Circular OPASI 2-502: Opening Savings Accounts Remotely for New Clients

“2016 - Year of the Bicentennial of the Declaration of National Independence” COMMUNICATION “A” 6059 08/09/2016 TO FINANCIAL ENTITIES:
Ref.: Circular
OPASI 2 - 502
Opening of savings accounts remotely for new clients.

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

“1. It is ordered that, when financial entities allow natural persons who are not clients to manage the opening of savings accounts through electronic and/or communication means that allow them to substitute their physical presence at the entity’s operational office, they must ensure that such means allow for full compliance with regulations on the prevention of money laundering and terrorist financing - especially regarding the identification and knowledge of the client - as well as with the remaining applicable provisions. To this end, they must adopt procedures, technologies, and controls that allow for the verification of the applicant’s identity and the authenticity of the received data, which may include the request for information from public and/or private databases for comparison with the data received from the applicant. The procedures, technologies, and controls used for the remote opening of savings accounts must ensure compliance with provisions regarding electronic channels, those related to the conservation, integrity, authenticity, and confidentiality of the information and documents used, protecting them against alteration or destruction, as well as against unauthorized access or use.

2. It is established that financial entities may, in accordance with what is provided in article 39 subsection d) of Law 21.526, supply information regarding their clients that allows establishing their identity and personal data, when this is required by another financial entity authorized to operate in the country, for the purpose of processing the application for the opening of savings accounts under the conditions indicated in point 1 of this communication.
   To this end, the entities must previously obtain the consent of the respective client and comply with the requirements provided in Law 25.326 on the Protection of Personal Data (and amendments).”

Likewise, we send you attached the sheets that, in replacement of those previously provided, should be incorporated into the regulations on “Savings Deposits, Salary Accounts, and Special Accounts”, where the preceding provisions were incorporated as point 4.18.

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Finally, it is recalled that on this Institution’s website www.bcra.gob.ar, by accessing “Financial and Payment Systems - LEGAL AND REGULATORY FRAMEWORK - Orders and summaries - Ordered texts of general regulations”, the modifications made with texts highlighted in special characters (strikethrough and bold) will be found. We greet you attentively. CENTRAL BANK OF THE ARGENTINE REPUBLIC Darío C. Stefanelli Agustín Torcassi Chief Manager of Issuance and Normative Applications General Manager of Regulations

ANNEX

• Index -
  Section 4. General Provisions.
  4.1. Identification.
  4.2. Fiscal situation.
  4.3. Recommendations for the use of ATMs.
  4.4. Deposit guarantee.
  4.5. Interest rates.
  4.6. Return of deposits.
  4.7. Immobilized balances.
  4.8. Discriminatory acts.
  4.9. Mandatory closure of the account.
  4.10. Procedures manual.
  4.11. Transfer service. Charges and/or commissions.
  4.12. Informative sign models.
  4.13. Counter operations.
  4.14. Denomination of demand deposit accounts.
  4.15. Special client identification procedures in matters of international tax cooperation.
  4.16. Operations in ATMs in the country not operated by financial entities.
  4.17. Deposit accounts for guarantees of futures and options operations.
  4.18. Opening of savings accounts remotely for new clients.
  Section 5. Transitional Provisions.
  Correlation table.

B.C.R.A.
ORDERED TEXT OF THE REGULATIONS ON
“SAVINGS DEPOSITS, SALARY ACCOUNTS, AND SPECIAL ACCOUNTS” Version: 14th COMMUNICATION “A” 6059 Validity:
09/09/2016

The scope and definitions regarding covered subjects, accounts and data to be supplied, as well as due diligence procedures, shall 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.

4.16. Operations in ATMs in the country not operated by financial entities.
Financial entities that offer demand deposit accounts to users of financial services must allow their clients to perform operations on their demand deposit accounts through ATMs installed in the country and not operated by financial entities, to the extent that these devices inform the client in advance of the cost of the transaction they wish to perform.

4.17. Deposit accounts for guarantees of futures and options operations.
When these accounts are used exclusively by markets or clearing houses for the deposit of third-party guarantees, their denomination must include the addition “Third-party Guarantee”.

4.18. Opening of savings accounts remotely for new clients.
4.18.1. When financial entities allow natural persons who are not clients to manage the opening of savings accounts through electronic and/or communication means that allow them to substitute their physical presence at the entity’s operational office, they must ensure that such means allow for full compliance with regulations on the prevention of money laundering and terrorist financing - especially regarding the identification and knowledge of the client - as well as with the remaining applicable provisions.
To this end, they must adopt procedures, technologies, and controls that:
i. Allow for the verification of the applicant’s identity and the authenticity of the received data - which may include the request for information from public and/or private databases for comparison with the data received from the applicant -.
ii. Ensure compliance with provisions regarding electronic channels and those related to the conservation, integrity, authenticity, and confidentiality of the information and documents used, protecting them against alteration or destruction as well as against unauthorized access or use.

4.18.2. When required by another financial entity authorized to operate in the country for the purpose of processing an application for the opening of a savings account under the conditions of point 4.18.1., financial entities may - in accordance with what is provided in article 39 subsection d) of Law 21.526 - supply information regarding their clients that allows establishing their identity and personal data. To this end, the entities must previously obtain the consent of the respective client and comply with the requirements provided in Law 25.326 on the Protection of Personal Data (and amendments).

SAVINGS DEPOSITS, SALARY ACCOUNTS, AND SPECIAL ACCOUNTS B.C.R.A.
Section 4. General Provisions.
Version: 2nd COMMUNICATION “A” 6059
Validity:
09/09/2016

SAVINGS DEPOSITS, SALARY ACCOUNTS, AND SPECIAL ACCOUNTS ORDERED TEXT ORIGINATING REGULATION Sec. Point Para. Comm. Annex Ch. Sec. Point Para. OBSERVATIONS
4.3.1. 3rd “A” 2530 5th
4.3.2. “A” 2530 2nd
4.4.1.
“A” 1199
“A” 1820 I
I
6.3.
2.6.
S/Com. “A” 2807, 3270,
5170, 5641, 5659, 5891 and
5943.
4.4.2. “A” 2807 6. 3rd
4.4.3.1. “A” 2807 6. 5th
4.4.3.2. “A” 2807 6. 4th
4.5.1. “A” 1199 I 5.3.1.
4.5.2. “A” 1199 I 5.3.2.
4.5.3. “A” 1199 I 5.3.3.
4.5.4. “A” 3042
4.5.5. “A” 1199 I 5.3.4.
4.5.6. “A” 1199 I
5.3.4.1. and
5.3.4.3.
4.5.7. “A” 627 1.
4.6. “A” 1199 I 5.1.
4.6.1. “A” 1199 I 5.1.1.
4.6.2. “A” 1199 I 5.1.2.
4.6.3. “A” 1199 I 5.1.3. S/Com. “A” 5990.
4.7.1. “A” 1199 I 5.2.1. S/Com. “A” 3042.
4.7.2. “A” 1199 I 5.2.2.
S/Com. “A” 3042, 4809 and
5482.
4.8. “B” 6572 S/Com. “A” 5388.
4.9. “A” 4809 6. S/Com. “A” 5986.
4.10. “A” 4809 7.
S/Com. “A” 5164, 5520 and
5612.
4.11. 1st “A” 5212
4.11.1. “A” 5127 3.
S/Com. “B” 9961, “A”
5164, 5212, 5473, 5718,
5778 and 5927.
4.11.2. “A” 5212 S/Com. “A” 5718.
4.11.3. “A” 5137 S/Com. “A” 5164 and 5990.
4.12. “A” 5137
S/Com. “A” 5164, 5927 and
5928.
4.12.1. “A” 5928 14.
S/Com. “A” 5958.
4.12.2. “A” 5137
S/Com. “A” 5164, 5517,
5739, 5809, 5927 and 5990.
4.13. “A” 5482 S/Com. “A” 5928.
4.14. “A” 5482
4.15. “A” 5588
4.15.1. “A” 5588
4.15.2. “A” 5588
4.16. “A” 5928 10.
4.17. “B” 11269
4.
4.18. “A” 6059

SAVINGS DEPOSITS, SALARY ACCOUNTS, AND SPECIAL ACCOUNTS ORDERED TEXT ORIGINATING REGULATION Sec. Point Para. Comm. Annex Ch. Sec. Point Para. OBSERVATIONS
5.1. “A” 1199 I 4.2.6.
S/Com. “B” 9516 and 10025,
“A” 5410 and 5565.
5.2. “B” 10567
5.3. “A” 5928 6.
5.4. “A” 5531 S/Com. “A” 5547.
5.5. “A” 6022 1.
5.6. “A” 6022 2.
5.7. “A” 6022 3.
5.8. “A” 6022 4.
5.
5.9. “A” 6022 5.