Argentina's BCRA expands fraud controls to PSPs

Update September 2, 2026: the scope of Communication A 8471 was confirmed for financial institutions, Payment Service Providers that offer Payment Accounts (PSPCP), and other Payment Service Providers registered with the BCRA. A legal and technical review also confirmed full implementation will take effect on September 1, 2027.

The Central Bank of Argentina approved Communication A 8471, adding a comprehensive fraud risk management framework to operational risk management for financial institutions, Payment Service Providers that offer Payment Accounts (PSPCP), and other Payment Service Providers registered with the BCRA. The rule requires a documented Anti-Fraud Program, a Fraud Risk Management function, and a four-stage rollout that ends on September 1, 2027.

What does the BCRA's new rule require?

Communication A 8471 requires covered institutions to define an Anti-Fraud Program with formal responsibilities, detection procedures, reporting channels, and a centralized incident database, along with coordination among compliance, legal, cybersecurity, and AML/CFT teams. It also calls for an annual review of the program and allows the dedicated fraud function to be folded into an existing operational risk unit.

According to the cited legal analysis, Stage 1 runs from September 1 to December 31, 2026, and requires the risk-management framework, roles, risk appetite and tolerance, plus a preliminary identification of risks and critical processes. Stage 4 marks full effectiveness beginning September 1, 2027, giving institutions time to adjust internal controls and technology solutions.

How does this affect digital wallets and payments?

At the same time, the BCRA requires interoperable digital wallets to be registered in the Interoperable Digital Wallets Registry in order to operate in Argentina's financial system. Wallets that also offer cryptoassets must be listed as PSAVs with the National Securities Commission. The July 2026 monthly retail payments report counted 91 interoperable wallets and 64 transfer payment acquirers.

Local reporting also attributes to the BCRA an update to technology risk rules that would add two-factor authentication for digital wallets, along with fraud mitigation measures and customer consent management. That report did not specify the communication number.

What is changing in Mexico?

In Mexico, the CNBV and Banxico opened a public consultation on a draft General Rule Applicable to Payment Networks to cap the fees banks and issuing institutions receive for card payments. The consultation remains open until September 24, 2026 at 6:00 p.m., and the current text is still a proposal subject to comments.

The framework was softened from the initial draft and now calls for a gradual reduction. According to specialized coverage, the caps will converge at 1.30% for credit cards and 10.80 pesos per transaction for non-credit cards, with an aggregate cap of 0.30% of total transaction value for the latter. Another report said that after 12 months, interim limits would fall to 1.40% and 11.80 pesos before reaching the final caps.

On the authentication front, an explanatory note on the reform to the Banking Single Circular says the resolution published on July 1, 2026 took effect on July 2 and gives institutions 90 business days to align processes, infrastructure, and protocols with the new biometric requirements. The same coverage says facial recognition is now at the same legal level as fingerprints and that cash deposits or withdrawals of 140,000 pesos or more in a single transaction will require a valid government ID and at least one biometric data point.

What other compliance rules are already in force?

In Mexico, the Mexican Stock Exchange reviews minimum maintenance requirements for listed issuers every year, under Article 28 of the provisions applicable to issuers and other participants in the securities market issued by the CNBV. For SOFOM ENR entities, customer identification and compliance obligations are mainly based on Article 95 Bis of the General Law of Credit Organizations and Auxiliary Activities, under CNBV supervision, including onboarding and digital signatures.