The Financial and Economic Analysis Unit (UAFE) has issued the Resolution containing the scale of fines for regulatory offenses caused by non-performance of the obligations in the Law for Prevention, Detection and Eradication of Asset Laundering and Financing of Crime[1]. The fines will apply to persons who fail in their obligation to submit reports on the transactions set forth in the law. The Resolution establishes:
- Penalties for late or no submission to the UAFE:
| Regulatory Offense | Fine |
| 1. Late submission of the report on transactions equal to or above the legal threshold. | From 1 to 10 SBU |
| 2. Failure to submit the report on transactions equal to or above the legal threshold, including information which has not been validated within the legal timeframe. | From 10 to 20 SBU |
| 3. Failure to submit additional information. This obligation will be considered to have been met when the complete information is submitted. | From 21 to 30 SBU |
| Reoccurence of points 1 and 2. | Maximum penalty set for each offense |
- To apply the fines, the following table will be used:
| Obligated Persons | Regulatory Offense | ||
| 1 | 2 | 3 | |
| National financial system | Maximum 9 SBU
(USD 3,600)* |
Maximum 18 SBU
(USD 7,200)* |
Maximum 30 SBU
(USD 12,000)* |
| Obligated persons controlled by the Superintendency of Companies, Securities and Insurance | Maximum 8 SBU
(USD 3,200)* |
Maximum 16 SBU
(USD 6,400)* |
Maximum 29 SBU
(USD 11,600)* |
| Obligated persons without a specific control body, including natural persons obliged to keep accounting records | Maximum 7 SBU
(USD 2,800)* |
Maximum 14 SBU
(USD 5,600)* |
Maximum 28 SBU
(USD 11,200)* |
| Non-governmental foundations and bodies | Maximum 7 SBU
(USD 2,800)* |
Maximum 14 SBU
(USD 5,600)* |
Maximum 27 SBU
(USD 10,800)* |
| Notaries and natural persons not obliged to keep accounting records | Maximum 6 SBU
(USD 2,400)* |
Maximum 12 SBU
(USD 4,800)* |
Maximum 26 SBU
(USD 10,400)* |
| Public servants | Maximum 6 SBU
(USD 2,400)* |
Maximum 12 SBU
(USD 4,800)* |
Maximum 25 SBU
(USD 10,000)* |
* Calculated for 2020 based on the current consolidated basic salary (SBU).
- The Resolution states that the calculation of the fine considers three criteria: type of offense committed; (ii) value of the factors; and (iii) number of consolidated basic salaries. The factors to consider are: (a) net monthly invoicing; (b) total assets; (c) total equity or net worth; (d) consolidated monthly salary.
[1] Resolution No. UAFE-DG-2019-0260 published in Official Register 142 on February 13, 2020.
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