International wire transfers from $1000 or more must be justified by clients and registered by banks.
The new requirement was informed in the Law Compliance Regulation 8.204. Authorities said that changes were made to comply with conditions recommended by the Financial Action Task Force on Money Laundering (FATF), in order, to prevent terrorism funding and other crimes.
Prior it was only necessary to justify transfers from $10,000 or more.
Javier Cascante, general superintendent of financial institutions, said that the change was made to comply with international standards.
However, Guillermo Hernández, an expert in the fight against money laundering, told the press that the lowering of figures, which banks now must register, was exaggerated.
“The point here is that the Law 8.204 establish the $10,000 threshold”, Hernández said.
Souce: La Nación.