Fintech 2025

ARGENTINA Law and Practice Contributed by: Santiago J. Mora, Nicolas Garfunkel, Milagros Caneda and May Steward, GPG Advisory Partners

its regulatory purview to other activities when deemed necessary, considering the volume of operations and their impact on credit and mon - etary policies. The CNV The CNV is responsible for implementing the CML. It has jurisdiction and oversight over vari - ous areas, including public offerings, broker - age entities, collective investment schemes, and securities exchanges and markets. Also, as mentioned in 2.2 Regulatory Regime , after the issuing of Law No 27,739, the CNV has jurisdic - tion over and oversees PSAVs. The AAIP Another relevant regulator is the Public Infor - mation Access Agency ( Agencia de Acceso a la Información Pública or AAIP), which is the imple - menting authority of the PDPL. The UIF The UIF is the implementing authority of the AMLL. The SSN The Superintendence of Insurance ( Superin- tendencia de Seguros de la Nación or SSN) has jurisdiction over the Insurance Law (IL), super - vising the activities of producers, intermediaries, and insurance and reinsurance entities. 2.7 No-Action Letters In Argentina, regulators do not issue “no-action” letters. 2.8 Outsourcing of Regulated Functions Financial institutions may outsource several functions to third-party vendors. However, this activity is regulated by the BCRA, which must be informed of such arrangements and which may carry out inspections of the premises and activi -

ties of the vendors. Despite this, the outsourcing of regulated functions does not release a finan - cial institution from its obligations vis-à-vis its clients and the BCRA. 2.9 Gatekeeper Liability Fintech providers are under no specific legal obligation to act as gatekeepers. At the same time, these entities fall under the general security and diligence obligations con - tained in the CCC, the CPL and the PDPL and must therefore ensure that their platforms oper - ate adequately. In addition, almost all fintech companies fall within the scope of the AMLL and are considered reporting entities under the regulations, subject to registration, know your customer (KYC) and suspicious transaction reporting obligations. 2.10 Significant Enforcement Actions When the scope of the services provided by fin - tech companies is not well defined or fintech companies engage in activities that fall within the scope of the FEL or the CML, without the corresponding authorisations, or fail to comply with the regulations applicable to them by any of the regulatory agencies (BCRA, CNV, UIF), these authorities may initiate summary investigations and impose sanctions. The sanctions applicable to individuals and legal entities that violate the provisions include warnings or notices, financial penalties, and temporary or permanent prohibitions to operate and disqualifications from serving as directors, administrators, trustees, members of supervi - sory boards, managers, compliance officers, or auditors, among others.

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