Non-Bank Agencies: BCRA´s Authorization

Financial institutions rendering services through supplementary agencies to customers and the public at large must have prior authorization of the BCRA.

According to the resolution approved today by the Board of Directors of the BCRA, financial institutions with an agreement in effect will further have to comply with the regulations on “Expansion of Financial Institutions”—including the information requirements.

The BCRA will consider authorization requests in terms of financial institutions’ goals of increasing and improving services, in general; and of promoting financial inclusion among the most vulnerable segments of the population, in particular.

Financial institutions may render lending, deposit, and other services through outsourcing companies, but exclusively in pesos.

The BCRA will provide an app for financial institutions to request authorization to operate through a supplementary agency and/or administrator of supplementary agency networks. In addition, financial institutions must comply with the relevant reporting systems.

Financial institutions must further have internal procedure manuals for each supplementary agency so that the BCRA may clearly assess the procedure implemented, the controls in place, along with the administrative sectors, and the positions of officers responsible for the flow and control of transactions. These manuals must be kept up to date and available to the Superintendence of Financial and Foreign Exchange Institutions (SEFyC) at all times.

December 17, 2020.