How to Know if my Bank Account is Blocked: What to Do, Laws and MORE

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If your bank account in a bank in Argentina is blocked, this means that you have not gone to the banking agency to comply with Law 10/2010 regarding money laundering. Knowing this, the following question is then common: How do I know if my bank account is blocked?

Today we will talk about how to make this query, which are the best banks in Argentina and how to avoid this blockade. Let us begin!

How do I know if my Bank Account is Blocked in Argentina?

To find out if a bank account is blocked in Argentina, it is necessary to follow the following steps:

  1. Enter your bank via the Internet.
  2. Once there, you will find a notice indicating why your accounts are blocked, or directing you personally to the agencies of your bank where they will indicate the reason for the blocking.

Now, it is feasible that sometimes we have read that our account bank could be blockedThis is because we have not identified ourselves as holders.

And all this in order to avoid possible money laundering, even though the law dates back 6 years, there are still banking agencies identifying their clients. Our accounts may be blocked for not meeting the requirements of said Law (10/2010), which gives the bank the right to block our accounts and not allow the use of them.

This Law (10/2010), is related to money laundering. It aims to protect the rectitude of the banking system and other sectors of economic activity by establishing prevention mechanisms in money laundering and financing of terrorism.

And the bank explicitly tells us that we are obliged to have a digitized copy of certain documents of our clients to verify their identity, economic activity, profession or origin of their funds.

Otherwise, the bank will proceed to block and cancel our accounts, by not complying with said legal requirement. Therefore, every citizen who incurs in these acts does not lose his money, but he will not be able to use his money until he complies with said commitment before the financial institution that corresponds to him.

Other important data

Please note that the delay in identification does not imply that this user will be included in the list of suspected money laundering and terrorist financing.

But if there is any suspicious element, due to a large amount of money in the movements or because of the origin of the same, this client will be investigated according to internal prevention methods.

If your bank account has six or more months without financial activity, it could be permanently blocked.

How to Know if my Bank Account is Blocked: Documents to Avoid It

The documents required by the bank to avoid blocking your accounts according to financial entities or banks are the following:

  • Your national identification document (DNI),
  • The national immigration document or (NIE) or Passport.
  • The economic activity register (DAE), this document must be filled out and signed by the client.
  • The record that confirms the professional or economic activity, depending on the occupation you carry out.

These are the documents that you must mainly present to avoid blocking your accounts pero according to your banking agency they may also request the following documents:

  1. The declaration of your last fiscal year (IRPF).
  2. The last canceled receipt from the professional college.
  3. The Tax License or Act of activity in the Treasury.
  4. Current employment contract.
  5. Current payroll receipt with a period of no more than 3 months.
  6. Letter of employment relationship formulated by the employer.
  7. Last declaration of VAT or personal income tax withholdings.
  8. Certificate of payments, subsidy or pension.
  9. Declaration of the Cessation of Tax Obligations (model 036).
  10. Proof of Social Security with autonomous policies.

How to Know if my Bank Account is Blocked: Consequences of Blockade

Although no sanctions have been established for people who have their accounts blocked, it is necessary to remember that blocking the bank account carries other annoying and uncomfortable consequences such as:

  • The immobilization of the money in that account
  • You will not be able to carry out any transaction with said account, that is, zero transfers, money withdrawals, payments with your credit or debit cards, pay utility bills such as electricity, telephone, water, among others.
  • Nor will you make new contracts for financial products and banking services and your daily operation will be affected

Motivated to that, is that you must comply with the requirements of law 10/2010 and thus avoid hassles when managing your banking needs and arrears in payments.

What to do when it happens

If you have expired date to present the documentation required by your bank, and your account has been blocked. It has been agreed with the Commission for the Prevention of Money Laundering and Monetary Offenses (Sepblac), give a small extension for people to present their documentation.

The owner, when verifying that his account has been blocked, must immediately contact your banking agency and give an account of this, in order to be allowed to present its corresponding documentation.

Once in their banking agency, the workers of the institution will proceed to digitize and check the authenticity of the documents presented, while this is done your money will remain blocked. Your account will be unlocked once the verification process of your documents is finished, and in this way you will be able to make movements and transactions of it again.

Best Banks in Argentina

To determine what the most important banks in Argentina A series of factors stand out, such as: Their capitals, their assets, their growth, number of clients and people’s opinions.

These best or most important banks are born both from the knowledge of the brand, as well as from its users of banking services and products in Argentina, as well as from the experiences of the clients of these entities.

Among these main and most important banks in Argentina we can highlight according to their assets as follows:

  • Banco de la Nación $ 1,235,186,276
  • Santander Río $ 539,090,441
  • Province Bank $ 518,973,594
  • Macro Bank $ 384,926,016
  • HSBC $ 254,656,718
  • City of BS AS $ 226,149,391
  • Banco Galicia $ 597,911,540
  • Credicoop $ 213.907.650
  • BBVA $ 397,817,310
  • Industrial $ 207,431,792

Although the statistics place the National bank as the first bank for its assets, the magazine The Banker, chose the Santander Bank as the bank of the year in Argentina, for its efficiency, its popular integration, better digital and international services.

In addition, The Banker praised Santander for its ability to produce the best financial results «despite constant difficult macroeconomic conditions» and for the successful integration of Banco Popular.

Santander became the most awarded Argentine bank of the decade by The Banker, after obtaining the distinction for the eighth time in ten years (in 2010, 2011, 2012, 2013, 2015, 2016, 2018 and 2019).

Bank techniques

Now, to achieve a better mentality in the vision of clients about Argentine banking entities; both in its correlation to the total score of the banks, as well as which of their characteristics are the best and worst, to be rated by customers. This also allows you to add and subtract assets and deficiencies, which allows you to determine which are the best Banks in Argentina.

Remember that it is of great importance to know that when the bank blocks an account, these do not disappear and you do not lose your money paid to them.

Considerations to Take into Account:
First of all, you must bear in mind that it is important to bring the documentation requested by your financial institution on the required date, or else the bank will block your bank account.

For this reason, it is necessary that you comply with your obligations and with the requirements of law 10/2010 when taking your documentation to the bank and do not wait for your account to be blocked. Good luck and don’t let them block you.

How to Know if my Bank Account is Blocked: Anti-Money Laundering Law

Through this Law 10/2010, applied since April 30, two thousand and ten, the protection is extended to the integrity of the finance system and to the areas related to the financial year.

Obligations are established and regimes for the prevention of money laundering and terrorist financing are grouped together, eliminating the decentralization of those that existed up to that moment.

In addition, the subjects obliged to comply with the application of the law are listed, which in the same way are subject if they use intercessors, determining categories of people and entities that, due to their activity, are responsible for producing and carrying out activities for the prevention object of this law.

Among the established obligations we can refer to the application of due diligence measures, such as internal control and also information, among many others.

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