Regulation of Branchless Banking in Argentina

Analyzing regulatory environment for branchless banking

This update of CGAP’s 2009 Diagnostic Report on the Legal and Regulatory Environment for Branchless Banking in Argentina incorporates research conducted by CGAP in January 2010 regarding relevant legal and policy changes through the end of 2009. It is one of 11 country updates produced by CGAP as a part of the G20 Access through Innovation (ATI) Sub-Group’s work plan.

The paper states that there is no legal framework for banks to use agents to deliver financial services in Argentina. The Central Bank of the Republic of Argentina (BCRA) is in the process of drafting bank agency regulation. A regulatory framework that balances safety and openness regarding use of agents, while providing BCRA with adequate supervisory powers and tools for monitoring and mitigating risks would help to increase access to financial services. Agent networks developed by nonbanks could play an important role in the agency outreach of banks once new regulation is issued. The paper discusses the current legal framework for branchless banking in Argentina, including:

  • Banking agency regulation;
  • Regulation for anti-money laundering and combating the financing of terrorism (AML/CFT);
  • Regulation of payment services and e-money;
  • Remittances and foreign exchange;
  • Taxation.

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