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Argentina restricts participation in banks of gambling companies

The Central Bank of Argentina (BCRA) today decided to restrict the participation of companies engaged in gambling in the banking business, official sources said.

The Argentine Central Bank (BCRA) today decided to restrict the participation of gambling companies in the banking business, "The standard was approved today by the board of the monetary authority and applies restrictions on gambling companies and their shareholders to be, at its sole discretion,

As reported by the BCRA in a press release, under this provision, shareholders holding a stake in an entity Financially more than 5% of its capital, may not be shareholders in a company engaged in gambling and betting.

In addition, those individuals holding shares Shareholding in companies, even at a minimum percentage, will not be able to be directors or to hold any other relevant position in a financial institution.

Monetary authority indicated that it took this resolution on the basis of international recommendations on the prevention of money laundering, "in view of the greater risk Linking gambling with the financial system in relation to other economic activities. "

" These measures will take effect for applications for authorization of new Financial entities, negotiations on share packages and requests for the appointment or renewal of authorities of financial institutions that may be submitted to the BCRA in the future ", The statement said.

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