Request authorization to operate as a financial institution

Procedure to request authorization to operate as a financial institution before the Central Bank.

Description:

Find out the steps to follow, the documentation necessary to make the application, the regulations in which the procedure is framed and the contact details to request it. In addition, the information necessary to set up branches abroad

Who is it for:

Individuals or legal entities that wish to request authorization to operate as a financial institution or set up branches of financial institutions abroad.

Modality:

It starts online.

How to do it:

1- Prepare the documentation:

In accordance with the Harmonized Text of the rules on “Authorization and modification of the capital of financial institutions” review the list of the necessary documentation

2- Complete the form:

Upload the requested documents here in PDF (with a maximum of 50 MB per file and a resolution of 150-200 dpi).

3- Check your email box:

The Authorisations management will review your application, once it includes all the information and documentation provided for by regulations, it will send you an email indicating that you can continue to the last step.

4-Present the note at the ticket desk:

After receiving the email with the confirmation of the review of the Authorizations management, you must submit a note signed by the person who legally represents the financial institution or promoter, stating (as an affidavit and with the scope established in point 6.4.5., section 6. of the Ordered Text mentioned above) that “all the documentation presented in the application is a true copy and that the originals are at the disposal of this Superintendence of Financial and Exchange Entities.”

The note will be addressed to the management of Authorizations, Superintendence of Financial and Exchange Entities and must be presented from Monday to Friday from 10 a.m. to 3 p.m. at the Ticket Desk (Reconquista 266, Autonomous City of Buenos Aires).

From the presentation of the note, a file will be opened to process the application. With that number assigned you will be able to follow the procedure.

Required documentation:

Proof of payment of the cost of the evaluation of the proposal.
Proposed name for the entity.
Type of entity.
Place of installation.
Initial capital, identifying the shareholders who will make it up, their addresses, nationality and shares.
List of the people who will be part of the administration and supervision; general management and deputy general management.

For the evaluation of the proposed persons, you must complete the application for the Evaluation of Financial Institution Authorities.

Draft articles of incorporation and statutes by which it will be governed.
Draft manual on the prevention of money laundering and terrorist financing.
Project of the systems and computer technology to be installed.
Administrative and functional organization, projected organizational chart and description of functions, cursograms of the main active and passive operations.
Feasibility study with an economic and financial budget in Excel. Submit it in a business plan and projections contemplating a period of 5 years with the guidelines of the corresponding information regime, accompanied by a report made by an accountant.

Requirements for individuals

Personal history formula with your certified and legalized signature.
Certificate of criminal record, issued by the National Registry of Recidivism.
Complete declaration of assets (as indicated in point 6.2. of the Consolidated Text) accompanied by the documentation that proves the origin and ownership of the assets denounced.
Certification issued by an independent public accountant on the content and other aspects declared in the aforementioned declaration of assets.
Copies of the affidavits submitted to the Federal Administration of Public Revenues (AFIP) for income and personal property taxes corresponding to the last 3 fiscal periods, with the respective receipts.

Requirements for legal entities

Statute.
Documentation corresponding to the last 2 closed financial years.
Certification issued by an independent public accountant on the availability to meet the capital contribution committed.
List of shareholders, people who make up the board of directors, management and auditors, and attendance of shareholders registered in the last 2 ordinary meetings.
In the case of corporations, registered shareholder attendance.

To request authorization from branches of foreign financial institutions:

The same requirements and conditions required to apply for authorisation for financial institutions and, in addition:

Power of attorney, power of attorney or instructions that authorizes the person to manage this procedure in Argentina.
Statute, contract, law, decree or organic charter that governs in the country of origin of the applicant entity.
Note describing the guarantee regime for deposits existing in the country of origin, (if it reaches, and to what extent, those that are constituted in Argentina).

Queries about the procedure

Financial Institutions Authorization Management
gerencia.autorizaciones@bcra.gob.ar

Deputy Manager of Authorization of Financial Institutions
subgcia.autorizacion.ef@bcra.gob.ar