The Resolution details the minimum requirements to be met by individuals or legal entities acting as legal representatives, jointly or individually, of companies subject to the control and surveillance of the SCVS in order to guarantee their probity and civil capacity to act, thus preventing such companies from being used for the performance of crimes such as money laundering, financing of terrorism and other similar offenses.

Registration of Legal Representative or Administrator:

In addition to complying with the registration in the Companies Registry or in the Registry of Corporations in the case of Simplified Joint-Stock Company (SAS), the following documents must be submitted:

• Certificate of not being in the database of persons with convictions, issued by the UAFE, updated at the date of presentation, or of the agency that grants it.
• Proof of not being on the following international public lists;
  • Office of Foreign Assets Control – OFAC
  • United Nations Security Council

The results of the search must be attached in PDF format to the SCVS’s public databases.

It is essential to keep a copy of these It is essential to keep a copy of such documents in the minutes of the meeting or general assembly act where the legal representative(s) or administrator(s) of the Company are appointed, detailing as evidence the date of consultation prior to the meeting.

In addition, the 3 certificates (UAFE, OFAC and United Nations) together with the other required corporate documentation must be submitted annually to the SCVS within the first four months of each year. Failure to comply with the annual presentation will lead to a penalty of up to 12 minimum salaries (2023: US$450.00), according to the SCVS’s technical criteria; and such omission must be immediately communicated to the National Directorate for the Prevention of Money Laundering.

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