2017 - YEAR OF RENEWABLE ENERGIES

COMMUNICATION “A” 6273
11/07/2017

TO FINANCIAL INSTITUTIONS,
TO COOPERATIVE CREDIT UNIONS (LAW 26.173):
Ref.: Circular
OPASI 2 - 526

Communication "A" 6223. Remote opening of deposit accounts. Update of ordered texts.

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We address you to send you the pages that, replacing those previously provided, must be incorporated into the rules on “Savings deposits, salary and special accounts”, “Regulation of the bank current account” and “Demand accounts opened in cooperative credit unions”, based on the resolution announced through Communication “A” 6223.

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

We greet you attentively.

CENTRAL BANK OF THE ARGENTINE REPUBLIC

Matías A. Gutiérrez Girault
Issuance Manager of Regulations
Darío C. Stefanelli
Principal Manager of Issuance and
Regulatory Applications

ANNEX

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

- Index -

3.7. Savings bank for the payment of social aid plans or programs.

3.8. Demand accounts for judicial use.

3.9. Savings bank destined for authorized minors.

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

3.11. Demand accounts for purchases in stores.

Section 4. General provisions.

4.1. Identification.

4.2. Tax 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. Closure of non-operational accounts.

4.10. Procedures manual.

4.11. Transfer service. Charges and/or commissions.

4.12. Models of informative signs.

4.13. Teller operations.

4.14. Denomination of demand deposit accounts.

4.15. Special procedures for customer identification in matters of international tax cooperation.

4.16. Operations in ATMs in the country not operated by financial institutions.

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

4.18. Opening of accounts in a non-face-to-face manner.

Section 5. Transitional provisions.

Correlation table.

Version: 18th. COMMUNICATION “A” 6273
Effective:
01/07/2017
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3.4. Special current accounts for legal entities.

3.4.1. Participating entities.

All financial institutions may open “Special current accounts for legal entities”, in accordance with this regulation.

3.4.2. Identification and tax situation of the holder.

At a minimum, the following data shall be required:

3.4.2.1. Corporate name or legal name.

3.4.2.2. Actual and legal addresses.

3.4.2.3. Photocopy of the contract or corporate bylaws –with the provisions of point 4.1.2. being applicable–.

3.4.2.4. Date and number of registration in the relevant official registry.

3.4.2.5. List of authorities and of the representatives authorized to use the account, with respect to whom the requirements established for natural persons (point 1.3.) must be fulfilled.

In the case of Simplified Stock Corporations (SAS), only the presentation of the duly registered constitutive instrument –with the provisions of point 4.1.2. being applicable– and of the proof of the Unique Tax Identification Key (CUIT) –as provided in point 4.2.– shall be required, and the account must be operative on the banking business day following the day on which such requirements have been fulfilled.

3.4.3. Opening and operation. Precautions.

Extreme precautions must be taken in order to prevent the opening of accounts for nonexistent persons due to the presentation of non-authentic documentation.

Entities shall pay attention to the operation of accounts in order to prevent them from being used in connection with the development of illicit activities.

Internal rules and procedures must be adopted in order to verify that the movements recorded in the accounts are reasonable in relation to the activities declared by the clients.

3.4.4. Currencies.

3.4.4.1. Pesos.

3.4.4.2. US dollars.

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Effective date:
22/04/2017
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3.4.4.3. Other currencies.

At the request of the entities, the Central Bank of the Argentine Republic may authorize the acceptance of deposits in other currencies.

3.4.5. Deposits and other credits.

3.4.5.1. Deposits through teller windows or automated teller machines.

When slips are used, they must contain, at a minimum, the following data:

i) Name of the financial entity.

ii) Corporate name of the account holder and account number.

iii) Amount deposited.

iv) Place and date.

v) In the case of deposits of checks or nominative official payment orders, the name of the drawee entity and the amount of each of the deposited documents.

In the case of checks drawn to bearer or in favor of a determined person –whether or not they bear the clause “not to order”– and that are delivered by their beneficiary to a third party for collection management through their presentation at the teller window or through their deposit into an account for electronic clearing, the signature and clarification of the principal or instructing party of the management and their personal identification number must be recorded on the back –according to the rules on “Identification documents in force”– in the case of natural persons or CUIT or CDI in the case of legal persons, regardless of the existence or not of the document instrumenting the mandate. Additionally, one of the following expressions shall be inserted: “in procurement”, “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 applicable, and the legend mentioned above falls, indistinctly, on the principal or instructing party and the agent or manager.

vi) Stamp of the receiving house, unless mechanized security writings are used.

Alternative means may be used such as the magnetic card or identification by personal code that guarantee the genuineness of the operations, extending the pertinent proof of deposit issued mechanically.

With respect to the performance of operations through automated teller machines, entities must have implemented computer security mechanisms that guarantee the genuineness of the operations and shall provide for the issuance of the pertinent proof with the essential data of the operation.

Version: 8a. COMMUNICATION “A” 6273
Effective date:
12/7/2017
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3.4.5.2. Through transfers –including electronic–, telephone orders, via the Internet, etc.

Its recording in the account statement (point 3.4.10.) shall be proof of the operation.

Entities must have implemented computer security mechanisms that guarantee the genuineness of the operations.

3.4.5.3. Other credits, including –among them– those originating from the granting of loans and from the collection of receivables.

3.4.6. Debits.

3.4.6.1. Through teller window, under the agreed conditions, by means of documents that meet the characteristics of a receipt.

Other alternative means may be used such as the magnetic card or identification by personal code that guarantee the genuineness of the operations, extending the pertinent proof of the transaction.

Debits for the sale of “counter checks” and “financial payment checks” issued by the entity and of “cancellatory checks” may be contemplated.

3.4.6.2. Transfers, whatever their form –personal, electronic, telephone, via the Internet, etc.–, which must be ordered by any of the natural persons included in the list referred to in point 3.4.2.5.

Entities must have implemented computer security mechanisms that guarantee the genuineness of operations carried out non-personally.

3.4.6.3. Internal debits, automatic for the payment of taxes and services, commissions and other concepts, under the agreed conditions.

3.4.6.4. Withdrawals through automated teller machines and operations carried out through terminals at points of sale.

Entities must have implemented computer security mechanisms that guarantee their genuineness.

3.4.6.5. Movements –whatever their nature– may not generate a debit balance.

3.4.7. Remuneration.

3.4.7.1. Interest.

The applicable rates shall be freely determined between the parties.

Interest shall be settled for periods not less than 30 days in arrears and shall be credited to the account on the agreed dates.

Version: 3rd. COMMUNICATION “A” 6273
Effective:
12/7/2017
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3.6.2. Holders.

Markets subject to the control of the National Securities Commission. These demand accounts may be maintained at financial institutions for the deposit of guarantees required in futures and options transactions traded on said markets.

3.6.3. Identification and tax status of the holder.

At a minimum, the following data shall be required:

3.6.3.1. Name or corporate name.

3.6.3.2. Actual and legal addresses.

3.6.3.3. Photocopy of the contract or corporate bylaws –with the provisions of point 4.1.2 being applicable–.

3.6.3.4. Date and number of registration in the pertinent official registry.

3.6.3.5. List of authorities and authorized representatives to use the account, for whom the requirements established for natural persons (point 1.3.) must be fulfilled.

3.6.4. Currency.

US dollars.

3.6.5. Deposits.

They shall be admitted only upon credit of the amounts in US dollars corresponding to the constitution of the guarantees required by the self-regulated markets for the negotiation and maintenance of futures and options contracts. For such purposes, foreign exchange transactions in the single and free exchange market shall be admitted, through the financial institution where the special account is held, by debiting demand accounts in pesos.

Such transactions may be carried out by each of the operators or globally by the respective market for the net amount arising from the operators' commitments.

3.6.6. Debits.

They shall be admitted only for the settlement of guarantees constituted by operators upon maturity or cancellation of transactions, which shall be converted to pesos through the corresponding foreign exchange transaction in the single and free exchange market, using the procedure provided in point 3.6.5.

3.6.7. Offsets.

If on a given day there is a release of guarantee margins due to maturities or cancellation of contracts and, in turn, new guarantees must be replenished or constituted, the transactions may be offset and, if applicable, the remainder settled.

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Effective:
22/04/2017
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3.10.3.4. Authenticated copy of the contract or corporate bylaws –with the provisions of point 4.1.2 being applicable–.

3.10.3.5. Proof of registration in the pertinent official registry, of the country or abroad, as applicable.

In the case of commercial companies or companies incorporated abroad that are not required to register in the country's public registries because they do not habitually carry out acts of commerce in this jurisdiction, this requirement may be replaced by the submission of a sworn statement stating that the activities carried out in the country are not of a permanent nature.

3.10.3.6. List of authorities and authorized representatives to use the account.

i) Domestic investors considered obligated subjects of financial activity, registered, regulated and supervised in matters of prevention of money laundering and terrorist financing by the Financial Information Unit (UIF): the requirements established for natural persons (point 1.3.) must be fulfilled.

ii) Foreign investors engaged in financial activity, authorized, regulated and adequately supervised in matters of prevention of money laundering and terrorist financing, in their jurisdiction of origin, in accordance with the recommendations of the Financial Action Task Force (FATF): they shall be identified by presenting the valid document for that purpose in their country of residence.

The indicated documentation may be submitted directly by the applicant, or by the local or foreign financial institution from which the funds come, either through electronic means or by postal or international mail. If it is drafted in a foreign language, the corresponding translation into the national language must be attached, made by a public translator registered in the Argentine Republic.

In all cases, the documentation from abroad obtained to form the file of clients not residing in the country must be issued in accordance with the legal provisions in force on the matter in the country where the applicant resides, and must –where applicable– have notarial certification and be presented consularly legalized or by the apostille system, in the latter case when dealing with countries that have signed and ratified the Hague Convention of 5.10.61.

Within 60 calendar days following the date of account opening, the applicant must submit –in person or by postal or international mail– an authenticated copy of all documentation sent through electronic means.

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Effective:
22/04/2017
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4.1. Identification.

4.1.1. Natural persons.

At the time of account opening, natural persons who are holders or in whose name an account is registered, legal representatives of legal entities, etc. shall use any of the documents provided in the rules on “Identification documents in force”.

4.1.2. Legal entities.

The requirement to present the contract or corporate bylaws shall be considered fulfilled with the copy of the duly registered constitutive instrument of the client legal entity that the financial institution obtains –in electronic or digital form– directly from the Public Registry of the corresponding jurisdiction.

4.2. Tax status.

Financial entities must obtain electronically and directly from the website of the Federal Administration of Public Revenue (AFIP) the proof of the Single Tax Identification Key (CUIT), Single Labor Identification Code (CUIL) or Identification Key (CDI), as applicable, of the legal or natural persons who are holders or to whose order an account is registered, legal representatives, etc.

4.3. Recommendations for the use of automated teller machines.

4.3.1. Financial entities that provide magnetic cards to be used in carrying out transactions with automated teller machines must alert and recommend to users the precautions they should take to ensure their correct use.

Notification of these recommendations must be made at the time of opening the account that involves the delivery of a card to be used in automated teller machines, without prejudice to the advisability of periodically making subsequent reminders.

Likewise, it will be appropriate to place – visibly in the places where the automated teller machines are located – signs with the precautions that users of the system should adopt.

4.3.2. The following are the recommendations and precautions that, at a minimum, must be communicated to users:

4.3.2.1. Request from the bank staff all the information they deem necessary about the use of automated teller machines when accessing the service for the first time or before any doubt that may arise subsequently.

4.3.2.2. Change the identification or access code or personal key or password (“password”, “PIN”) assigned by the entity, for one that the user selects, which must not be their personal address or their date of birth or another number that can be easily obtained from documents kept in the same place as their card.

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Effective date:
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The scope and definitions referring 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.

4.16. Transactions at automated teller machines in the country not operated by financial entities.

Financial entities that offer demand accounts must allow their clients to carry out transactions through automated teller machines installed in the country and operated by non-financial companies.

These devices must previously inform the client of the transactions allowed and the price of their use – clarifying that this price will be the same regardless of the quantity and type of transactions to be carried out and including the legend “This transaction at a financial entity might have no cost” – and allow them to withdraw from its use at no cost. The financial entity issuing the debit card may not charge its clients any type of additional commission to the one informed by these devices.

Financial entities may not have any type of participation or connection – in the latter case, in accordance with the provisions of point 2.2. of the rules on “Credit risk splitting” – with the non-financial companies that operate and/or administer these automated teller machines.

4.17. Deposit accounts for guarantees of futures and options transactions.

When these accounts are used by markets or capital clearing houses exclusively for the deposit of third-party guarantees, their name must include the addition “Third-party guarantee”.

4.18. Opening of accounts remotely.

4.18.1. When financial entities allow the remote opening of accounts through electronic and/or communication means, they must comply with the following requirements:

4.18.1.1. Ensure that such means allow them to fully comply with the regulations on prevention of money laundering and financing of terrorism – especially regarding the identification and knowledge of the client – as well as the remaining applicable provisions.

4.18.1.2. The procedures, technologies and controls used for the remote opening of the aforementioned accounts must ensure compliance with the provisions on electronic channels and those related to the conservation, integrity, authenticity and confidentiality of the information and documents used, in order to protect them against alteration or destruction, as well as against improper access or use.

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Effective date:
22/04/2017
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4.18.1.3. In the case of accounts in the name of legal persons, the following must also be complied with:

i. Financial entities must adopt procedures, technologies and controls that allow verifying the identity of the natural person requesting the opening as legal representative or attorney-in-fact, the authenticity of the instruments accrediting the invoked capacity and the identifying data of the legal person, which may include requesting information from public and/or private databases for comparison with the data received from the applicant.

ii. The legal person must present at the office where the account is domiciled, within 60 calendar days of the account opening request, a certified copy of the bylaws or social contract with proof of its registration by the competent corporate control authority in the Public Registry of the corresponding jurisdiction, except when the entity obtains it electronically or digitally in accordance with the provisions of point 4.1.2.

4.18.2. When requested by another financial entity authorized to operate in the country for the purpose of processing an account opening request under the conditions of point 4.18.1., financial entities may –in accordance with the provisions of article 39 subsection d) of Law 21.526– provide information regarding their clients that allows:

i. establishing their identity and personal data, in the case of natural persons;

ii. establishing the attributes of legal personality and profile as well as the identity and personal data of legal representatives or agents, in the case of legal persons.

For such purposes, the entities must previously obtain the consent of the respective client and comply with the requirements set forth in Law 25.326 on Personal Data Protection (and amendments).

Version: 2nd. COMMUNICATION “A” 6273
Effective date:
22/04/2017
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CENTRAL BANK OF THE ARGENTINE REPUBLIC

SAVINGS DEPOSITS, SALARY ACCOUNT AND SPECIAL ACCOUNTS

CONSOLIDATED TEXT			SOURCE RULE						OBSERVATIONS
Sec.	Point	Para.	Com.	Annex	Chap.	Sec.	Point	Para.
3.	3.4.1.		“A” 3250				1.
	3.4.2.		“A” 3250				1.		S/Com. “A” 6273.
	3.4.3.		“A” 3250				1.
	3.4.4.		“A” 3250				1.
	3.4.5.		“A” 3250				1.		S/Com. “A” 4936, 4971 (point 18.) and 5000.
	3.4.6.		“A” 3250				1.
	3.4.7.		“A” 3250				1.		S/Com. “A” 5068 and 6148.
	3.4.8.		“A” 3250				1.		S/Com. “A” 5461 and 5482.
	3.4.9.		“A” 3250				1.
	3.4.10.		“A” 3250				1.		S/Com. “A” 3014 (point 3.7.1.), 3323 and 4809.
	3.4.11.		“A” 3250				1.
	3.4.12.		"A" 3250				1.
	3.4.13.		"A" 3250				1.
	3.4.14.		"A" 3250				1.
	3.5.		"A" 3583				1.		S/Com. "A" 3827.
	3.6.		"A" 3566				1.		S/Com. "A" 4602 (ptos. 1. and 2.) and 6273.
	3.7.		"A" 5007						S/Com. "A" 5161, 5204, 5231, 5284, 5450 and 5461.
	3.7.1.		"A" 5007						S/Com. "A" 5231, 5284 and 5450.
	3.7.2.		"A" 5007						S/Com. "A" 5231 and 5450.
	3.7.3.		"A" 5007						S/Com. "A" 5231, 5450 and 5960.
	3.7.4.		"A" 5007						S/Com. "A" 5231, 5450, 5459, 5482 and 5960.
	3.7.5.		"A" 5007
	3.7.6.		"A" 5007						S/ Com. "A" 5804.
	3.7.7.		"A" 5007						S/ Com. "A" 5804.
	3.7.8.		"A" 5007
	3.7.9.		"A" 5007
	3.7.10.		"A" 5960				2.
	3.8.		"A" 5147
	3.8.1.		"A" 5147
	3.8.2.		"A" 5147
	3.8.3.		"A" 5147						S/Com. "A" 5212.
	3.8.4.		"A" 5147						S/Com. "A" 5212 and 5461.
	3.8.5.		"A" 5147
	3.8.6.		"A" 5147
	3.8.7.		"A" 5147
	3.8.8.		"A" 5147
	3.8.9.		"A" 5147
	3.8.10.		"A" 5147
	3.9.		"A" 6103
	3.9.1.		"A" 6103
	3.9.2.		"A" 6103
	3.9.3.		"A" 6103

SAVINGS DEPOSITS, PAYROLL ACCOUNT AND SPECIAL ACCOUNTS

CONSOLIDATED TEXT				SOURCE STANDARD					OBSERVATIONS
Sec.	Point	Para.	Comm.	Annex	Chap.	Sec.	Point	Para.
3.	3.9.4.		"A" 6103
	3.9.5.		"A" 6103
	3.9.6.		"A" 6103
	3.9.7.		"A" 6103
	3.9.8.		"A" 6103
	3.10.1.		"A" 6165
	3.10.2.		"A" 6165
	3.10.3.		"A" 6165						S/Comm. "A" 6273.
	3.10.4.		"A" 6165
	3.10.5.		"A" 6165
	3.10.6.		"A" 6165
	3.10.7.		"A" 6165
	3.10.8.		“A” 6165
	3.10.9.		“A” 6165
	3.10.10.		“A” 6165
	3.10.11.		“A” 6165
	3.10.12.		“A” 6165
	3.10.13.		“A” 6165
	3.11.1.		“A” 6265
	3.11.2.		“A” 6265
	3.11.3.		“A” 6265
	3.11.4.		“A” 6265
	3.11.5.		“A” 6265
	3.11.6.		“A” 6265
	3.11.7.		“A” 6265
	3.11.8.		“A” 6265
	3.11.9.		“A” 6265
	3.11.10.		“A” 6265
4.	4.1.		“A” 3042						S/ Com. “A” 5728 and 6273.
	4.2.		“A” 1891						S/Com. “A” 1922, 3323 and 4875 and 6273.
	4.3.1.	1°	“A” 2530					1°
		2°	“A” 2530					3°4°
		3°	“A” 2530					5°
	4.3.2.		“A” 2530					2°
	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.		3°
	4.4.3.1.		“A” 2807			6.		5°
	4.4.3.2.		“A” 2807			6.		4°
	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.

CENTRAL BANK
OF THE ARGENTINE REPUBLIC

SAVINGS DEPOSITS, PAYROLL ACCOUNT AND SPECIAL ACCOUNTS

CONSOLIDATED TEXT				SOURCE RULE					OBSERVATIONS
Sec.	Point	Para.	Comm.	Annex	Chap.	Sec.	Point	Para.
4.	4.6.		“A” 1199	I		5.1.
	4.6.1.		“A” 1199	I		5.1.1.
	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, 5482 and 6042.
	4.8.		“B” 6572						S/Com. “A” 5388.
	4.9.		“A” 4809			6.			S/Com. “A” 5986 and 6249.
	4.10.		“A” 4809			7.			S/Com. “A” 5164, 5520 and 5612.
	4.11.	1°	“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.			S/Com. “A” 6236.
	4.17.		“B” 11269
	4.18.		“A” 6059						S/Com. “A” 6273.
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” 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.
	5.9.		“A” 6022			5.

B.C.R.A.
CONSOLIDATED TEXT OF THE RULES ON
“REGULATION OF THE BANK CURRENT ACCOUNT”

-Index-

Section 11. Procedure for the receipt of deposits for legally enforceable fines.

11.1. Account opening.

11.2. Information on collections.

11.3. Transfers of balances.

Section 12. General provisions.

12.1. Recommendations for the use of automated teller machines.

12.2. Guarantee of deposits.

12.3. Issuance of checks and return of deposits.

12.4. Return of checks to drawers.

12.5. Discriminatory acts.

12.6. Manner of computing time limits.

12.7. Transfer service in pesos. Charges and/or commissions.

12.8. Special procedures for customer identification in matters of international tax cooperation.

12.9. Transactions at automated teller machines in the country not operated by financial institutions.

12.10. Deposit accounts for guarantees of futures and options transactions.

12.11. Opening of accounts remotely.

Correlation table.

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Effective date:
22/04/2017
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1.1. Procedures manual.

Banks shall specify in a procedures manual the conditions they will observe for the opening, operation and closing of current accounts, which must be based on objective criteria, and may not set preferential guidelines for related persons or companies, in which respect the provisions of point 2.2. of the rules on “Credit risk splitting” shall be taken into account.

The procedures corresponding to situations of operational discontinuity in which due customer diligence could not be applied must be detailed, in accordance with the requirements of point 1.1.1. of the rules on “Prevention of money laundering, terrorist financing and other illicit activities”.

Said manual must be approved by the Board of Directors or equivalent authority of the entity, after review by the Audit Committee, a circumstance that must be recorded in the respective minutes.

This procedure shall also be used for any future amendment to the manual and for any exception to the general criteria, together with the grounds for those decisions.

1.2. Account servicing.

Current accounts must have the use of checks, unless they are opened in the name of legal persons, in which case it may be established that the use of checks is optional.

The accounts shall operate in accordance with the provisions of these regulations, within the framework of article 26 of Decree No. 905/02, as provided by Resolution M.E. No. 668/02.

1.3. Identification of current account holders and of persons authorized to operate them.

1.3.1. Natural persons (holders, each of the persons to whose order the account will be kept and legal representative, authorities and authorized persons to use the account in the case of legal persons).

1.3.1.1. Full names and surnames.

1.3.1.2. Date and place of birth.

1.3.1.3. Marital status.

1.3.1.4. Profession, trade, industry, commerce, etc., constituting their main activity, determining the branch or specialty to which they devote themselves.

1.3.1.5. Actual and special domiciles, the latter must be established obligatorily in the Argentine Republic, and shall be considered for all legal and regulatory purposes arising from the operation of the account, including those arising from checks.

If there is more than one holder, a single special domicile shall be established.

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1.3.1.6. Financial entities must obtain electronically and directly from the website of the Federal Administration of Public Revenue (AFIP) the proof of the Unique Tax Identification Key (CUIT) or Unique Labor Identification Code (CUIL) or Identification Key (CDI), as applicable, of the natural persons who are holders or to whose order an account is registered.

1.3.1.7. Names and surnames of the spouse.

1.3.1.8. Names and surnames of the parents.

1.3.1.9. Type and number of the document to establish their identification, as provided in the rules on “Identification documents in force”, and the provisions of Section 4. of said rules must also be observed.

1.3.2. Legal persons.

1.3.2.1. Name or corporate name.

1.3.2.2. Actual, legal and special domiciles, the latter must be established in the Argentine Republic, and shall be considered for all legal and regulatory purposes arising from the operation of the account, including those arising from checks.

1.3.2.3. Date of the contract or bylaws, corporate purpose and term of duration of the company.

1.3.2.4. Date and number of registration in the pertinent official registry.

When registration in the Public Registry of Commerce is not required because commercial acts are not habitually carried out in the country, this requirement may be replaced by proof that the company is registered with the competent official control body of the Argentine Republic, according to its specific activity.

In the case of foreign firms that do not comply with the provisions of the preceding paragraph, they may only open accounts to the personal order of their members or legal representatives.

The requirement to present the duly registered constitutive instrument of the legal person client shall be deemed fulfilled with the copy that the financial entity obtains – electronically or digitally – directly from the Public Registry of the corresponding jurisdiction.

1.3.2.5. Unique Tax Identification Key, proof of which financial entities must obtain electronically and directly from the website of the Federal Administration of Public Revenue.

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1.3.2.6. List of the authorities and authorized representatives to use the account, with respect to whom the requirements established for natural persons (point 1.3.1.) must be fulfilled.

In the case of Simplified Stock Companies (SAS), only the presentation of the duly registered constitutive instrument – obtained as detailed in point 1.3.2.4. – and proof of the CUIT – as provided in point 1.3.2.5. – shall be required, and the account must be operative on the banking business day following the day on which such requirements have been fulfilled.

1.3.3. Temporary business unions.

In these cases, the current accounts shall operate in the name of all the participating companies and to the order of the representative, so the data of each company and representative must be available.

1.4. Conditions.

1.4.1. Special requirement.

Entities must adopt internal rules and procedures aimed at preventing accounts from being used in connection with the development of illicit activities, and must pay special attention – among other aspects – to ensuring that the transactions recorded in them are reasonable in relation to the activity declared by the customer.

1.4.2. Proof of delivery of information to the customer.

Banks must keep on file proof that the customer has received the detail of the commissions and expenses for services related to its operation, whatever their concept, and that the full text of the Cheques Law and the regulatory rules is available to the customer at the bank, also indicating that they may be consulted on the Internet at www.bcra.gob.ar.

1.4.3. Currency of the account.

The account shall operate in pesos, which must be expressly specified.

1.4.4. Disqualified persons.

Entities must reliably verify that the persons covered do not have disqualifications from operating current accounts imposed by judicial authority or as a consequence of other legal provisions, for which purpose they shall consult the “Central de cuentacorrentistas inhabilitados” administered by the Banco Central de la República Argentina, or have not incurred non-payment of the fines established in Law 25.730 for rejections of cheques drawn against accounts opened at the entity.

1.4.5. Signature registry.

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The entity shall require, with the safeguards it establishes, that the account holder or holders and the persons authorized to operate it write in their own hand, on cards or special forms or legally authorized substitutes, the signatures that the cheques they issue or the instructions they give will bear. The same formality shall be required with respect to all persons authorized to draw against the account.

For this purpose, the unification of the registry on a single card, special form or legally authorized substitute shall be permitted for all accounts opened by the same holder.

1.4.6. Delivery of cheque books.

Once the account is enabled by the agreed initial deposit or the corresponding overdraft authorization, the entity shall deliver cheque books to the current account holder, against receipt, in accordance with applicable regulations.

Such books may consist exclusively of common or deferred-payment cheque forms, or contain both types of documents.

If the aforementioned book is not collected personally by the account holder, the drawee shall not pay the cheques presented for collection (whatever their class) nor register the deferred-payment cheques presented for such purposes, if its conformity regarding receipt of the aforementioned item is not available.

The drawee entity shall proceed to reject, for formal defect, each of the cheques contained in the cheque book for which the holder's conformity regarding its receipt has not been received.

Cheque books shall be delivered in the quantity requested by the customer to the extent justified by the account's activity.

1.5. Aspects of operation to be included in the current account contract.

In its clauses, the following must be provided for, at a minimum:

1.5.1. Obligations of the current account holder.

1.5.1.1. Maintain sufficient provision of funds or have the corresponding written authorization to overdraw so that the entity honors ordinary checks drawn against the account and, otherwise, not issue them departing from the conditions agreed in writing.

In the case of deferred payment checks, their issuance shall be conditioned on the existence of an adequate provision of funds or an agreement to overdraw at the time of maturity, also formalized in writing.

1.5.1.2. Upon receiving the statements, send the entity its conformity with the balance or the observations that may be pertinent, within the period established in point 1.5.2.3.

1.5.1.3. Update the registered signature, each time the entity deems it necessary.

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1.5.1.4. Notify the entity, in writing, of the loss, theft or adulteration of blank check forms or of checks issued and not delivered to third parties or of the special form to request them, as well as of the transferable registered certificates of deferred payment checks, according to the procedure established in point 7.2.

It must proceed in the same manner when it has knowledge that a check already issued has been lost, stolen or altered. The notice may also be given by the dispossessed holder.

1.5.1.5. Notify the entity, in writing, of any change of address and return the checkbooks where the previous address appears.

1.5.1.6. Communicate to the entity any modification of its corporate contracts, bylaws, change of authorities or powers and the revocations of the latter, in particular when it refers to the persons mentioned in point 1.3.2.6.

1.5.1.7. Return to the entity all blank checks it retains at the time of requesting the closure of the account or within 5 business days from the date of having received the communication of the suspension of the check payment service as a prior measure to the closure of the account or of the closure of the account.

1.5.1.8. Complete the checks in pesos, draft them in the national language and sign them by hand or by the alternative means that are authorized.

Checks bearing more than 3 signatures shall not be accepted.

1.5.2. Obligations of the entity.

1.5.2.1. Keep the accounts up to date.

1.5.2.2. Credit on the same day the amounts delivered to it for the credit of the current account and the deposits of checks within the compensation periods in force.

1.5.2.3. Send to the current account holder, no later than 8 calendar days after the end of each month and/or the shorter period that is established and under the conditions agreed upon, a statement with the detail of each of the movements made in the account –debits and credits–, whatever their concept, identifying the different types of transaction by means of a specific code that each entity implements for that purpose and the balances recorded in the period covered, requesting their written conformity. The operations carried out on own account or on behalf of third parties must also be identified in the corresponding statement, to the extent that they are deposits of checks for amounts greater than $ 1.000 and are so identified by the corresponding endorsement, by means of the single procedure that each entity chooses to apply for that purpose.

Additionally, the summary shall state the uniform banking code (CBU) so that the client can apply for automatic debit services, the compensation period in force for the operation of deposits of checks and other compensable documents, and the total amount debited in the period under the concept of “Tax on financial transactions”.

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REGULATION OF THE BANK CURRENT ACCOUNT B.C.R.A.
Section 1. Operation.

In that account statement or summary, the entities shall additionally report the following minimum data:

i) If debits corresponding to the automatic debit service occur:

• Name of the service-providing company, tax-collecting body, etc., to which the debited funds were destined.

• Identification of the client in the company or entity (surname and name or code or account, etc.).

• Concept of the operation causing the debit (month, two-month period, installment, etc.).

• Amount debited.

• Date of debit.

ii) If transfers are made:

a) When the account corresponds to the originator of the transfer:

    - Information discretionary at the criterion of the originating company or individual.

    - Amount transferred.

    - Date of the transfer.

b) When the account corresponds to the receiver of the transfer:

    - Name of the originating person or company.

    - Number of CUIT, CUIL or DNI of the originator.

    - Unique reference of the transfer. When they are transfers originated by the National Social Security Administration, which respond to the concept “family allowances”, the legend “ANSES SUAF/ UVHI” must be recorded in the account summaries (or in the movement receipts issued through automatic teller machines) of the respective beneficiaries.

    - Total amount transferred.

    - Date of the transfer.

Conformity with the movement recorded in the bank shall be presumed if within 60 calendar days after the respective period has expired no claim has been filed with the financial entity.

When interest on credit balances is recognized, the nominal and effective rates, both annual, corresponding to the reported period shall be reported.

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In addition, the legend that must be included regarding deposit guarantee shall be stated, as provided in point 12.2. and, in the place determined by the entity, the tax identification code number (CUIT, CUIL or CDI) of the account holders, according to the records of the depositary. It shall be obligatory to record the data of up to three of its holders; when they exceed that number, the total quantity shall also be indicated.

1.5.2.4. Send to the account holder, when the deferred payment check modality is used, information that shall contain at minimum, in addition to the movement of funds already verified, a detail of the registered checks, due date and amount, subject to the conditions stipulated in point 1.5.2.3.

1.5.2.5. Inform the current account holder of the balance recorded by the corresponding accounts at the offices of the entity and/or at the places indicated by the holders, such communication being able to be made through electronic means.

1.5.2.6. Pay at sight –except in the cases referred to in point 1.5.2.8., second paragraph– the checks drawn on the forms delivered to the current account holder, in accordance with the legal and regulatory provisions in force at the date of issuance of the check, taking into account, regarding presentation periods, those established in article 25 of the Check Law. In the case of deferred payment checks, that period shall be computed from the payment date recorded on the instrument.

1.5.2.7. Adopt the necessary procedures to make payment of checks, assuming the pertinent legal responsibilities in the case of documents incorrectly paid. In the case of checks included in the truncation operation, observe –in that respect– the guidelines contained in the agreements formalized between the entities.

1.5.2.8. Identify the person who presents the check at the window, including when it is drawn to bearer, whose signature, clarification and domicile, and the type and number of identity document that corresponds in accordance with the provisions of point 1.3.1.9., must be recorded on the back of the document. Checks –common or deferred payment– extended to bearer or in favor of a determined person, for amounts greater than $ 50.000, must not be paid in cash. This restriction shall not apply in the following cases:

i) Checks drawn in favor of the holders of the accounts on which they are drawn, exclusively when they are presented to the drawee entity by themselves.

ii) Securities in favor of third parties intended for the payment of salaries and other regular remuneration in amounts that comprise the payroll globally, for which the drawer must, on each occasion, issue a certification expressly stating the purpose of the draft, which will be kept on file at the entity.

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1.5.2.9. Verify – both on checks and on transferable registered certificates – the regularity of the series of endorsements but not the authenticity of the endorsers' signatures, and verify the signature of the presenter, which must be inserted as a receipt.

These obligations fall on the drawee entity when the check is presented for collection at that entity, while the entity in which the check is deposited – when different from the drawee – is responsible for controlling that the last signature extended as a receipt contains the specifications set forth in point 5.1.3., unless the truncation procedure is applicable, in which case the provisions of the respective agreements shall apply.

When the presentation is made through an agent or assignee of an ordinary assignment, the instrument by which the mandate was granted or the assignment was made must also be verified, except when the collection is carried out by a financial entity not authorized to accept demand deposits.

1.5.2.10. Modifications to the agreed conditions – including the amount of commissions and/or charges – must be made in accordance with the provisions of point 2.3.4. of the rules on “Protection of users of financial services”.

Funds improperly debited for commissions and/or charges must be refunded to the account holders in accordance with the provisions of point 2.3.5. of the rules on “Protection of users of financial services”.

1.5.2.11. Report to the BCRA the rejections of checks for formal defects, the rejections of registration of deferred payment checks, as well as those produced by insufficient funds in the account or by not having authorization to overdraw, and the fines paid by the responsible parties.

In cases where the fines have been paid and an erroneous notification is made to the BCRA, which determines the automatic disqualification of the client, the contracts must provide that the entity will compensate the client for the expenses arising from the resolution of such situation by crediting them to the client's account, it being estimated that this should not be less than one time the amount of the fines in question. Such payment does not exempt the entity from the civil liabilities that may correspond in its relationship with the client.

1.5.2.12. Use the procedures established in the respective operating guide to send to the BCRA, on the dates and in the manner indicated, the reports referred to in point 1.5.2.11.

In such reports, the CUIT or CUIL or CDI, as applicable, must be mentioned.

The data provided, referring to each of the situations contemplated in said point, may not be more than 10 banking business days old prior to the due date for that submission.

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Financial entities may not have any type of participation or linkage – in the latter case, in accordance with the provisions of point 2.2. of the rules on “Credit risk splitting” – with non-financial companies that operate and/or administer these ATMs.

12.10. Deposit accounts for guarantees of futures and options transactions.

When these accounts are used by markets or capital clearing houses exclusively for the deposit of third-party guarantees, their name must include the addition “Third-party guarantee”.

12.11. Opening of accounts remotely.

When financial entities allow the remote opening of accounts through electronic and/or communication means, they must comply with the following requirements:

12.11.1. Ensure that such means allow them to fully comply with the regulations on prevention of money laundering and terrorist financing – especially regarding customer identification and knowledge – as well as the other applicable provisions.

12.11.2. The procedures, technologies and controls used for the remote opening of said accounts must ensure compliance with the provisions on electronic channels and those related to the preservation, integrity, authenticity and confidentiality of the information and documents used, in order to protect them against alteration or destruction, as well as unauthorized access or use.

12.11.3. In the case of accounts in the name of legal entities, the following must be complied with:

i) Financial entities must adopt procedures, technologies and controls that allow verifying the identity of the natural person requesting the opening as legal representative or attorney-in-fact, the authenticity of the instruments accrediting the authority invoked and the identifying data of the legal entity, which may include requiring information from public and/or private databases for comparison with the data received from the applicant.

ii) The legal entity must present at the branch where the account is located, within 60 calendar days of the opening request, a certified copy of the bylaws or social contract with evidence of its registration by the competent corporate control authority in the Public Registry of the corresponding jurisdiction, except when the entity obtains it electronically or digitally in accordance with the provisions of point 1.3.2.4.

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12.11.4. When required by another financial entity authorized to operate in the country for the purpose of processing a request for the non-face-to-face opening of a current account under the conditions previously described, financial entities may –in accordance with the provisions of article 39 subsection d) of Law 21.526– provide information relating to their clients that allows:

i. establishing their identity and personal data, in the case of natural persons;

ii. establishing the attributes of their legal personality and profile as well as the identity and personal data of the legal representatives or attorneys-in-fact, in the case of legal persons.

For such purposes, the entities must previously obtain the consent of the respective client and comply with the requirements provided for in Law 25.326 on Personal Data Protection (and amendments).

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B.C.R.A.
ORIGIN OF THE PROVISIONS CONTAINED IN THE RULES ON “REGULATION OF THE BANK CURRENT ACCOUNT”

ORDERED TEXT				SOURCE RULE					OBSERVATIONS
Sect.	Point	Para.	Comm.	Annex	Chap.	Sect.	Point	Para.
1.			“A” 3244			1.
	1.1.		“A” 3244			1.1.			S/Comm. “A” 5520 and 5612.
	1.2.		“A” 3075			1.1.			S/Comm. “A” 3244 and 3827 (point 10.).
	1.3.		“A” 2514	sole		1.1.1. and 1.1.1.1.			S/Comm. “A” 3075 and 3244.
	1.3.1.		“A” 2514	sole		1.1.1.1.			S/Comm. “A” 3075 and 3244.
	1.3.1.1.		“A” 2514	sole		1.1.1.1.1.
	1.3.1.2.		“A” 2514	sole		1.1.1.1.2.
	1.3.1.3.		“A” 2514	sole		1.1.1.1.3.
	1.3.1.4.		“A” 2514	único		1.1.1.1.4.
	1.3.1.5.		“A” 2514	único		1.1.1.1.5.			S/Com. “A” 3244.
	1.3.1.6.		“A” 2514	único		1.1.1.1.6.			S/Com. “A” 3075 and 6273.
	1.3.1.7.		“A” 2514	único		1.1.1.1.7.
	1.3.1.8.		“A” 2514	único		1.1.1.1.8.
	1.3.1.9.		“A” 2514	único		1.1.1.1.9.			S/Com. “A” 3075, 5387 and 5728.
	1.3.2.		“A” 2514	único		1.1.1.7.
	1.3.2.1.		“A” 2514	único		1.1.1.7.1.
	1.3.2.2.		“A” 2514	único		1.1.1.7.1.			S/Com. “A” 3075.
	1.3.2.3.		“A” 2514	único		1.1.1.7.2.			S/Com. “A” 3075.
	1.3.2.4.		“A” 2514	único		1.1.1.7.3.			S/Com. “A” 6273.
	1.3.2.5.		“A” 2514	único		1.1.1.1.6.			S/Com. “A” 6273.
	1.3.2.6.		“A” 2514	único		1.1.1.7.4.
	1.3.2.	last	“A” 6273
	1.3.3.		“A” 3075		1.	1.2.4.			S/Com. “A” 3244.
	1.4.		“A” 2514	sole		1.1.1.1. and 1.1.1.7.			S/Com. “A” 3244.
	1.4.1.		“A” 2514	sole		1.1.1.2. and 1.1.1.7.			S/Com. “A” 3225 and 3244.
	1.4.2.		“A” 2514	sole		1.1.1.5. and 1.1.1.8.			S/Com. “A” 3075 and 3244.
	1.4.3.		“A” 3075			1.2.3.3.			S/Com. “A” 3244 and 3831.
	1.4.4.		“A” 2514	sole		1.1.2.			S/Com. “A” 3075, 3244 and 4063 (item 1.).
	1.4.5.		“A” 2514	sole		1.1.3.			S/Com. “A” 3244.
	1.4.6.		“A” 2514	sole		1.1.4.
	1.5.		“A” 2514	sole		1.2.			S/Com. “A” 3244.
	1.5.1.		“A” 2514	sole		1.2.1.
	1.5.1.1.	1°	“A” 2514	sole		1.2.1.1.			S/Com. “A” 3075.
		2°	“A” 2514	sole		1.1.1.3.	2°		S/Com. “A” 3075.

REGULATION OF THE BANK CURRENT ACCOUNT

CONSOLIDATED TEXT	SOURCE RULE							OBSERVATIONS
Sect. Point Par.	Comm.	Annex Chap. Sect.			Point	Par.
12.	12.9. “A” 5928				10.			S/Com. “A” 6236.
	12.10. “B” 11269
	12.11. “A” 6273

B.C.R.A.
DEMAND ACCOUNTS OPENED IN
COOPERATIVE CREDIT BANKS

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 adulterated”.

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 covered persons.

7.7. Lack of information. Sanctions.

7.8. Opening of accounts with apocryphal documentation.

7.9. Controls and documentation.

Section 8. Closing of accounts and suspension of the bill of exchange payment service as a prior measure to the closing of the account.

8.1. Grounds.

8.2. Procedure.

8.3. Suspension of the bill of exchange payment service prior to the closing of the account.

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 automated teller machines.

10.2. Guarantee of deposits.

10.3. Issuance of bills of exchange and return of deposits.

10.4. Return of bills of exchange to the drawers.

10.5. Discriminatory acts.

10.6. Manner of computing time limits.

10.7. Transfer service. Charges and/or commissions.

10.8. Special procedures for customer identification in matters of international tax cooperation.

10.9. Transactions at automated teller machines in the country not operated by financial institutions.

10.10. Opening of accounts remotely.

Correlation table.

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1.1. Procedures manual.

Cooperative credit banks that choose to provide this service shall specify in a procedures manual the conditions they will observe for the opening, operation and closing of demand accounts with use of offsettable bills of exchange, which must be based on objective criteria, and may not set preferential guidelines for related persons or companies, for which purpose the provisions of point 2.2. of the rules on “Credit risk apportionment” shall be taken into account.

The procedures corresponding to situations of operational discontinuity in which due customer diligence could not be applied must be detailed, in accordance with the requirements of point 1.1.1. of the rules on “Prevention of money laundering, financing of terrorism and other illicit activities”.

Said manual must be approved by the Board of Directors of the cooperative credit bank, after review by the Audit Committee, a circumstance that must be recorded in the respective minutes. This procedure shall also be used for any future amendment to the manual and for any exception to the general criteria, together with the grounds for those decisions.

1.2. Attention of accounts.

Demand accounts must have the use of bills of exchange. The accounts shall operate in accordance with the provisions of these regulations, within the framework of Article 100 bis –Chapter XIII, Article 1 of Decree-Law 5965/63– (text as per Article 3 of Law 26.173).

1.3. Identification of the holders of demand accounts and of the persons authorized to operate them.

1.3.1. Natural persons (holders, each of the persons to whose order the account will be kept and legal representative, authorities and authorized persons to use the account in the case of legal entities).

1.3.1.1. Full names and surnames.

1.3.1.2. Date and place of birth.

1.3.1.3. Marital status.

1.3.1.4. Profession, occupation, industry, commerce, etc., that constitutes their main activity, determining the branch or specialty to which they dedicate themselves.

1.3.1.5. Real and special domiciles, the latter must be established obligatorily in the Argentine Republic, which will be considered for all legal and regulatory effects derived from the operation of the account, including those arising from the bill of exchange.

In case there is more than one holder, a single special domicile will be established.

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1.3.1.6. Cooperative credit unions must obtain electronically and directly from the website of the Federal Administration of Public Revenues (AFIP) the proof of Unique Tax Identification Key (CUIT) or Unique Labor Identification Code (CUIL) or Identification Key (CDI), as applicable, of the natural persons who are holders or to whose order an account is registered.

1.3.1.7. Names and surnames of the spouse.

1.3.1.8. Names and surnames of the parents.

1.3.1.9. Type and number of the document to establish their identification, as provided in the rules on “Identification documents in force”, and the provisions of Section 4 of said rules must also be observed.

1.3.2. Legal entities.

1.3.2.1. Denomination or corporate name.

1.3.2.2. Real, legal and special domiciles, the latter must be established in the Argentine Republic, which will be considered for all legal and regulatory effects derived from the operation of the account, including those arising from the bill of exchange.

1.3.2.3. Date of the contract or bylaws, corporate purpose and term of duration of the company.

1.3.2.4. Date and number of registration in the pertinent official registry.

When registration in the Public Registry of Commerce or equivalent authority is not required, according to the competent jurisdiction, because commercial acts are not carried out –habitually– in the country, this requirement may be replaced with the proof that the company is registered with the competent official control entity of the Argentine Republic, according to its specific activity.

In the case of foreign firms that do not comply with the provisions of the previous paragraph, they may only open accounts to the personal order of their members or legal representatives.

The requirement to present the duly registered constitutive instrument of the legal entity client shall be considered fulfilled with the copy that the cooperative credit union obtains –electronically or digitally– directly from the Public Registry of the corresponding jurisdiction.

1.3.2.5. Unique Tax Identification Key, the proof of which cooperative credit unions must obtain electronically and directly from the website of the Federal Administration of Public Revenues.

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1.3.2.6. List of the authorities and authorized representatives to use the account, with respect to whom the requirements established for natural persons (point 1.3.1.) must be fulfilled.

In the case of Simplified Stock Companies (SAS), only the presentation of the duly registered constitutive instrument –obtained as detailed in point 1.3.2.4.– and the proof of the CUIT –as provided in point 1.3.2.5.– will be required, and the account must be operational on the banking business day following the one on which such requirements have been fulfilled.

1.3.3. Temporary business unions.

In these cases, the demand accounts will operate in the name of all participating companies and to the order of the representative, so the data of each company and representative must be available.

1.4. Conditions.

1.4.1. Special precaution.

Cooperative credit unions must adopt internal rules and procedures aimed at preventing accounts from being used in relation to the development of illicit activities, and must pay special attention –among other aspects– to ensuring that the movements recorded in them are reasonable with the activity declared by the client.

1.4.2. Proof of delivery of information to the client.

Cooperative credit unions must keep on file the proof that the client has received the detail of the commissions and expenses for services related to its operation, whatever their concept, and that the complete text of Law 26.173 and the regulatory rules is available at the cooperative credit union, also indicating that they may be consulted through the Internet at the address www.bcra.gob.ar.

1.4.3. Currency of the account.

The account will operate in pesos, which must be expressly specified.

1.4.4. Disqualified persons.

Cooperative credit banks shall conclusively verify that the persons concerned do not have disqualifications for operating, both bank current accounts and this type of demand deposit accounts, imposed by judicial authority or as a consequence of other legal provisions, for which purpose they shall consult the "Central de cuentacorrentistas inhabilitados" and the "Central de libradores de letras de cambio inhabilitados" administered by the Central Bank of the Argentine Republic (BCRA).

1.4.5. Signature register.

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The cooperative credit bank shall require, with the documentation it establishes, that the account holder or holders and the persons authorized to operate on it personally write by hand, on cards or special forms or legally authorized substitutes, the signatures that will appear on the bills of exchange they issue or the instructions they give. The same formality shall be required with respect to all persons who are authorized to draw on the account.

For such purposes, the consolidation of the register into a single card, special form or legally authorized substitute shall be permitted for all accounts opened by the same holder.

1.4.6. Delivery of bill of exchange booklets.

Once the account has been enabled by means of the agreed initial deposit, the cooperative credit bank shall deliver bill of exchange booklets to the holder, against receipt, in accordance with the applicable regulations.

Such booklets may consist exclusively of demand or fixed-date bill of exchange forms, or may contain both types of documents.

If the aforementioned form is not collected in person by the account holder, the cooperative credit fund shall not pay the bills of exchange presented for collection (whatever their class), in the absence of their consent regarding receipt of the said item.

The cooperative credit fund shall proceed to reject for formal defect each of the bills of exchange contained in the form for which the holder's consent to its receipt has not been received.

Books of bills of exchange shall be delivered in the quantity requested by the customer to the extent that it is justified by the movement of the account.

1.5. Aspects of operation to be included in the demand deposit account contract.

Its clauses shall provide, as a minimum:

1.5.1. Obligations of the holder.

1.5.1.1. Maintain sufficient provision of funds so that the cooperative credit fund honors the bills of exchange drawn against the account and, otherwise, not to issue them, departing from the conditions agreed in writing.

In the case of bills of exchange payable on a fixed date, their issuance shall be conditional upon the existence of an adequate provision of funds.

1.5.1.2. Upon receiving the statements, to send the cooperative credit fund their agreement with the balance or, as the case may be, any observations, within the period established in item 1.5.2.3.

1.5.1.3. Update the registered signature whenever the cooperative credit bank deems it necessary.

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1.5.1.4. Notify the cooperative credit bank, in writing, of the loss, theft or adulteration of blank bill of exchange forms or of bills of exchange drawn and not delivered to third parties or of the special form to request them, according to the procedure established in point 6.2.

It must proceed in the same manner when it becomes aware that a bill of exchange already issued has been lost, stolen or altered. The notice may also be given by the dispossessed holder.

1.5.1.5. Notify the cooperative credit bank, in writing, of any change of address and return the bill of exchange booklets showing the previous address.

1.5.1.6. Inform the cooperative credit bank of any modification to its articles of association, bylaws, change of authorities or powers and the revocations of the latter, in particular when it refers to the persons mentioned in point 1.3.2.6.

1.5.1.7. Return to the cooperative credit bank all blank bills of exchange in its possession at the time of requesting the closing of the account or within 5 business days from the date of having received the communication of the suspension of the bill of exchange payment service as a prior measure to the closing of the account or of the closing of the account.

1.5.1.8. Complete the bills of exchange in pesos, draft them in the national language without advertising inscriptions and sign them in handwriting.

Initial the erasures and amendments on the back of the bill of exchange, with the signature of the drawer.

Bills of exchange will not be admitted with more than 3 signatures.

1.5.2. Obligations of the cooperative credit bank.

1.5.2.1. Keep the accounts up to date.

1.5.2.2. Credit on the same day the amounts delivered for the credit of the demand account and the deposits of bills of exchange within the current clearing periods.

1.5.2.3. Send to the account holder, at most 8 calendar days after the end of each month and/or the shorter period established and under the conditions agreed, a statement detailing each of the movements made in the account –debits and credits–, whatever their concept, identifying the different types of transaction by means of a specific code that each entity implements for this purpose and the balances recorded in the period covered, requesting their written conformity. The operations carried out on own account or on behalf of third parties must also be identified in the corresponding statement, to the extent that the deposits are so identified by the corresponding endorsement, by means of the single procedure that each cooperative credit bank chooses to apply for this purpose.

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Additionally, the summary must state the uniform banking code (CBU) so that the client can apply for direct debit services, the current clearing period for the deposit of checks and other clearing items, and the total amount debited in the period under the heading “Tax on financial transactions”.

In that statement or account summary, cooperative credit unions must additionally report the following minimum data:

i) If debits corresponding to the direct debit service occur:

• Name of the service-providing company, tax collection agency, etc., to which the debited funds were sent.

• Identification of the client in the company or entity (surname and name or code or account, etc.).

• Concept of the transaction causing the debit (month, two-month period, installment, etc.).

• Amount debited.

• Date of debit.

ii) If transfers are made:

a) When the destination account corresponds to the same originator of the transfer:

    - Information discretionary at the criterion of the originating company or individual.

    - Amount transferred.

    - Date of the transfer.

b) When the destination account corresponds to another recipient, different from the originator of the transfer:

    - Name of the originating person or company.

    - CUIT, CUIL or DNI number of the originator.

    - Unique reference of the transfer. When these are transfers originated by the National Social Security Administration, which respond to the concept “family allowances”, the legend “ANSES SUAF/ UVHI” must be recorded in the account summaries (or in the transaction receipts issued through automated teller machines) of the respective beneficiaries.

    - Total amount transferred.

    - Date of the transfer.

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Conformity with the movement recorded in the cooperative credit union shall be presumed if, within 60 consecutive days from the expiration of the respective period, no claim has been submitted to the entity.

When interest on credit balances is recognized, the nominal and effective rates, both annual, corresponding to the reported period must be reported.

In addition, the legend that must be included regarding deposit guarantee, as provided in point 10.2., must be stated and, in the place determined by the cooperative credit union, the tax identification code number (CUIT, CUIL or CDI) of the account holders, according to the records of the depository institution. It shall be obligatory to record the data of up to three of its holders; when they exceed that number, the total quantity must also be indicated.

The cooperative credit union may choose to make the statements available to the holders by electronic means (“SMS”, “home banking”, automated teller machines, etc.).

Such means shall be complementary, and therefore shall not replace the obligation to send them in printed form, which, in the event of discrepancy in information, shall be considered valid for the purposes of the contractual relationship.

1.5.2.4. Inform the holder of the balance recorded in the corresponding accounts at the offices of the cooperative credit union and/or at the places indicated by the holders or agreed with them, and such communication may be made through electronic means.

1.5.2.5. Pay at sight –except in the cases referred to in point 1.5.2.7., second paragraph– bills of exchange drawn on the forms delivered to the holder, in accordance with the legal and regulatory provisions in force at the date of issuance of the bill of exchange, taking into account, regarding presentation periods, those established in article 40 of Chapter VI of Decree-Law 5965/63.

In the case of bills of exchange payable at a fixed day, that period shall be counted from the payment date stated on the instrument.

1.5.2.6. Adopt the necessary procedures to make payment of bills of exchange, assuming the pertinent legal responsibilities in the case of documents incorrectly paid.

With respect to the truncation of bills of exchange, the guidelines contained in the agreements formalized in that regard with other financial entities must be observed in that aspect.

1.5.2.7. Identify the beneficiary or the person presenting the bill of exchange at the window, whose signature, clarification and domicile, and the type and number of identity document that corresponds in accordance with the provisions of point 1.3.1.9., must be recorded on the back of the document.

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Bills of exchange –at sight or at a fixed day– issued for amounts greater than $ 25.000 must not be paid in cash. This restriction shall not apply in the following cases:

i) Bills of exchange drawn in favor of the holders of the accounts on which they are drawn, exclusively when they are presented to the cooperative credit union drawn on by themselves.

ii) Instruments in favor of third parties intended for the payment of salaries and other habitual remuneration for amounts that comprise the payroll as a whole, for which the drawer must each time issue a certification expressly stating the purpose of the drawing, which shall remain filed at the cooperative credit union.

1.5.2.8. Verify the regularity of the series of endorsements but not the authenticity of the signature of the endorsers and verify the signature of the presenter, which must be inserted as a receipt.

These obligations fall on the drawn cooperative credit bank when the bill of exchange is presented for collection at that bank, while the cooperative credit bank in which the bill of exchange is deposited – when it is different from the drawn bank – is responsible for verifying that the last signature extended as a receipt contains the specifications set forth in point 4.1.3., unless the truncation procedure is applicable, in which case the provisions of the respective agreements shall apply.

When the presentation is made through an agent or assignee of an ordinary assignment, the instrument by which the mandate was granted or the assignment was made must also be verified, except when the collection management is carried out by a financial institution not authorized to take deposits in demand accounts.

1.5.2.9. Modifications to the agreed conditions – including the amount of commissions and/or charges – must be made in accordance with the provisions of point 2.3.4. of the rules on "Protection of users of financial services".

Funds improperly debited for commissions and/or charges must be refunded to the account holders in accordance with the provisions of point 2.3.5. of the rules on "Protection of users of financial services".

1.5.2.10. Report to the BCRA the rejections of bills of exchange due to formal defects, as well as those produced by insufficient provision of funds in the account.

1.5.2.11. Use the procedures established in the respective operating guide to send to the BCRA, on the dates and in the manner indicated, the reports referred to in point 1.5.2.10.

In said reports, the CUIT or CUIL or CDI, as applicable, must be mentioned.

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10.9. Operations in automated teller machines in the country not operated by financial institutions. Financial institutions that offer demand accounts must allow their clients to carry out operations through automated teller machines installed in the country and operated by non-financial companies.

Those devices must previously inform the client of the operations allowed and the price of their use – clarifying that this price will be the same regardless of the quantity and type of transactions to be carried out and including the legend "This operation at a financial institution might have no cost" – and allow the client to withdraw from its use at no cost. The financial institution issuing the debit card may not charge its clients any type of additional commission to the one informed by these devices.

Financial institutions may not have any type of participation or linkage – in the latter case, in accordance with the provisions of point 2.2. of the rules on "Credit risk splitting" – with the non-financial companies that operate and/or administer these automated teller machines.

10.10. Opening of accounts in a non-face-to-face manner.

10.10.1. When cooperative credit banks allow the non-face-to-face opening of accounts through electronic and/or communication means, they must comply with the following requirements:

10.10.1.1. Ensure that such means allow them to fully comply with the regulations on prevention of money laundering and financing of terrorism – especially regarding the identification and knowledge of the client – as well as the remaining applicable provisions.

10.10.1.2. The procedures, technologies and controls used for the non-face-to-face opening of the aforementioned accounts must ensure compliance with the provisions on electronic channels and those related to the conservation, integrity, authenticity and confidentiality of the information and documents used, in order to protect them against alteration or destruction, as well as against improper access or use.

10.10.1.3. In the case of accounts in the name of legal persons, the following must be complied with:

i) Cooperative credit banks must adopt procedures, technologies and controls that allow verifying the identity of the natural person requesting the opening as legal representative or attorney-in-fact, the authenticity of the instruments accrediting the invoked representation and the identifying data of the legal person, which may include requesting information from public and/or private databases for comparison with the data received from the applicant.

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DEMAND DEPOSIT ACCOUNTS OPENED AT COOPERATIVE CREDIT UNIONS B.C.R.A.
Section 10. General provisions.

ii) The legal person must present at the branch where the account is located, within 60 consecutive days of the account opening request, a certified copy of the bylaws or social contract with evidence of its registration by the competent corporate control authority in the Public Registry of the corresponding jurisdiction, except when the entity obtains it electronically or digitally in accordance with the provisions of point 1.3.2.4.

10.10.2. When required by another financial institution authorized to operate in the country for the purpose of processing a request for non-face-to-face opening of a demand account under the conditions described above, cooperative credit banks may – in accordance with the provisions of article 39 subsection d) of Law 21.526 – provide information regarding their clients that allows:

i. establishing their identity and personal data, in the case of natural persons;

ii. establishing the attributes of their legal personality and profile as well as the identity and personal data of the legal representatives or attorneys-in-fact, in the case of legal persons.

For these purposes, the entities must first obtain the consent of the respective client and comply with the requirements set forth in Law 25.326 on Personal Data Protection (and amendments).

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B.C.R.A.
ORIGIN OF THE PROVISIONS CONTAINED IN THE RULES ON “DEMAND ACCOUNTS OPENED IN COOPERATIVE CREDIT UNIONS”

ORDERED TEXT	SOURCE RULE	OBSERVATIONS
Sec.	Point	Parr.	Com.	Annex	Sec.	Point	Parr.
1.	1.1.		“A” 4713	Sole	1.	1.1.		S/Com. “A” 5520 and 5612.
	1.2.		“A” 4713	Sole	1.	1.2.
	1.3.		“A” 4713	Sole	1.	1.3.		S/Com. “A” 5387, 5728 and 6273.
	1.4.		“A” 4713	Sole	1.	1.4.
	1.5.		“A” 4713	Sole	1.	1.5.
	1.5.2.1.		“A” 4713	Sole	1.	1.5.
	1.5.2.2.		“A” 4713	Sole	1.	1.5.
	1.5.2.3.		“A” 4713	Sole	1.	1.5.		S/Com. “A” 4971 (item 9.), 5000, 5022 and 5161.
	1.5.2.4.		“A” 4713	Sole	1.	1.5.
	1.5.2.5.		“A” 4713	Sole	1.	1.5.
	1.5.2.6.		“A” 4713	Sole	1.	1.5.
	1.5.2.7.		“A” 4713	Sole	1.	1.5.
	1.5.2.8.		“A” 4713	Sole	1.	1.5.
	1.5.2.9.		“A” 4713	Sole	1.	1.5.		S/Com. “A” 5482.
	1.5.2.10.		“A” 4713	Sole	1.	1.5.
	1.5.2.11.		“A” 4713	Sole	1.	1.5.
	1.5.2.12.		“A” 4713	Sole	1.	1.5.
	1.5.2.13.		“A” 4713	Sole	1.	1.5.
	1.5.2.14.		“A” 4713	Sole	1.	1.5.
	1.5.3.		"A" 4713	Sole	1.	1.5.		S/Com. "A" 5461, 5482 and 5928 (point 8.).
	1.5.4.3.		"A" 4713	Sole	1.	1.5.		S/Com. "A" 5482.
2.	2.1.		"A" 4713	Sole	2.	2.1.		S/Com. "A" 4936, 4971 and 5000.
	2.2.		"A" 4713	Sole	2.	2.2.
	2.3.		"A" 4713	Sole	2.	2.3.		S/Com. "A" 5068 and 6148.
	2.4.		"A" 4713	Sole	2.	2.4.
3.	3.1.		"A" 4713	Sole	3.	3.1.
	3.2.		"A" 4713	Sole	3.	3.2.		S/Com. "A" 6071.
4.	4.1.		"A" 4713	Sole	4.	4.1.		S/Com. "A" 4755, 4849, 4971, 5000, 5025, 5263, 5508 and 5869.
	4.2.		"A" 4713	Sole	4.	4.2.
5.	5.1.		"A" 4713	Sole	5.	5.1.		S/Com. "A" 6071 and 6112. Includes interpretive clarification.
	5.2.		"A" 4713	Sole	5.	5.2.
	5.3.		"A" 4713	Sole	5.	5.3.
6.	6.1.		"A" 4713	Sole	6.	6.1.		S/Com. "A" 4971 (item 13.).
	6.2.		"A" 4713	Sole	6.	6.2.
	6.3.		"A" 4713	Sole	6.	6.3.		S/Com. "A" 4971 (item 13.) and 5000.
7.	7.1.		"A" 4713	Sole	7.	7.1.		S/Com. "A" 4971 (item 14.) and 5000.
	7.2.		"A" 4713	Sole	7.	7.2.		S/Com. "A" 4971 (item 15.) and 5000.
	7.3.		"A" 4713	Sole	7.	7.3.		S/Com. "A" 4971 (item 14.).
	7.4.		"A" 4713	Sole	7.	7.4.
	7.5.		"A" 4713	Sole	7.	7.5.
	7.6.		“A” 4713	Sole	7.	7.6.
	7.7.		“A” 4713	Sole	7.	7.7.		S/Com. “A” 4971 (item 14.) and 5000.
	7.8.		“A” 4713	Sole	7.	7.8.

DEMAND DEPOSIT ACCOUNTS OPENED AT COOPERATIVE CREDIT UNIONS

CONSOLIDATED TEXT			SOURCE RULE				OBSERVATIONS
Sec.	Point Para.	Com.	Annex Sec. Point Para.
7.	7.9.	“A” 4713	Sole 7.	7.9.
8.	8.1.	“A” 4713	Sole 8.	8.1.
	8.2.	“A” 4713	Sole 8.	8.2.
	8.2.1.	“A” 4713	Sole 8.	8.2.			S/Com. “A” 6042.
	8.2.2.	“A” 4713	Sole 8.	8.2.
	8.3.	“A” 4713	Sole 8.	8.3.
	8.4.	“A” 4713	Sole 8.	8.4.
9.	9.1.	“A” 4713	Sole 9.	9.1.
	9.2.	"A" 4713	Sole 9.	9.2.
10.	10.1.	"A" 4713	Sole 10.	10.1.
	10.2.	"A" 4713	Sole 10.	10.2.			S/Com. "A" 5170, 5641, 5659 and 5891. Includes interpretive clarification.
	10.3.	"A" 4713	Sole 10.	10.3.
	10.4.	"A" 4713	Sole 10.	10.4.
	10.5.	"A" 4713	Sole 10.	10.5.			S/Com. "A" 5388.
	10.6.	"A" 4713	Sole 10.	10.6.
	10.7.	1st "A" 5212
	10.7.1.	"A" 5127		3.			S/Com. "B" 9961 and "A" 5164, 5212, 5473, 5718 and 5927 (item 3.).
	10.7.2.	"A" 5212					S/Com. "A" 5718.
	10.7.3.	"A" 5137					S/Com. "A" 5164.
	10.8.	"A" 5588
	10.8.1.	"A" 5588
	10.8.2.	"A" 5588
	10.9.	"A" 5928		10.			S/Com. "A" 6236.
	10.10.	"A" 6273