Firms To Watch: Compliance

Up-and-coming corporate partner Florencia Askenasy leads the fast-growing Brons & Salas compliance practice; the team provides advice on corporate criminal liability, anti-money laundering and terrorist financing regulations, as well as providing in-depth compliance reviews and day-to-day support on compliance matters.

Compliance in Argentina

Baker McKenzie

Baker McKenzie offers a wide range of compliance services to local and international clients, including prevention, internal investigations, litigation and transactional work. The ‘solid’ and ‘extremely professional’ team focuses its core practice on internal investigations and criminal proceedings related to corruption, fraud, money laundering and other corporate crimes, but is equally adept providing risk assessments, drawing up corporate compliance programmes and codes of conduct, and facilitating compliance training. The firm’s international network adds additional expertise on the implications of international regulations such as the US Foreign Corrupt Practices Act and UK Bribery Act for Argentine clients. Corporate compliance and investigations expert María Vanina Caniza leads the practice alongside Fernando Goldaracena, a white-collar crime and investigations specialist.

Practice head(s):

Maria Vanina Caniza; Fernando Goldaracena


‘It is a solid team with experience and contacts’

‘The team are extremely professional and respectful.’

Key clients

Bausch & Lomb


Federal Express

ICU Medical

Novo Nordisk




Work highlights

  • Reviewed and adapted Federal Express’ code of conduct and compliance policies to align with guidelines published by local anticorruption authorities.
  • Ongoing provision of advice to Biogen regarding legislative trends, legislative agendas, and the enforcement environment; the work includes contract review and periodic discussions on best practice.
  • Advised ICU Medical with a review of policies and regulations applicable to donations to certain public institutions, and other schemes involving free-of-charge products.

Beccar Varela

The Beccar Varela compliance team is led by respected compliance and anti-corruption practitioner Maximiliano Nicolás D’Auro, who clients single out for his ‘practical approach to resolving matters’ and proactive engagement. White-collar crime specialist Manuel Beccar Varela and Francisco Zavalía, who has experience in compliance and corporate crime, are additional key names. The firm was the first full-service player in Argentina to incorporate white-collar crime expertise into its compliance offer and provides a comprehensive internal investigations and criminal proceedings service. The team also advises local and international clients on the design and implementation of compliance programmes, as well as conducting customer and supplier due diligence and on-boarding.

Practice head(s):

Maximiliano D’Auro


‘The team is very good. An excellent combination of technical and personal skills that make a difference in the service.’

‘The team go beyond what one expects from your average lawyer, committing themselves to the client and forming a true team with the in-house lawyers.’

‘The availability of the team and expertise in compliance and regulation is noteworthy. Every time it is necessary to consult about a specific issue, they are proactive in resolving any problems.’

‘The availability and cordiality of the associates Francisco Grosso and Rocío Panizza stands out. They are always willing to collaborate at any time and provide simple and clear advice. Rodrigo Allende has also collaborated with us in an excellent way.’

‘Experienced professionals who take a practical, hands on approach to resolving issues. Speed and thoroughness is what separates them from the competition. Their billing strategy is flexible and adaptable to the needs of the client.’

‘I would like to highlight Maxi D’Auro’s expertise and practical approach to resolving matters. He is keenly aware of compliance risks and does not hesitate to promptly pick up the phone and reach out with concerns and advice. His team’s proactiveness has helped us greatly.’

Key clients

Play Digital

Telefónica de Argentina

Wayra Argentina


Argentine Network of Municipalities against Climate Change

Inter-American Investment Corporation




Work highlights

  • Worked closely with Despegar’s in-house compliance team on the design, development, and implementation of a compliance programme for their local and cross border operations.
  • Assisted in the design, development, and implementation of a compliance programme for payment services fintech company Modo.
  • Conducted a comprehensive onboarding and due diligence procedure of third parties, service providers, other relevant companies and key individuals for Telefónica de Argentina.

Bruchou & Funes de Rioja

Bruchou & Funes de Rioja's ‘outstanding lawyers’ advise on anti-bribery and anti-money laundering compliance programmes, but are best known for their highly-regarded work on internal investigations and business crime. The practice is led by experienced anti-corruption and fraud asset recovery specialist Guillermo Jorge, who works closely with partner Fernando Felipe Basch, a veteran criminal law and anti-bribery practitioner. The broad practice handles highly sensitive cross-border investigations and criminal matters for multinationals and sovereigns and also conducts risk assessments, the design of bespoke compliance programmes and provides senior management compliance training.

Practice head(s):

Guillermo Jorge


‘Professionals of the highest quality, knowledge of the regulations and excellent interpersonal skills.’

‘The partners are personally involved. Outstanding lawyers in this practice who provide an excellent service.’

Key clients

Vicentin’s international financial creditor steering committee


Maritime Anticorruption Network

Fundamenta Capital

Work highlights

  • Advised members of the steering committee of international lenders to Vicentin on litigation proceedings aimed at improving their position as creditors in the restructuring process.
  • Conducted a transnational investigation and asset tracing strategy to help Baggio-RPB recover losses after suffering a fraud.
  • Led the The Maritime Anticorruption Network collective-action initiative to mitigate bribery risks in the grain-export clearance processes in Argentine ports.

Marval O’Farrell Mairal

Marval O’Farrell Mairal‘s highly-specialised, full-time compliance department offers a broad range of compliance services with deep expertise in complex investigations, litigation and anti-corruption matters. The practice has extensive experience in complex cross-border cases, involving lawyers and forensic experts in multiple jurisdictions, and also handles day-to-day compliance work. Clients value the team’s ‘good mix of academic depth and practical experience’ and single out ‘extraordinary’ practice head Gustavo Morales Oliver for his ‘incomparable’ compliance knowledge.  The ‘impressiveMaría Lorena Schiariti, who has deep experience of public and administrative law, is another key figure. Pedro Serrano Espelta  has left the firm.

Practice head(s):

Gustavo Morales Oliver


‘The practice is efficient and very experienced in compliance and white collar criminal matters.

‘A good mix of academic depth and practical experience.

‘A high level of specialist expertise and a team that is always available.

‘Lorena Schiariti stands out. Her level of specialisation is impressive.

‘The extraordinary Gustavo Morales sets the compliance benchmark in Latin America.

‘The Marval team led by Gustavo Morales Oliver is sophisticated and has incomparable experience. They know the client’s industries and the main points of compliance concern in the area of compliance. They are clear and confident… leaders in their field. I do not know of another firm with their experience.

‘Gustavo Morales Oliver is an icon in the area of compliance in Argentina and has extensive international experience in internal investigations and negotiating agreements with authorities. He is a leader in the field.

Key clients


Amazon Web Services


Brown Rudnick



Instituto Massone

Newmont Corporation



Globant Ventures




Lilac Solutions

Nishimura & Asahi

Atis Group

Infrastructure Solutions


Work highlights

  • Advised Skanska on legal proceedings related to allegations of corruption in the construction of gas pipelines.
  • Assisting YPF in assessing specific compliance-related risks and the impact on its compliance program.
  • Assisted Brown Rudnick with assessing specific compliance-related risks and regulations involved in the potential hiring of former public officials by undisclosed clients.

Allende & Brea

Allende & Brea is a ‘go-to firm for internal investigations’ with a team of senior lawyers covering antitrust, healthcare, environmental, IP and technology compliance matters. The team works extensively with banks, insurers and fintechs, advising on Central Bank and foreign exchange regulations. In addition, the practice stands out for its technology capability and collaborates closely with international experts to compile and review evidence using electronic device imaging, high volume data collection and machine learning. The practice is co-led by senior compliance, disputes and antitrust lawyer David Gurfinkel, and María Morena Del Río, who is experienced in regulatory and healthcare law. Experienced associate Candela Böckl joined from Llodrá Estudio Jurídico in June 2022.

Practice head(s):

David Gurfinkel; María Morena del Río


‘A professional team that provide good customer care.

‘The team is expeditious and provides advice with clarity.

‘They have a great team. A go-to firm for internal investigations.

‘David Gurfinkel is the key partner. He is very knowlegeable and always available.

Key clients

Ball Corporation

Codere Group

Ferrero Group



Plastic Omnium

Syngenta Group

The Badger Technology Company

Unipar Indupa

Wells Fargo

Work highlights

  • Assisted Unipar Indupa with the drafting of a series of donation agreements to ensure compliance with local anti-corruption regulations.
  • Provides The Badger Technology Company with on-going guidance on compliance with Central Bank regulatory requirements and other Argentine laws applicable to payment service providers and cryptocurrency exchanges.
  • Provided the Ferrero Group with advice on a donation to a municipality for the construction of a Covid-19 treatment hospital and its implications under local anticorruption laws and regulations.

Llodrá Estudio Jurídico

Llodrá Estudio Jurídico  provides bespoke compliance advice to domestic and international clients, covering compliance programme design, ISO certification, risk assessments, compliance audits and investigations. Firm founder Melina Llodrá, who has advised on complex cross-border compliance matters for more than two decades, leads a fast-growing team that has recently expanded its ranks with three specialist associate-level hires: Julieta D’Angelo, Florencia Romariz and Aldana Barrichi. Associate Candela Böckl left the firm in June 2022.

Practice head(s):

Melina Llodrá


‘Llodra Law has been acting as our external counsel for more than three years in ongoing complex corporate, commercial and compliance matters – such as the drafting and negotiation of international energy contracts with extensive anticorruption clauses and contractual tools and the implementation of our compliance program. Melina Llodrá is our contact person, she is very professional and proactive, and has a strongly client-focused approach which is very important to us. We would strongly recommend Llodrá -and in particular Melina- to any company looking for a dedicated, bright and practical lawyer.

I have been working with the Llodrá law firm for the past couple of years. I have the pleasure to work with Melina Llodrá providing advice on Brazilian compliance matters in relation to the design and implementation of the local compliance program of a major European infrastructure company with subsidiaries in Brazil which are operating a large infrastructure project in LATAM. This project involves complex compliance angles, including cross-border matters.  It has been a pleasure working with Melina given that she is very practical and business-oriented, and has a broad view of the whole; suffie to say she has been an important partner for the implementation of cross-border compliance programs, and I would strongly recommend her and her firm.

I have collaborated with Llodrá -in the role of external consultant associated with the firm- for several years in various compliance issues in LATAM. In particular, we have worked on the design and local implementation of the compliance program of an infrastructure company for its branches in LATAM; including Peru, Brazil and Chile. Together with Melina Llodrá and her team, we have carried out the analysis of compliance risks of different local entities, designed various tools and compliance elements, and implemented them, coordinating with the client’s compliance team in Madrid and the different representatives in each country. It is a pleasure to work with Melina and her team, in particular I highlight their honesty, professionalism, commitment and excellent interpersonal treatment.

I would definitely recommend Llodrá and in particular Melina Llodrá for any project related to compliance in the region.’

Mitrani Caballero & Ruiz Moreno Abogados

Mitrani Caballero & Ruiz Moreno Abogados advises national and international companies on all aspects 0f anti-corruption, anti-money laundering, terrorist financing prevention, data protection and sanctions compliance. The practice has unique experience working on negotiations with overseas authorities, including the US Department of Justice, and has developed distinctive knowledge of US, UK and EU regulatory regimes, in addition to its expertise in Argentine anti-corruption law. The team is led by name partner Cristian Mitrani and Mariela Inés Melhem, who has extensive compliance expertise. Partner María Paula Díaz, who specialises in anti-corruption legislation, general compliance matters and privacy law, is also a key name.

Practice head(s):

Cristian Mitrani; Mariela Melhem

Key clients




AGCO Argentina

KIA Argentina

Work highlights

  • Ongoing advice to Tenaris on anti-bribery and anticorruption compliance, including design, advice, and full implementation of the group’s global compliance programme on business ethics and anticorruption.
  • Ongoing advice to Ternium on anti-bribery and anticorruption compliance, including design, advice, and full implementation of the group’s global compliance programme on anticorruption.
  • Ongoing advice and training to AGCO on its anti-money laundering compliance program and ‘know your client’ procedures.


O'Farrell has a multi-disciplinary compliance practice that combines administrative and corporate expertise with particular knowledge of the energy, manufacturing, mining and food industries, among other sectors. Partners Juan Pablo Fratantoni and Jorge Muratorio co-lead the team alongside María Agustina Fanelli Evans and Agustín Siboldi, who both maintain active anti-corruption practices. The team offers a broad range of compliance advice including the development and auditing of compliance programmes, background checks and due diligence on individuals and corporates, anti-corruption regulation assessments and internal investigations work.

Practice head(s):

Juan Pablo Fratantoni; Jorge Muratorio; María Agustina Fanelli Evans; Agustin Siboldi

Key clients



Ford Argentina

American Tower Argentina

Claro Argentina


Latinoamericana de Argentina

Pampa Energía



Work highlights

  • Advising Huawei on 5G and ‘internet of things’ compliance matters related  to commercial conflicts between the US and China, as well as Argentine restrictions implemented during the Covid-19 pandemic.
  • Advised ENAEX on antitrust risks arising from a shift in the company’s supply chain from imports to vertically integrated local suppliers.
  • Advise GAES on global commercial distribution arrangements that are subject to legal frameworks restricting vertical integration.

Pérez Alati, Grondona, Benites & Arntsen

Pérez Alati, Grondona, Benites & Arntsen advises clients on corporate governance, compliance and corporate director ethics, along with providing assistance on the preparation of integrity programmes and the implementation of procedures to detect fraud, corruption and regulatory breaches. Furthermore, it also handles due diligence work and provides compliance training. Expertise in privacy matters is a key focus area for the practice group, which helps companies navigate changes in data protection law. The practice is co-led by banking and finance lawyer Marìa Gabriela Grigioni, in conjunction with Arnaldo Cisilino, a disputes and litigation lawyer who also has technology law expertise.

Practice head(s):

María Gabriela Grigioni

Arnaldo Cisilino


‘The team is always up-to-date and keeps its clients informed. Always responsive to client queries.

‘Quick to address and resolve compliance issues.

Key clients

CMR Falabella

CMR Productora De Seguros

Bank of New York Mellon

Phoenix Global Resources

Harvard Management Company

Sumitomo Chemical Argentina

Nufarm Australia


Johnson & Johnson de Argentina

Plaza Logistica

Domec Cia de Artefactos Domesticos

Work highlights

  • Prepation of monthly reports on how customers use CMR credit cards to detect any possible money laundering, terrorist financing and other related risks.
  • Ongoing advice to Phoenix Global Resources regarding criminal liability law, including policy reviews and training.
  • Advised Merck & Co in the implementation of new protocols regarding the processing of client’s personal data in the context of a global company policy.


‘Dedication’ and ‘professionalism’ characterise the Bomchil compliance practice. The tightly-knit team provides a broad suite of compliance services, including work in internal investigations, public procurement, antitrust, personal data protection and anticorruption. In addition the group handles matters involving anti-money laundering and compliance programmes. Francisco Gutiérrez, a TMT and and arbitration expert, co-leads the the team alongside impressive associate Florencia Pagani, whom clients report as ‘professional, knowledgeable and dedicated to clients’. Since publication, Pagani has been raised to the partnership - effective as of January 2023.

Practice head(s):

Francisco Gutiérrez; Florencia Pagani


‘The team displays dedication and professionalism’

‘Florence Pagani is professional, knowledgeable and dedicated to clients.’

Key clients



Pernod Ricard

Aeropuertos Argentina 2000

Mindray Argentina

Sanatorio Las Lomas

Araucaria Energy

Buenos Aires Arena

Cámara de Comercio e Industria Franco Argentina

Chevron Overseas Services Corporation

Freshfields Bruckhaus Deringer

Work highlights

  • Working with SAF, a part of French Group Lesaffre, on the local implementation of its global policies and code of conduct.
  • Supporting Buenos Aires Arena on implementation of the company’s code of conduct and global policies, as well as the implementation of  global anticorruption policies in Argentina.
  • Assisted Araucaria Energy with the implementation of the company’s code of conduct and global policies.

Cerolini & Ferrari Abogados

Experienced banking and finance partner Agustín Cerolini leads the Cerolini & Ferrari Abogados compliance department. The firm’s large roster of banking and finance clients are key source of work for the practice, with the team serving as regulatory compliance officer to a number of institutions under local capital markets law, a role that involves monitoring capital markets and anti-money laundering compliance.

Practice head(s):

Agustín Cerolini

Key clients

Crédito Directo

Banco del Chubut

Merril Lynch Argentina

Bank of America

Banco CMF

Metrocorp Valores


Proficio Investment

Iké Asistencia Argentina

Banco de Servicios y Transacciones



Catapult Sports

Ahern Argentina

Fid Aval


Work highlights

  • Clarified and revised contractual documents for Credito Directo to ensure full compliance with legislation.
  • Acting as regulatory compliance officer to Banco del Chabut under capital markets law (No. 26.831); the work includes monitoring and assessing compliance with Argentina’s capital market regulations.
  • Acts as regulatory compliance officer to Merrill Lynch Argentina under capital markets law (No. 26.831).

Martínez de Hoz & Rueda

Experienced transactional a regulatory lawyer Martín Lepiane is the key compliance contact at energy and project finance specialists, Martínez de Hoz & Rueda, which leverages its deep sector expertise to support clients on infrastructure and banking compliance matters.

MBP Partners - Abogados

The MBP Partners - Abogados compliance practice covers a range of anticorruption, compliance and anti-money laundering matters and supports domestic and international clients on the development of compliance programmes. Anti-money laundering expertise is a key area of strength, with the team also noted for its compliance work with digital and fintech businesses. Ignacio Meggiolaro, who also fronts the firm’s banking and finance practice, leads the team.

Practice head(s):

Ignacio Meggiolaro


‘The team is very good and trained to face the challenges of the sector.

‘The people are excellent and very close to the client and to the problems of the industry.

‘Excellent. Ignacio Meggiolaro provided impeccable work

Key clients

The Bank of China

MercadoLibre / MercadoPago


PedidosYa (Delivery Hero)

BTG Pactual Group

Central Puerto


Ank (Itaú Unibanco)

TAP Billetera

Cocos Capital

Work highlights

  • Assisted Bank of China wuth all compliance and anti-money laundering matters required for its registration and authorisation by the Central Bank to act as an international commercial bank in Argentina.
  • Ongoing assistance to MercadoLibre regarding the regulatory risk and compliance area in relation to matters in Argentina, Brazil, Uruguay, México and Colombia, among other countries in the region.
  • Advised on the implementation and development of the global compliance program of Mota-Engil International in Argentina.