Through Communication “A” 7319 (the “Communication”), the Central Bank of the Argentine Republic increased the technical-operational requirements of the pre-approved loan granting process. In this sense, it was established that:
Entities must reliably verify the identity of the user (borrower) using positive identification techniques. Positive identification includes identity verification and validation processes, which reduce uncertainty through the use of techniques complementary to those usually used in the presentation of credentials or for the delivery or renewal of the same. Actions related to: personal identity verification, through holographic signature and presentation of identity document, through series of challenge questions with variable context, among others, are include.
The contact details indicated by the user of financial services should not have had recent modifications.
Once the identity of the user has been verified, the entity must inform the user that the credit is approved, and if there are no other inconveniences, the amount will be credited to his account in the following 48 business hours (the term can be reduced if the user agrees reliably.
This Communication establishes the mandatory application of the requirement previously detailed, on all pre-approved credit operations carried out through all available electronic channels (ATMs, TAS, BI and BM).
This communication will come into effect on 07/09/2021 This report cannot be considered legal or other advice from Allende & Brea.
