An Argentine federal appellate court has rejected an appeal filed by Banco de Valores SA regarding a 39 million Argentine peso fine imposed on the Buenos Aires-based bank, according to a regulatory filing.
In October 2014, Banco de Valores and its directors, management and trustees were fined a total of about 185 million pesos, including interest for failing to submit documentation and noncompliance with anti-money-laundering rules.
However, in August 2017, Banco Central de la República Argentina adjusted the fine to 39 million pesos, representing a 24.12% reduction from the initial amount fined to the bank, after courts considered the initial amount to be excessive.
The original fines were related to cash operations on the exchange market in 2008 involving the purchase of bonds in pesos and their sale abroad in U.S. dollars. The bank allegedly failed to request information from its clients about the origin of funds.
As of June 8, US$1 was equivalent to 25.45 Argentine pesos.
