Argentina's CNV bans check use for brokerage accounts to prevent tax avoidance

The National Securities Commission (CNV) has prohibited the use of checks to deposit or withdraw funds from brokerage accounts (Alycs) in Argentina. Under General Resolution 1166/2026, all operations must now be conducted via bank transfers or other mechanisms that ensure the traceability of funds.

This measure aims to close a loophole used by companies to avoid the tax on bank debits and credits, commonly known as the ‘check tax,’ which carries a 0.6% rate on both debits and credits. Previously, companies could endorse checks—including electronic checks (Echeqs)—directly to brokerage accounts without depositing them into a traditional bank account first, thereby bypassing the tax.

The decision follows a decline in real tax revenue from this levy. According to data from the consultancy Outlier, revenue saw year-on-year decreases of 11% in June, 6% in July, and 9% in August. The CNV justified the change as a necessary step for financial security and improved operational control.