The Board of Directors of the Central Bank of the Argentine Republic (BCRA) has established that financial institutions may use the Single Financial and Economic File to simplify the process of collecting and verifying the information they must provide about their customers when it comes to micro, small and medium-sized enterprises.
The Single File was created by Resolution No. 92/21 of the Ministry of Productive Development and allows the consolidation and standardization of the economic, financial and accounting information of micro, small and medium-sized enterprises (MSMEs).
MSMEs that are registered and those that are registered in the future in the Registry of MSME Companies, with their corresponding valid certificate, will have the Single Financial and Economic File.
The BCRA’s decision implies that financial institutions may use the documentation included in this file in their respective financial and credit analyses.
MSMEs must give their explicit consent for the financial institution to access this file, which will keep the information updated based on the documentation submitted to the AFIP.
Financial institutions may use the documentation contained in the file to comply with the rules, such as “Savings, salary and special deposits” or “Bank current account regulations”, for passive product requirements and “Credit management” or “Debtor classification”, as well as for active product requirements.
Financial institutions must, if necessary, obtain the information and documentation required in accordance with the applicable regulations that are not found in that file.
The Single Financial and Economic File contains information from affidavits submitted to the AFIP on sales, purchases, VAT debit and VAT credit, information on assets, liabilities, net worth and income statements from Income Tax affidavits, employee information, employer contributions and personal contributions of workers.
It also includes the financial statements presented through the AFIP’s “Single Presentation of Balance Sheets (PUB)” service, prepared in accordance with current professional accounting standards and duly certified by an independent public accountant, among others.
