Circular OPASI 2 - 579: Savings Account Repatriation of Funds - Personal Assets Law 27.541

2020 - YEAR OF GENERAL MANUEL BELGRANO

COMMUNICATION “A” 6893
07/02/2020

TO FINANCIAL INSTITUTIONS:
Ref.: Circular
OPASI 2 - 579

“Savings account repatriation of funds -
Personal Assets Law 27.541”. Regula- tion.

---

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

“- To provide that –in accordance with the provisions of Law 27.541 and its regulatory decrees– the amount arising from the repatriation of financial assets located abroad must be credited to accounts that financial institutions open for that sole purpose, called “Savings account repatriation of funds - Personal Assets Law 27.541”.

Those accounts shall be opened in the name and to the order exclusively of the declarant, and shall be maintained in the foreign currency in which the repatriation of the funds is effected. Credits in that currency –more than one credit for that concept being allowed– must come only from transfers from abroad whose originator and recipient is the account holder and declarant of the repatriation.

For the purposes of evidencing compliance with the application of the funds to the indicated destination, institutions must keep in this account’s file a copy of the documentation of the transfer made.

Financial institutions must inform the Federal Administration of Public Revenue (AFIP) –in accordance with the procedure and guidelines established by the aforementioned agency– of the debits made in those accounts, without interrupting the calculation of the terms that AFIP establishes in the case of the constitution or renewal of fixed terms with funds credited in these savings accounts.”

Likewise, we send you in an annex the pages that, replacing those previously provided, should be incorporated into the rules on “Savings deposits, salary account and special accounts” and “Time deposits and investments”.

Lastly, you are reminded that on this Institution’s page www.bcra.gob.ar, by accessing “Financial System - LEGAL AND REGULATORY FRAMEWORK - Compilations and summaries - Ordered texts of general regulations”, you will find the amendments made with texts highlighted in special characters (strikethrough and bold).

We greet you attentively.

CENTRAL BANK OF THE ARGENTINE REPUBLIC

Darío C. Stefanelli
Principal Manager of Issuance and
Regulatory Applications
María D. Bossio
Deputy General Manager of Financial Regulation a/c

ANNEX

B.C.R.A.
ORDERED TEXT OF THE RULES ON
“SAVINGS DEPOSITS, SALARY ACCOUNT AND SPECIAL ACCOUNTS”

• Index -

3.7. Savings account intended for authorized minors.

3.8. Special investment account (Resolution No. 4/17 of the Financial Information Unit).

3.9. Demand accounts for purchases in stores.

3.10. Savings account intended for adolescent minors.

3.11. Universal free account.

Section 4. General provisions.

4.1. Identification.

4.2. Tax situation.

4.3. Recommendations for the use of automated teller machines.

4.4. Interest rates.

4.5. Return of deposits.

4.6. Immobilized balances.

4.7. Discriminatory acts.

4.8. Closure of non-operating accounts.

4.9. Procedures manual.

4.10. Transfer service. Charges and/or commissions.

4.11. Teller operations.

4.12. Denomination of demand deposit accounts.

4.13. Special customer identification procedures in matters of international tax cooperation.

4.14. Operations at automated teller machines in the country not operated by financial institutions.

4.15. Deposit accounts for guarantees of futures and options operations.

4.16. Opening of accounts remotely.

4.17. Closure of accounts remotely or at any branch.

4.18. Special procedures for the identification of contributions to electoral campaigns. Law 27.504 –amending Law 26.215–.

4.19. Savings account repatriation of funds - Personal Assets Law 27.541.

Section 5. Transitional provisions.

Correlation table.

Version: 25th. COMMUNICATION “A” 6893
Effective:
8/2/2020
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Section 4. General provisions.

c) allow the reversal of the contribution in the event that it is not accepted by the recipient, without the need to require the expression of cause.

For the purposes of reliable identification of the person making donations or contributions, financial entities must arrange the necessary means to obtain and verify – in all cases and without minimum amount limit – the following data: surname and full name or corporate name (as applicable), type and number of document – in the case of natural persons – and unique tax identification key (CUIT) or unique labor identification code (CUIL) or identification key (CDI), as applicable.

The supporting elements and information media containing the reproductions must be kept by the entities in accordance with the rules on “Instrumentation, conservation and reproduction of documents”.

When the operational modality through which the contribution is made does not provide for the possibility of reversing the operation – as in the cases of cash or check deposits – at the time of identifying the donor, the Uniform Bank Code (CBU) number of a demand deposit account, opened at any financial entity in the country in their name, must also be obtained, so that, if the contribution is not accepted by the recipient, the political group or the National Electoral Directorate – as the case may be – can process the return of the contribution, by means of an electronic funds transfer. If they do not have an account opened in their name, they must be required to provide an email address and/or telephone number.

In the event that the beneficiary of the contribution requests its reversal and this cannot be carried out – for example, transfers returned due to closed accounts – financial entities must keep those funds in immobilized balances at the disposal of the contributor and notify the beneficiary of the contribution of such situation through electronic means of communication.

The information on the operation described above must be presented by financial entities upon request of the National Electoral Justice, in accordance with the regime that said body establishes.

4.19. Savings account repatriation of funds - Personal Assets Law 27.541.

The amount from the repatriation of financial assets located abroad must be credited to these accounts, which will be enabled by financial entities for that sole purpose.

These savings accounts will be opened in the name and to the exclusive order of the declarant, remaining in the foreign currency in which the repatriation of funds is made effective. Credits in said currency – more than one credit for said concept being allowed – must come only from transfers from abroad whose originator and recipient is the account holder and declarant of the repatriation.

Version: 2nd. COMMUNICATION “A” 6893
Effective:
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Section 4. General provisions.

For the purposes of proving compliance with the application of funds to the indicated destination, entities must keep in the file of this account a copy of the documentation of the transfer made.

Financial entities must inform the Federal Administration of Public Revenue (AFIP) – in accordance with the procedure and guidelines established by said body – of the debits made in those accounts, without interrupting the computation of the terms that AFIP establishes in the case of the constitution or renewal of fixed terms with funds credited in these savings accounts.

Insofar as it is not provided for and to the extent that they do not oppose these rules, the provisions established for savings account deposits shall apply.

Version: 1st. COMMUNICATION “A” 6893
Effective:
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SAVINGS DEPOSITS, SALARY ACCOUNT AND SPECIAL ACCOUNTS

CONSOLIDATED TEXT
SOURCE RULE

Sec.	Point	Para.	Com.	Annex	Chap.	Sec.	Point	Para.	OBSERVATIONS
	4.4.2.		“A” 1199	I		5.3.2.
	4.4.3.		“A” 1199	I		5.3.3.
	4.4.4.		“A” 3042
	4.4.5.		“A” 1199	I		5.3.4.
	4.4.6.		“A” 1199	I		5.3.4.1. and 5.3.4.3.
	4.4.7.		“A” 627			1.			S/Com. "A" 6419.
	4.5.		"A" 1199	I		5.1.
	4.5.1.		"A" 1199	I		5.1.1.
	4.5.3.		"A" 1199	I		5.1.3.			S/Com. "A" 5990.
	4.6.1.		"A" 1199	I		5.2.1.			S/Com. "A" 3042.
	4.6.2.		"A" 1199	I		5.2.2.			S/Com. "A" 3042, 4809, 5482, 6042 and 6448.
	4.7.		"B" 6572						S/Com. "A" 5388.
	4.8.		"A" 4809			6.			S/Com. "A" 5986 and 6249.
	4.9.		"A" 4809			7.			S/Com. "A" 5164, 5520, 5612 and 6639.
4.	4.10.	1°	"A" 5212
	4.10.1.		"A" 5127			3.			S/Com. "B" 9961, "A" 5164, 5212, 5473, 5718, 5778 and 5927.
	4.10.2.		"A" 5212						S/Com. "A" 5718.
	4.10.3.		"A" 5137						S/Com. "A" 5164 and 5990.
	4.11.		"A" 5482						S/Com. "A" 5928 and 6681.
	4.12.		"A" 5482
	4.13.		"A" 5588
	4.13.1.		"A" 5588
	4.13.2.		"A" 5588
	4.14.		"A" 5928			10.			S/Com. "A" 6236, 6483, 6639, 6709 and 6762.
	4.15.		"B" 11269
	4.16.		"A" 6059						S/Com. "A" 6273.
	4.17.		"A" 6448			2.
	4.18.		"A" 6714
	4.19.		"A" 6893
5.	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" 6341

B.C.R.A.
CONSOLIDATED TEXT OF THE RULES ON
"TIME DEPOSITS AND INVESTMENTS"

• Index -

Section 1. Fixed term.

1.1. Accepted forms of fund raising.

1.2. Holders.

1.3. Identification and tax status of the investor.

1.4. Special requirements.

1.5. Documentation.

1.6. Operational forms.

1.7. Constitution.

1.8. Accepted currencies and securities.

1.9. Deposits of Acquisition Value Units and Housing Units.

1.10. Deposits with incentives or remuneration –total or partial– in goods or services.

1.11. Remuneration.

1.12. Term.

1.13. Cancellation of the transaction.

1.14. Automatic renewal.

1.15. Transfer.

1.16. Secondary trading.

1.17. Prohibitions.

1.18. Publication of the rules.

1.19. Deposits in fixed-term deposit certificates arising from credits in savings accounts repatriation of funds - Personal Assets Law 27.541.

Section 2. Time investments.

2.1. General aspects.

2.2. At constant term.

Version: 8th. COMMUNICATION "A" 6893
Effective date:
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TIME DEPOSITS AND INVESTMENTS B.C.R.A.
Section 1. Fixed term.

1.17.1.4. Of residents or non-residents in the country that, under any form of arrangement and through associated agreements -formalized or not-, imply that the return of the deposited funds is guaranteed by another financial institution, except in cases specifically authorized by the Central Bank of the Argentine Republic.

1.17.2. Participations.

Financial entities may not issue participations –whatever their concept– over one or more certificates of deposit.

1.18. Publication of the rules.

Financial entities shall display, for public knowledge and in places visible to the public, the rules in force on fixed-term deposits.

1.19. Deposits in fixed-term deposit certificates originating from credits in savings accounts repatriation of funds - Personal Assets Law 27.541.

The amounts originating from credits in those savings accounts may be applied to the constitution of fixed-term deposits, in the foreign currency of the credit in question and whose holder must be the holder of the aforementioned savings account.

For the purposes of complying with the duty to inform the Federal Administration of Public Revenue (AFIP), financial entities must keep control of the permanence of the deposits –in accordance with the procedure and guidelines established by the aforementioned agency– from the dates and for the amounts originally deposited at the time of the repatriation of funds, without interrupting the computation of the terms in the cases of constitution of fixed terms with funds credited in “Savings account repatriation of funds - Personal Assets Law 27.541”, renewals of these fixed terms at their maturity or deposits in those accounts originating from the collection of the aforementioned fixed terms.

Version: 4th. COMMUNICATION “A” 6893
Effective date:
8/2/2020
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CENTRAL BANK OF THE ARGENTINE REPUBLIC

FIXED-TERM DEPOSITS AND INVESTMENTS

CONSOLIDATED TEXT ORIGINATING RULE
Sec Point Para. Comm. Annex Chap. Sect. Point Para.
OBSERVATIONS
1.
1.12.2. “A” 2188 1. S/Com. “A” 3660 and
4543.
1.12.3. "A" 3660 S/Com. "A" 4298,
4331, 5945, 6069 and
6494.
1.12.4. “A” 4874 5.
1.13.1. 1st “A” 1653 I 3.4.13.2.
2nd “A” 3043
S/Com. “A” 3660.
1.13.2. "A" 1653 I 3.4.13.1. S/Com. "A" 3660.
1.13.3. "A" 6170 S/ Com. "A" 6645.
1.14.1. “A” 1653 I 3.4.13.3. 1st S/Com. “A” 3660.
1.14.2. "A" 3043 S/Com. "A" 3660.
1.14.3. 1st “A” 1653 I 3.4.13.3.1. S/Com. “A” 3660.
2nd “A” 3043 S/Com. “A” 3660.
1.14.4. “A” 1653 I 3.4.13.3. 1st S/Com. “A” 3660.
1.14.5. "A" 3043 S/Com. "A" 3660.
1.14.6. "A" 1653 I 3.4.13.3.4. S/Com. "A" 3660.
1.15. "A" 1653 I 3.3.3.1. S/Com. "A" 3660.
1.16.1. “A” 1653
“A” 1820
“A” 2064
I
I 3.3.3.2.
3.8.
1st
1st last
S/Com. “A” 3660.
1.16.2. “A” 1653
“A” 1820 I
I 3.3.3.2.
3.8.
2nd
3rd
S/Com. “A” 3660.
1.16.3. “A” 2308 S/Com. “A” 3660.
1.17.1.1. “A” 1653 I 3.4.3.1. S/Com. “A” 3660.
1.17.1.2. “A” 1653 I 3.4.3.2. S/Com. “A” 3660.
1.17.1.3. “A” 1653 I 3.4.3.3. S/Com. “A” 3660.
1.17.1.4. “A” 2383 S/Com. “A” 3660.
1.17.2. “A” 1653 I 3.4.9. S/Com. “A” 3660.
1.18. “A” 1653 I 3.4.11. S/Com. “A” 3660.
1.19. “A” 6893
2.
2.1.1. “A” 2482 1.
2.1.2. “A” 3043
2.1.3. “A” 1199 I 5.7.
2.1.4. “A” 2482 1.A)3.
1.B)3.
1.C)3.
1.D)3.
S/Com. “A” 6266.
2.1.5. “A” 1653 I 3.4.1.
3.4.2.
S/Com. “A” 6266.
2.1.6. “A” 1820
“A” 2482
I 3.2.
1.A)4.,1.B)
4., 1.C)4. y 1.D)2.
2° S/Com. “A” 3293.
2.1.7. “A” 2482 1.A)6.,1.B)
6. y 1.C)6.
2.1.8.1. “A” 1653 I 3.4.13.2.
2.1.8.2. “A” 1653 I 3.4.13.1.
2.1.9. “A” 2482 1. 3°
2.1.10. “A” 2482 1. 2° S/ Com. “A” 4874.
2.2.1. “A” 2482 1.A)1.