Virtual wallets: the new limits that ARCA controls in October

Amid the rise of virtual wallets, the National Revenue and Customs Control Agency (ARCA) has set new thresholds for monitoring transactions.

These limits took effect in June and will remain in force during October, according to General Resolution 5512/2024. Exceeding them may trigger alerts and generate requests for supporting documentation.

From what amount does ARCA monitor transfers?

Banks and fintech companies must report transactions when official amounts are exceeded. The updated values are:

• Transfers and credits: $50,000,000 for individuals and $30,000,000 for legal entities.
• Cash withdrawals: $10,000,000 for both cases.
• Bank balances at month-end: $50,000,000 for individuals and $30,000,000 for legal entities.
• Fixed-term deposits: $100,000,000 for individuals and $30,000,000 for legal entities.
• Virtual wallets: $50,000,000 for individuals and $30,000,000 for legal entities.
• Holdings in brokerage firms: $100,000,000 for individuals and $30,000,000 for legal entities.
• End consumer purchases: up to $10,000,000 without requiring additional information.
• Payments: $50,000,000 for individuals and $30,000,000 for legal entities.

Which mistakes should be avoided

Specialists warn that certain transactions may raise suspicions and complicate operations. Among them are:

• Ignoring requests for information from the bank or virtual wallet.
• Not having proof of the origin of funds.
• Exceeding the amounts without clear justification.
• Making split transfers to evade controls.

The documentation ARCA may request

To release withheld funds, ARCA usually requires purchase and sale contracts, invoices, pay stubs, or proof of registration in the simplified tax regime. ARCA may also request certificates of origin of funds signed by an accountant.