Industrial sector remains alert on request for “sensitive” data

By Sergio Dattilo

The members of the Argentine Industrial Union (UIA, by its Spanish acronym) will ask for an urgent meeting with José Sbatella, head of the Financial Information Agency (UIF, by its Spanish acronym) in order to demand explanations on the regulation forcing companies in the sector to submit information about suppliers and customers.

The UIF is in charge of the analysis, treatment and transmission of information to the effects to prevent the washing of originating assets of serious crimes. Since 2007, the UIF is involved in monitoring and reporting terrorist acts, as well as terrorism financing

UIF's resolution No. 39/11 and its impact on the business sector were debated at full length yesterday by UIA's Executive Board, which is constituted by UIA's head Miguel Acevedo, Juan Carlos Sacco, Adrián Kaufmann Brea, Daniel Funes de Rioja, Osvaldo Rial and Pablo Challú.

The controversial resolution aims at forcing exporters and importers to obtain information on their customers (physical and legal persons, and even official agencies) and then submit it to the UIF. Starting February 15^th, every agency linked to foreign trade or any international trade transactions (including customs brokerage services) will be affected by this resolution. Until now, it only applied to financial agencies.

Attendees at the meetings claimed that the impact of the measure is not very clear yet. Some of them even expressed reservations about the eventual manipulation of the data related to customers and suppliers of every company.

Someone tried to downplay the relevance of the measure by claiming that the resolution "only affects exporters and importers" whereas somebody replied that "it represents 99 percent of local companies."

The proper observance of the measure remains uncertain, due to the large amount of data requested, mainly because many exporters are small and medium-sized enterprises (SME) that would be forced to appoint staff members in posts related to requirements made by the UIF.

UIA members expect to hold a meeting soon with UIF's head, economist José Sbatella.


Translated by Jimena Gibert