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Argentina digital wallets face fines and new gambling controls
The government of Buenos Aires province is preparing to issue significant fines against digital wallets, including Mercado Pago, Ualá, and Naranja X. The investigation, led by the Ministry of Production, Science, and Technological Innovation, follows more than 2,200 consumer complaints regarding abusive practices, debt harassment, and misleading information. Some users reported interest rates reaching 1,000% of the Total Financial Cost (CFT). Potential fines could reach 1,883 million pesos per wallet.
Separately, the Central Bank of the Argentine Republic (BCRA) has announced a new initiative to combat illegal online gambling. The BCRA will provide banks and digital wallet providers with fraud risk profiles at no cost. This data is intended to help financial institutions identify unusual transactional patterns and detect accounts used to channel funds into unauthorized gambling platforms. The implementation of these risk profiles will be gradual and will integrate into existing Know Your Customer (KYC) protocols.
Entities
Buenos Aires Province · Central Bank of the Argentine Republic · Mercado Pago · Naranja X · Ualá
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] Digital wallets face potential fines of up to 1,883 million pesos each for abusive practices and harassment. www.analisislitoral.com.ar
- [● 2 SOURCES] The BCRA will share information with banks and digital wallets to identify accounts linked to illegal online gambling. diariofirmat.com.ar · entreriosya.com.ar
- [● 2 SOURCES] The BCRA will provide fraud risk profiles to financial entities and payment service providers at no cost. diariofirmat.com.ar · entreriosya.com.ar
- [○ 1 SOURCE] The government of Buenos Aires province is moving to sanction digital wallets including Mercado Pago, Ualá, and Naranja X. www.analisislitoral.com.ar