Argentina Launches Comprehensive Update to Its Games of Chance Regulatory Framework

A groundbreaking shift in Argentina’s approach to gambling regulation begins today, marking a significant milestone in the gaming industry.

After over a decade, Argentina revitalizes its regulatory landscape with the implementation of UIF Resolution No. 194/2023, a transformative measure that aligns the nation’s games of chance regulations with global standards.

This comprehensive overhaul aims to fortify the integrity of Argentina’s gaming sector. By tackling money laundering and terrorist financing, the new framework promises a safer, more transparent gambling environment, both online and offline.

Dive into the details of these pivotal regulations to understand their impact on players, operators, and the broader Argentine economy.

Argentina Ushers in a New Era of Gaming Regulation

Today marks a significant turning point for the Argentine gaming industry as the new guidelines established by Financial Information Unit (UIF) Resolution No. 194/2023 officially come into force. This long-awaited update, published in the Official Gazette on September 29, represents the first major revision of the country’s regulatory framework for games of chance in 12 years.

A Collaborative Effort for Better Regulation

The comprehensive modification process involved forming working groups with key stakeholders from the gaming sector. These collaborations took place at the national headquarters of the UIF and in various regions across Argentina. Inputs from representative chambers like the Association of Lotteries, Casinos, and Quinielas (ALEA) and the Argentine Chamber of Casino, Bingo, and Annex Rooms significantly influenced the final structure of the regulations.

Focusing on ML/TF Prevention

Authored by Juan Carlos Otero, president of the UIF, the new rule is designed to adapt the obligations to be fulfilled by Argentine and foreign individuals participating in games of chance. The primary objective is to prevent, detect, and report activities that could constitute Money Laundering (ML) and Terrorist Financing (TF) crimes. It reflects a commitment to addressing the evolving challenges in these areas, prompted by technological advances and new industry practices.

Aligning with International Standards

These regulations align with the guidelines and standards set by the Financial Action Task Force (FATF). They include improvements to mitigate ML/TF risks based on the sector’s operations and feedback from national ML and TF/PF Risk Assessments, as approved by Decrees Nos. 653/22 and 652/22.

Incorporating Risk-Based Approach

A key aspect of UIF Resolution No. 194 is the introduction of concepts specific to the risk-based approach. This includes the Risk Self-Assessment Technical Report, the declaration of Risk Tolerance, and the Independent External Review of preventive systems. The resolution mandates continuous client due diligence and verification of the identity and background of directors, managers, employees, and collaborators.

Implications for the Sector and Economy

This regulatory update is not just a procedural change; it’s a significant shift in how Argentina manages and monitors its gaming sector. By introducing these stringent measures, the UIF aims to protect the industry from being exploited for illicit activities, thus safeguarding the interests of both the players and the economy at large.

The implementation of this resolution sets a new benchmark in regulatory compliance, reflecting Argentina’s dedication to creating a responsible and secure gambling environment. It underscores the country’s proactive stance in adapting to global trends and challenges, ensuring that its gaming sector remains competitive and well-regulated.