP), financial entities must identify each of the deposits linked to “purchases for holding foreign banknotes in the country” (dates and amounts) and the debits made will be imputed to reduce the balances linked to the oldest purchases. Likewise, they must keep control of the permanence of balances from the dates and for the amounts originally deposited at the time of making each “purchase for holding foreign banknotes in the country”, without interrupting the computation of deadlines in cases of constitution of fixed terms with funds credited in this “Savings Box Communication “A” 5526”, renewals of these fixed terms upon their maturity or deposits in this account coming from the collection of said fixed terms carried out in accordance with the regime of the aforementioned AFIP resolution.

6.16. Special client identification procedures in matters of international tax cooperation.
Based on the Standard of the Organization for Economic Cooperation and Development (OECD) for the Automatic Exchange of Information in Tax Matters and the provisions of the Foreign Account Tax Compliance Act (“Foreign Account Tax Compliance Act” - FATCA) of the United States of America, financial entities must SAVINGS DEPOSITS, SALARY ACCOUNT, B.C.R.A. UNIVERSAL FREE ACCOUNT AND SPECIALS
Section 6. General provisions.
Version: 3rd COMMUNICATION “A” 5588
Validity:
13/05/2014

take the necessary measures to identify account holders covered by said standard and provisions. To this effect, they will proceed to:

6.16.1. Include, in the files of clients who are covered and are natural persons (also including those that control non-financial entities of the country included), in addition to data on nationality and place and date of birth, information on the country of fiscal residence and the address and tax identification number with the pertinent supporting documentation.
If they are legal persons and other covered clients, the respective information will include the country of fiscal residence and the address and tax identification number in that country.

6.16.2. Comply with the secrecy safeguards referred to in art. 39 of the Financial Entities Law and art. 5°, para. 2, inc. e) of the Personal Data Protection Law.
The information on covered clients must be presented to the Federal Public Income Administration, according to the regime that said Administration establishes. The scope and definitions referred to covered subjects, accounts and data to be supplied, as well as due diligence procedures, must be understood in accordance with the terms of the document “Standard for Automatic Exchange of Financial Account Information-Common Reporting Standard” approved by the OECD.

SAVINGS DEPOSITS, SALARY ACCOUNT,
B.C.R.A. UNIVERSAL FREE ACCOUNT AND SPECIALS
Section 6. General provisions.
Version: 1st COMMUNICATION “A” 5588
Validity:
13/05/2014

SAVINGS DEPOSITS, SALARY ACCOUNT, UNIVERSAL FREE ACCOUNT AND SPECIALS CONSOLIDATED TEXT ORIGINATING NORM Sec. Point Para. Com. Annex Chap. Sec. Point Para. OBSERVATIONS
6.3.1. 1st “A” 2530 1st
2nd “A” 2530
3rd and
4th
3rd “A” 2530 5th
6.3.2. “A” 2530 2nd
6.4.1.
“A” 1199
“A” 1820 I
I 6.3.
2.6.
S/Com. “A” 2807 (pt.
6. -1st and 2nd-), 3270 and
5170.
6.4.2. “A” 2807 6. 3rd
6.4.3.1. “A” 2807 6. 5th
6.4.3.2. “A” 2807 6. 4th
6.5.1. “A” 1199 I 5.3.1.
6.5.2. “A” 1199 I 5.3.2.
6.5.3. “A” 1199 I 5.3.3.
6.5.4. “A” 3042
6.5.5. “A” 1199 I 5.3.4.
6.5.6. “A” 1199 I
5.3.4.1. and
5.3.4.3.
6.5.7. “A” 627 1.
6.6. “A” 1199 I 5.1.
6.6.1. “A” 1199 I 5.1.1.
6.6.2. “A” 1199 I 5.1.2.
6.6.3. “A” 1199 I 5.1.3.
6.7.1. “A” 1199 I 5.2.1. S/Com. “A” 3042.
6.7.2. “A” 1199 I 5.2.2.
S/Com. “A” 3042, 4809 and 5482.
6.8. “B” 6572 S/Com. “A” 5388.
6.9. “A” 4809 6.
6.10. “A” 4809 7.
S/Com. “A” 5164 and
5520.
6.11. 1st “A” 5212
6.11.1. “A” 5127 3.
S/Com. “B” 9961 and “A”
5164, 5212 and 5473.
6.11.2. “A” 5212
6.11.3. “A” 5137 S/Com. “A” 5164.
6.12. “A” 5137 S/Com. “A” 5164.
6.12.1. “A” 5137 S/Com. “A” 5164.
6.12.2. “A” 5137
S/Com. “A” 5164 and
5517.
6.13. “A” 5482
6.14. “A” 5482
6.15. “A” 5531 S/Com. “A” 5547.
6.16. “A” 5588
6.16.1. “A” 5588
6.
6.16.2. “A” 5588
7.1. “A” 1199 I 4.2.6.
S/Com. “B” 9516 and
10025 and “A” 5410 and
5565.
7.
7.2. “B” 10567

• Index -
  2.3. With option of early cancellation.
  2.4. With option of renewal for a fixed term.
  2.5. At term with variable remuneration.
  Section 3. General provisions.
  3.1. Identification.
  3.2. Fiscal situation.
  3.3. Qualified investors.
  3.4. Recommendations for the use of ATMs.
  3.5. Deposit guarantee.
  3.6. Interest rates.
  3.7. Return of deposits.
  3.8. Immobilized balances.
  3.9. Discriminatory acts.
  3.10. Special client identification procedures in matters of international tax
  cooperation.
  Section 4. Specials linked to the entry of funds from abroad - Decree 616/05.
  4.1. Intervening entities.
  4.2. Holders.
  4.3. Currency.
  4.4. Term.
  4.5. Amount.
  4.6. Remuneration.
  4.7. Issuance of deposit certificates.
  4.8. Restrictions.
  4.9. Other provisions.
  Section 5. Transitional provisions.
  Correlation table.

B.C.R.A.
CONSOLIDATED TEXT OF THE REGULATIONS ON
“TERM DEPOSITS AND INVESTMENTS”
Version: 4th COMMUNICATION “A” 5588
Validity:
13/05/2014

in the Civil Code. If the holder of the account dies, the deposited funds will be available to those who turn out to be their heirs.

3.8. Immobilized balances.
3.8.1. Transfer.
As a general rule, funds invested in deposit and investment accounts will be transferred to “Immobilized Balances” upon maturity of the deposits.

3.8.2. Notice to holders.
The application of commissions on immobilized balances will be admitted only to the extent that entities communicate this previously to the holders, referencing their amount -which may not exceed, per calendar month, the value of the “certified letter plus” (basic service of up to 150 grs.) of the Official Mail of the Argentine Republic S.A.- and the date of validity which may not be less than 60 calendar days from the communication. Communications will be sent by mail via the aforementioned certified postal item.

3.9. Discriminatory acts.
Entities must adopt the necessary precautions to prevent discriminatory acts against their clientele, for which they must observe the provisions of the regulations on “Protection of users of financial services”.

3.10. Special client identification procedures in matters of international tax cooperation.
Based on the Standard of the Organization for Economic Cooperation and Development (OECD) for the Automatic Exchange of Information in Tax Matters and the provisions of the Foreign Account Tax Compliance Act (“Foreign Account Tax Compliance Act” - FATCA) of the United States of America, financial entities must TERM DEPOSITS AND INVESTMENTS B.C.R.A.
Section 3. General provisions.
Version: 5th COMMUNICATION “A” 5588
Validity:
13/05/2014

take the necessary measures to identify account holders covered by said standard and provisions. To this effect, they will proceed to:

3.10.1. Include, in the files of clients who are covered and are natural persons (also including those that control non-financial entities of the country included), in addition to data on nationality and place and date of birth, information on the country of fiscal residence and the address and tax identification number with the pertinent supporting documentation.
If they are legal persons and other covered clients, the respective information will include the country of fiscal residence and the address and tax identification number in that country.

3.10.2. Comply with the secrecy safeguards referred to in art. 39 of the Financial Entities Law and art. 5°, para. 2, inc. e) of the Personal Data Protection Law.
The information on covered clients must be presented to the Federal Public Income Administration, according to the regime that said Administration establishes. The scope and definitions referred to covered subjects, accounts and data to be supplied, as well as due diligence procedures, must be understood in accordance with the terms of the document “Standard for Automatic Exchange of Financial Account Information-Common Reporting Standard” approved by the OECD.

TERM DEPOSITS AND INVESTMENTS B.C.R.A.
Section 3. General provisions.
Version: 1st COMMUNICATION “A” 5588
Validity:
13/05/2014

TERM DEPOSITS AND INVESTMENTS
CONSOLIDATED TEXT ORIGINATING NORM
Sec. Point Para. Com. Annex Chap. Sec. Point Para.
OBSERVATIONS
3rd “A” 2530 5th
3.4.2. “A” 2530 2nd
3.5.1. “A” 1199
“A” 1820 I
I 6.3.
2.6.
S/Com. “A” 2807 (pt.
6 - 1st and 2nd para.), 3270,
4874 and 5170.
3.5.2. “A” 2807 6. 3rd
3.5.3.1. “A” 2807 6. 5th
3.5.3.2. “A” 2807 6. 4th
3.6.1. “A” 1199 I 5.3.1.
3.6.2. “A” 1199 I 5.3.2.
3.6.3. “A” 1199 I 5.3.3.
3.6.4. “A” 3043
3.6.5. “A” 1199 I 5.3.4.
3.6.6. “A” 1199 I 5.3.4.1.
3.6.7. “A” 627 1.
3.7. “A” 1199 I 5.1.
3.7.1. “A” 1199 I 5.1.1.
3.7.2. “A” 1199 I 5.1.2.
3.7.3. “A” 1199 I 5.1.3.
3.8.1. “A” 1199 I 5.2.1. S/Com. “A” 3043.
3.8.2. “A” 1199 I 5.2.2. S/Com. “A” 3043, 4809
and 5482.
3.9. “B” 6572 S/Com. “A” 5388.
3.10. “A” 5588
3.10.1. “A” 5588
3.
3.10.2. “A” 5588
4.1. “A” 4360 1.
4.2. “A” 4360 1.
4.3. “A” 4360 1.
4.4. “A” 4360 1.
4.5. “A” 4360 1.
4.6. “A” 4360 1.
4.7. “A” 4360 1.
4.8. “A” 4360 1.
4.
4.9. “A” 4360 1. S/Com. “A” 4874.
5.1. “A” 4916 1.
5.2. “A” 4916 1.
5.3. “A” 4916 1.
5.4. “A” 4916 1.
5.5. “A” 4916 1.
5.6. “A” 4916 1.
5.7. “A” 4916 1.
5.8. “A” 4916 1.
5.9. “A” 4916 1.
5.
5.10. “A” 4916 1.

-Index- Section 11. Procedure for the receipt of deposits for legally required fines.
11.1. Account opening.
11.2. Information on collections.
11.3. Balance transfers.
Section 12. General provisions.
12.1. Recommendations for the use of ATMs.
12.2. Deposit guarantee.
12.3. Issuance of checks and return of deposits.
12.4. Return of checks to drawers.
12.5. Discriminatory acts.
12.6. Method of computing deadlines.
12.7. Peso transfer service. Charges and/or commissions.
12.8. Special client identification procedures in matters of international tax cooperation.
Correlation table.

B.C.R.A.
CONSOLIDATED TEXT OF THE REGULATIONS ON
“REGULATION OF THE BANK CURRENT ACCOUNT”
Version: 9th COMMUNICATION “A” 5588
Validity:
13/05/2014

12.7.3. Advertising.
Financial entities -that possess electronic means such as ATMs and/or “Internet” banking (“home banking”)- must display in the headquarters of all their branches, in the access areas of the premises and where account opening procedures are carried out, informational signs -which must not be less than 29.8 cm in base by 42 cm in height- of the costs to be applied on transfers between accounts in pesos, the model of which is found in point 6.12.2. of Section 6. of the regulations on “Savings deposits, salary account, universal free account and special accounts”. For the purpose of having the signs in the established dimensions, they must enter the exclusive site https://www3.bcra.gob.ar.

12.8. Special client identification procedures in matters of international tax cooperation.
Based on the Standard of the Organization for Economic Cooperation and Development (OECD) for the Automatic Exchange of Information in Tax Matters and the provisions of the Foreign Account Tax Compliance Act (“Foreign Account Tax Compliance Act” - FATCA) of the United States of America, financial entities must REGULATION OF THE BANK CURRENT ACCOUNT B.C.R.A.
Section 12. General provisions.
Version: 2nd COMMUNICATION “A” 5588
Validity:
13/05/2014

take the necessary measures to identify account holders covered by said standard and provisions. To this effect, they will proceed to:

12.8.1. Include, in the files of clients who are covered and are natural persons (also including those that control non-financial entities of the country
included), in addition to data on nationality and place and date of birth, information on the country of fiscal residence and the address and number of tax identification with the pertinent supporting documentation. If they are legal persons and other covered clients, the respective information will include the country of fiscal residence and the address and number of tax identification in that country.

12.8.2. Comply with the secrecy safeguards referred to in art. 39 of the Law of
Financial Entities and art. 5°, para. 2, inc. e) of the Law of Protection of Data Personal.
The information on covered clients must be presented to the Federal Public Income Administration, according to the regime that said Administration establishes. The scope and definitions referred to covered subjects, accounts and data to be supplied, as well as due diligence procedures, must be understood in accordance with the terms of the document “Standard for Automatic Exchange of Financial Account Information-Common Reporting Standard” approved by the OECD.

REGULATION OF THE BANK CURRENT ACCOUNT
ORGANIZED TEXT OF THE ORIGIN NORM
Sec. Point Para. Comm. Annex Ch. Sec. Point Para.
OBSERVATIONS
9.3. “A” 2514 sole 1.5.
9.3.1. 1st “A” 2514 sole 1.5.3.3. 1st and 2nd S/Com. “A” 3244.
2nd “A” 2514 sole 1.5.2. 2nd and 5th S/Com. “A” 3244.
9.3.2. “A” 2514 sole 1.5.3.3. 3rd S/Com. “A” 3075 and 3244.
9.
9.4. “A” 2514 sole 1.7.
“A” 3075
10.1. 1st “A” 2514 sole 1.6.3. 3rd S/Com. “A” 3075.
2nd “A” 2514 sole 1.6.3. 4th S/Com. “A” 3075, 3244 and 4063 (pt. 1.).
10.2. “A” 3075
10.
10.2.1. a
10.2.4.
“A” 2514 sole 1.9.4. Texts that replace model formulas for notices.
S/Com. “A” 3075, 3235,
3244, 3831 and 4063 (pt. 1.).
11.1. “A” 4063 4.
11.2. “A” 4063 4.
11.
11.3. “A” 4063 4.
“A” 3075
12.1. “A” 2530
1st “A” 2530 1st S/Com. “A” 3075.
2nd “A” 2530 3rd and 4th
12.1.1.
3rd “A” 2530 5th
12.1.2. “A” 2530 2nd
12.2. “A” 3075
12.2.1. “A” 1199 I 6.3. S/Com. “A” 3068 (pt. 7. - 1st
and 2nd para.), 3235 and 5170.
12.2.2. “A” 2807 6. 3rd
12.2.3. 1st “A” 2807 6. 5th S/Com. “A” 3075.
2nd “A” 2807 6. 4th S/Com. “A” 3075.
12.3. “A” 1199 I 5.1.
12.3.1. “A” 1199 I 5.1.1.
12.3.2. “A” 1199 I 5.1.2.
12.3.3. “A” 1199 I 5.1.3.
12.4. “A” 2514 sole 1.13.2. S/Com. “A” 3075.
12.5. “B” 6572 S/Com. “A” 5388.
12.6. “A” 3235
12.7. 1st “A” 5212
12.7.1. “A” 5127 3. S/Com. “B” 9961 and “A” 5164,
5212 and 5473.
12.7.2. “A” 5212
12.7.3. “A” 5137 S/Com. “A” 5164.
12.8. “A” 5588
12.8.1. “A” 5588
12.
12.8.2. “A” 5588