Financial and Foreign Exchange Fines

Financial and foreign exchange fines come from the proceedings initiated by the Central Bank of Argentina (BCRA) as underLaw No. 21,526 on Financial Institutions, Section 41, and to proceedings under Law No. 19,359 on Foreign Exchange Criminal Regime.

How Can I Pay for a Financial or Foreign Exchange Fine?

PROCEDURE FOR THE PAYMENT OF FINES (Communication “A” 6318)

1. Payment Options. Within five (5) business days from the date of notice of a fine, the sanctioned party must opt for one of the available payment channels:

1.1 Cash Payment. The fine must be paid within the five (5) business day term.

1.2 Payment on Installments. This option is available to any natural or legal persons on which a fine has been imposed for their performance in financial or exchange institutions, and to any natural or legal persons falling outside the scope of the Central Bank.

The fine may be paid in up to 36 consecutive, equal installments on a monthly basis.

Interest rate applicable: The interest rate on reverse repos effective on the business day immediately preceding the date of execution of the payment agreement, plus five percentage points.

2. Submission of a Request of Deferred Payment.

Where an installment payment has been chosen, the sanctioned party must provide, upon request of deferred payment, evidence of deposit of 10% of the fine and of payment of the administrative charge which amounts to 0.5% of the fine.

The 10% deposit shall be applied to the settlement of the last installments. Should the request be subsequently waived or the installment agreement fail to be executed, such 10% will be applied to the amount owed.

3. Method of Payment. Payments must be made by bank transfer.