Compliance in Argentina

Baker McKenzie

Baker McKenzie’s twin strengths are internal investigations and criminal proceedings related to corruption, fraud, money laundering and other white-collar corporate matters. In addition, the sizeable 18-strong team also undertakes risk assessment and assists clients with the establishment of risk control mechanisms and procedures. In addition, it handles the development of corporate compliance programs and designs codes of conduct cognizant of both international regulations and Argentine law. María Vanina Caniza, who focuses on corporate compliance and investigations, co-leads the team with white-collar crime expert Fernando Goldaracena. Key support comes from associate Nicolas Servente, who recently qualified as an ICA international ethics and compliance specialist.

Practice head(s):

Maria Vanina Caniza; Fernando Goldaracena

Key clients

Bausch & Lomb

Biogen

Federal Express

ICU

MSD

Novo Nordisk

Vifor Pharma

WSA

Work highlights

  • Assisting Bausch & Lomb with several compliance-related matters in the context of COVID-19, such as best practices around relationships with physicians and other healthcare providers, and the screening of third parties.
  • Long-term advisor to Biogen on day-to-day compliance matters, including periodic advice on legislative trends, lawmakers’ agendas and the enforcement environment; the work covers contract review, periodic discussions on best practices regarding commercial and marketing initiatives and senior management training.
  • Advising ICU Medical on the review of policies and regulations applicable to donations to certain public institutions, and other schemes involving free-of-charge products.

Beccar Varela

The broad practice at Beccar Varela specialises in risk assessment, internal investigations and white-collar litigation. The team’s work covers the design and implementation of a range of compliance regimes, as well as complex criminal proceedings. Maximiliano D’Auro leads the practice and stand out in the preventative aspects of the anti-corruption legal framework, and the implementation of codes of ethics and compliance programs. Key names in the team include Manuel Beccar Varela, who is head of the white-collar and corporate crime department; Francisco Zavalía, who focuses on consultancy, litigation and strategic advice to domestic and international clients; and Gustavo Papeschi, who was raised to the partnership in April 2021.

Practice head(s):

Maximiliano D’Auro

Testimonials

‘Maximiliano D’Auro has great intelligence and human quality that allows him to get closer to the client and know their needs in detail’.

‘Maximiliano D’Auro has his feet on the ground and knows in detail the reality in Argentina as well as the laws and international best practices’.

Key clients

Nu Pagamentos (NuBank)

Enjoy

Telefónica Argentina

Tarjeta Naranja

Work highlights

  • Assisting NuBank subsidiary Nu Pagamentos with the design, development and implementation of an anti-money laundering (AML) prevention system compatible with a risk-based approach required under new regulations issued by the local Financial Information Unit for credit card issuers; the legal work included a comprehensive risk assessment, drafting policies and procedures, support in developing adequate governance and risk management frameworks, as well as insight in developing, adapting, and implementing internal AML internal controls.
  • Regular advice on compliance, AML and and anti-terrorism financing (ATF) matters to an international casino grou, Enjoy, along with additional specialised AML training and a comprehensive revision and update of the policies and internal control procedures vis-à-vis the new regulations issued by relevant Argentine authorities.
  • Provided Telefónica de Argentina with a comprehensive onboarding and due diligence procedure of the company’s wide range of third parties service providers, other relevant companies and key individuals related to them; the scope of work includes identifying and reporting on any potential corruption and reputational risks that may affect the company as well as any other potential red flags.

Bruchou, Fernández Madero & Lombardi

Well regarded for compliance, internal investigations and business crime expertise, Bruchou, Fernández Madero & Lombardi provides clients with ‘24-hour attention, very good responses and resolution in simultaneous issues’. Particular strengths for the practice include advising on corporate leniency agreements for bribery and assisting businesses and the national government in compliance and corporate criminal law matters. Another pillar of the broad practice is the design and implementation of corporate governance and compliance programs along with remedial strategies. Guillermo Jorge leads the team and is known for anti-corruption compliance, money laundering prevention and fraud asset recovery work. Fernando Basch, who specialises in criminal law, anti-bribery and anti-money laundering compliance, is also a key member of the team.

Practice head(s):

Guillermo Jorge

Testimonials

‘They are well above the compliance issues that we need to solve and they are very informed about current updates and regulations’.

‘Without a doubt, they are at the height of the best’.

‘They keep us up to date with the news that is emerging in all aspects’.

‘They are available and willing to help us and answer any questions or solve any problem’.

‘The service is top notch. They are deeply involved with the issues and actively participate in the search for solutions’.

‘Guillermo Jorge is a benchmark in the field. He understands the business and adds value by promoting good practices’.

’24 hour attention, very good response, resolution of several simultaneous issues, very good attention’.

Key clients

Vicentin’s international financial creditors’ steering committee

Baggio – RPB

Equinor

Maritime Anticorruption Network (MACN)

Insigneo Financial Group

Fundamenta Capital

Brubank

Work highlights

  • Vicentin announced an in-court restructuring process in which the firm is representing the steering committee of international banks with outstanding debt for more than $530m.
  • National food and beverages company RPB (Baggio) suffered a “CEO fraud” that resulted in losses of almost $7m; following the incident the team conducted an investigation and a transnational asset-tracing strategy to recover the stolen funds from multiple jurisdictions.
  • Advised Insigneo Financial Services Argentina in the design and implementation of its AML/CTF system, which started to be implemented in late 2020.

Marval O’Farrell Mairal

Marval O’Farrell Mairal stands out for its ‘deep subject matter expertise and excellent understanding of local developments and legal considerations’. The firm has a dedicated department focused on compliance, anti-corruption and investigations, and is experienced in both local and cross-border issues. The firm’s reputation and offering is also enhanced by hosting a ‘ground-breaking annual compliance conference for its clients, inviting leading presenters from throughout the region’. The ‘dynamic duo’ of Pedro Serrano Espelta and practice head Gustavo Morales Oliver are the key practitioners in a nine-strong team and ‘understand the regulations well – especially the operation of compliance systems’. Also noted: criminal law and criminal litigation specialist Andrés O’Farrell, who was raised to the partnership in August 2021; and dedicated senior associate Gonzalo Márquez Alonso, a former regional compliance and governance manager for BT.

Practice head(s):

Gustavo Morales Oliver

Testimonials

‘What I like about this firm is that they are first class not only in criminal matters, but also in anti-corruption compliance. They are among the two or three best law firms in Argentina on issues of anti-corruption compliance and white collar crimes’.

‘Deep subject matter expertise and excellent understanding of local developments and legal considerations’.

‘Its annual congress is excellent, attracting first-class speakers from various parts of the world. They are alsothought leaders, with various books and articles to their name. And they are very collaborative – very good people’.

‘They are leaders in Argentina. Especially Gustavo Morales Oliver, the youngest of the compliance group, has stood out as a boss of this practice in Argentina. Also Pedro Serrano Espelta and Lorena Schiariti’.

‘It is a consolidated team made up of great professionals with extensive knowledge of the issues’

‘Marval hosts a groundbreaking annual compliance conference for its clients, inviting leading presenters from throughout the region. I am especially impressed by Pedro Serrano and Gustavo Morales. They are a dynamic duo and both terrific thought leaders and truly dedicated lawyers’.

‘Marval’s compliance team is spectacular. The two partners we work with are Pedro Serrano and Gustavo Morales. They are both very good, they understand the regulations well – especially the operation of compliance systems’.

Key clients

Skanska

Amazon Web Services

YPF

Microestrategy

Instituto Massone

Newmont Corporation

ICBC Bank

Work highlights

  • Comprehensive legal advice to Skanska on legal proceedings related to allegations of corruption in the construction of gas pipelines.
  • Assisting YPF in assessing specific compliance-related risks and situations, as well as on how that should impact on its compliance program.
  • Assisted Globant with its donation of health-care kits to the Argentine Government to help it cope with the Covid-19 Pandemic.

Allende & Brea

The experienced compliance and investigations team at Allende & Brea is made up of specialists across key relevant practice areas and industries, notably antitrust, healthcare, environmental law, IP, technology and the regulated markets - particularly banking and insurance. Another factor that differentiates the firm is its particular IT expertise which is brought to bear in the collection, review and production of evidence, including electronic device imaging, high-volume data collection and digitalization. Senior partner David Gurfinkel focuses on commercial litigation and arbitration, as well as being experienced in compliance and antitrust related investigations, insolvency proceedings and class action claims. He co-leads the practice with María Morena del Río, who is known for regulatory law and healthcare advice.

Practice head(s):

David Gurfinkel; María Morena del Río

Key clients

Aspen Insurance Group

Compass Group

Ferrero Group

FMC Corporation

Mastercard

Proeza Group

Saab Group

Texas Instruments

Unipar Indupa

Wells Fargo

Work highlights

  • Advised Mastercard on execution of the “National Emergency Food Card” project conducted jointly with Banco de la Nación Argentina to ensure its compliance with the applicable Argentine anticorruption regulations.
  • Advised Unipar Indupa on the drafting of a donation agreement of funds and one hundred tons of sodium hypochlorite to the Municipality of Bahia Blanca to produce sanitizers and antiseptics in the context of the Covid-19 pandemic.
  • Advised Wells Fargo on the completion of legal survey on the local regulations applicable to Wells Fargo and its foreign subsidiaries when doing business in Argentina, including anticorruption and anti-money laundering regulations.

Llodrá Estudio Jurídico

Founded in 2019 upon the return of Melina Llodrá to Argentina, specialist compliance boutique Llodrá Estudio Jurídico has consolidated recently with the hire of associates Candela Böckl and María Sol Martinez, both trained in compliance and anticorruption matters. The firm offers tailor-made assistance to both local and international clients on all compliance-related matters, including the design and implementation of compliance programmes, the obtaining of ISO 37001 certification; the monitoring and auditing of anti-bribery management systems and handling cross-border investigations. A member of the Compliance Ethics Society (SCCE), of the compliance committee of the Swiss-Argentine Chamber of Commerce and of the Argentine Association of Compliance and Ethics (AAEC), among other affiliations, CCEP-I certified founding partner Llodrá has 20 years' experience in the sector. The team can also call on external consultant senior lawyer Diego H Martínez.

Practice head(s):

Melina Llodrá

Work highlights

  • Advising a major European infrastructure company (with several subsidiaries in Latin America), on the design, implementation and third-party certification of the local compliance programs under ISO Standard 37001 and local regulation.
  • Representing a major European manufacturing company in its first investigation into alleged corruption at several subsidiaries in South America, involving coordinating the investigation and, upon completion, making recommendations to the company’s compliance program.
  • Conducting a two-year review of the effectiveness of the compliance management system of a high-tech multinational company with subsidiaries in Latin America.

Mitrani Caballero & Ruiz Moreno Abogados

A ‘benchmark firm in the field’, the team at Mitrani Caballero & Ruiz Moreno Abogadosremains at the forefront of compliance issues, advising its clients according to the best market practices’. The department provides in-depth knowledge of anticorruption law and regulations, combined with experience in cross-border affairs and investigations. Added to this is a track record of acting as legal counsel to national and multinational companies, including participation in negotiation processes with foreign authorities (such as the US Department of Justice). The firm also ‘stands out for its diverse teams’ and in the compliance and white-collar crime area, the practice is co-led by founding partner and international law specialist Cristian Mitrani in conjunction with corporate, compliance and crisis management specialist, Mariela Melhem, who handles multijurisdictional issues related to business law, investment projects, M&A and joint ventures. Younger partner Maria Paula Díaz, who specializes in anti-corruption legislation, is also a key member of the practice.

Practice head(s):

Cristian Mitrani; Mariela Melhem

Testimonials

‘The Mitrani team remains at the forefront of compliance issues, advising its clients according to the best market practices’.

‘It is a benchmark firm in the field. It has always maintained high standards in customer service and stands out for its diverse teams’.

‘They actively collaborate on the required issues. They stand out for their expertise and knowledge’.

‘They provide highly specialized advice, they are very professional’.

Key clients

Tenaris

Ternium

Exiros

Fate

INFA

Tecpetrol

AGCO Argentina

KIA Argentina

Aluar Aluminio Argentino

Hidroeléctrica Futaleufú

Work highlights

  • Advised Ternium and its affiliates on the design and full implementation of a global anticorruption compliance program, including the design and drafting of policies and procedures and their implementation, as well as training sessions in several countries.
  • Advised Fate on the design and full implementation of an anti-corruption compliance program, including risk assessment, issuance of policies and procedures, ancillary documents for due diligence processes and general advice on anti-corruption compliance and on-site training to top management and all medium management hierarchical levels.
  • Undertook the design, advisory and full implementation of Exiros’ anti-bribery and corruption compliance program.

Bomchil

The small compliance practice at Bomchil brings together expertise in corporate, antitrust, capital markets, tax and administrative law to handle investigations, public procurement processes, anti-corruption and anti-fraud policy matters, among others. The firm also has experience in developing and instituting transparency and anti-money laundering programs. Francisco Gutiérrez's practice is centred on anti-corruption; he co-leads the team with counsel Florencia Pagani who specialises in compliance and corporate matters.

Practice head(s):

Francisco Gutiérrez; Florencia Pagani

Key clients

Panedile

SAF

CNP

Pernod Ricard

Aeropuertos Argentina 2000

Mindray Argentina

Sanatorio Las Lomas

Araucaria Argentina

Buenos Aires Arena

Cámara de Comercio e Industria Franco Argentina

Work highlights

  • Assisted Aeropuertos Argentina 2000 with the integral review and implementation of its compliance policies and conduct – both locally and globally.
  • Advised Buenos Aires Arena on the design and implementation of its corporate compliance policies and conduct code.
  • Advised medical technology company Mindray Argentina, on the implementation of its conduct code and global compliance policies, as well as their anti-corruption policies in Argentina.

Cerolini & Ferrari Abogados

Cerolini & Ferrari Abogados utilises its considerable knowledge of Argentine compliance and regulatory frameworks to advise banks, corporates and brokers on a range of issues. The team also acts as a regulatory compliance officer (under local capital markets legislation), to various financial entities, assessing compliance with capital market and anti-money laundering regulations. Practice head Agustín Cerolini is experienced in reorganisations, foreign investments, capital markets and M&A, as well as arbitration proceedings related to commercial and financial disputes.

Practice head(s):

Agustín Cerolini

Key clients

American Express Argentina

Alynk

Bank of America

Merril Lynch Argentina

Banco del Chubut

Banco CMF

Metrocorp Valores

Proficio Investment

InvertirOnline

Iké Asistencia Argentina

Banco de Servicios y Transacciones

Banco Supervielle

Workana

Overactive

Catapult Sports

Ahern Argentina

Work highlights

  • Advisory to American Express Argentina on compliance matters related to Central Bank dispositions for banking business and its users; specifically, counsel regarding forex regulations and certain registrations required for the company’s activity.
  • Regular advice and assistance to Alynk regarding compliance matters related to Argentine capital market, anti-money laundering and forex regulations; in particular legal assistance in the drafting and issuance of several documents and filings before the Argentine Securities Exchange Commission (CNV) and Argentine anti-money laundering authority.
  • Acting as regulatory compliance officer (under Capital Market Law No. 26.831), to Banco de Chubut, monitoring and assessing the company’s compliance with Argentine capital market regulations.
  • Acting as regulatory compliance officer (under Capital Market Law No. 26.831), to Merrill Lynch Argentina, monitoring and assessing the company’s compliance with Argentine capital market regulations.

Martínez de Hoz & Rueda

Energy and project finance specialist firm Martínez de Hoz & Rueda has particular expertise advising on compliance issues in the infrastructure and banking sectors. Martín Lepiane is the key name to note.

MBP Partners - Abogados

Boutique firm MBP Partners - Abogados is known for its ‘special focus on corporate, banking, financial and compliance law’. Advising on compliance programs for international companies across a range of industries, the practice evidences a ‘great capacity for analysis' and an 'attention to detail that reaches creative solutions’. Ignacio Meggiolaro leads the team and is experienced in compliance, investigations and anti-money laundering matters.

Practice head(s):

Ignacio Meggiolaro

Testimonials

‘Very good team – Responsiveness and quality of work, excellent. Ignacio Meggiolaro is excellent’

‘They are excellent advisers on Compliance issues of the applicable regulations. They have a team with a great capacity for analysis and attention to detail that reaches creative solutions’.

‘In counseling they are concerned with understanding the business and the interests behind it’.

‘The firm organizes webinars suitable for the times we live in, with interesting topics’.

‘They provide sophisticated responses via e-mail with clear, simple wording and a complete response, without trying to “sell” legal opinions for any complex work they face’.

‘They are young and very good. Their level of services and availability to bring different topics makes us consider them part of the team and think about calling them again and again’.

‘MBP Partnes is a boutique law firm specialized in different branches of law, with a special focus on corporate, banking, financial and compliance law’.

Key clients

The Bank of China (Argentina)

CN Sapag

Mota-Engil

Ausur

BTG Pactual Group

Central Puerto

Danone Argentina

Scienza

Ank (Itaú Unibanco)

TAP Billetera

Work highlights

  • All ongoing compliance and anti-money laundering matters for the Argentine branch of The Bank of China.
  • Advised CN SAPAG on deep risk analysis and -based on such results- reshaped the structure of the company’s compliance program.
  • Advised Mota-Engil on the implementation and development of the global compliance program.

O'Farrell

O'Farrell’s comprehensive ethics and compliance practice houses experience of both local regulations as well as foreign standards applicable in Argentina. Particular specialisms for the practice include designing compliance programs, conducting anti-corruption compliance due diligence, analysis and drafting of anti-corruption contract clauses, and internal anti-corruption investigations and corrective actions. The team is co-led by Jorge Muratorio, Agustina Fanelli Evans, Agustin Siboldi and Juan Pablo Fratantoni.

Practice head(s):

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

Key clients

RPB

Gaes

Enaex

Ford Argentina

American Tower Argentina

Claro Argentina

Huawei

Latinoamericana de Argentina

YPF EE

Pampa Energía

Work highlights

  • Advised RPB on compliance due diligence, compliance risk analysis, the revision and updating of policies; and the drafting of a code of conduct and additional policies.
  • Advised CYCSA on conflicts with Municipalities across the country resulting from the building, operation and maintenance of mobile telecom towers, their tax treatment, non-ionizing radiation emissions, and permits and authorisations, as well as all administrative and judicial proceedings.
  • Advised GAES on the compliance of medical supplies promotion rules in Argentina at federal and local level in different province in order to define the promotion policies to be applied.

Pérez Alati, Grondona, Benites & Arntsen

The Pérez Alati, Grondona, Benites & Arntsen practice has a ‘broad mastery of the subject’, particularly in the preparation of integrity programs and procedures related to regulatory breaches of anti-corruption and corporate governance rules. It is also active in the development of anti-corruption and anti-fraud policies, and undertakes compliance due diligence and training programs. The firm fields a ‘consolidated team' that provides 'the necessary advice on any issue that companies need, in a timely and appropriate manner’. It is co-led by María Gabriela Grigioni , an experienced in corporate finance practitioner who also handles governance, compliance and capital markets regulations; and Arnaldo Cisilino , a disputes and technology expert.

Practice head(s):

María Gabriela Grigioni; Arnaldo Cisilino

Testimonials

‘The firm works as a consolidated team, providing the necessary advice on any issue that companies need in a timely and appropriate manner’.

‘They have been able to adapt to the pandemic without the clients feeling an absence of any kind’.

‘Despite being physically separated, the demands have always been covered. The attention is very personal in each consultation or procedure that arises’.

‘I note that the PAGBAM team has a broad mastery of the subject, not only from knowledge but also from practice in specific settings. This last point generates a unique value that makes it different. As in other offices / firms, the task was carried out through an interdisciplinary team’.

Key clients

CMR Falabella

CMR Productora De Seguros

The Bank Of New York Mellon

Phoenix Global Resources

Harvard Management Company

Nufarm /  Nuseed

Patagonia

MSD Argentina

Johnson & Johnson de Argentina

Work highlights

  • Prepare monthly reports about the operations that CMR Falabella’s customers undertake with the credit cards granted by CMR.
  • Advisory to CMR Productora de Seguros on the registration of a new legally bound reporting party before the UIF; including the full UIF  registration process.