Uruguay AML Obligations for Accountants: Decree 379/018 and SENACLAFT

Uruguay brings accountants into its anti-money-laundering regime, but only for particular kinds of work. A public accountant (contador público) who does not carry out any of the listed activities for clients is not an obliged entity. This guide summarises Decree 379/018, which sets out how the non-financial parts of Law 19.574 apply, so that accountants and advisers can compare Uruguay with other countries. For the general ideas, see our guide to KYC and customer due diligence for accountancy practices.

Where this guide comes from

We read Decree 379/018 on the Uruguayan official legal database (IMPO). It was promulgated on 12 November 2018 and published on 20 November 2018, and it regulates Law 19.574 for the non-financial sector. The text we could read was cut off partway through article 55, so later sector provisions were not visible. It is a 2018 text, and we have not checked for later amendments. Article numbers below are from the decree. This is general information, not legal advice.

When an accountant is covered

Article 41 deals with public accountants. They are obliged only when they carry out the listed activities for clients, such as managing client funds or creating and administering legal entities. The article also brings in limited review reports and audit reports in certain cases: limited review reports where the entity exceeds stated billing or debt thresholds, and audit reports where the reporting duty is limited to what the accountant learns during the audit, without additional anti-money-laundering tasks. The detail of the thresholds sits in the article, so check the full text before applying it. An accountant who performs no listed activity is not obliged.

Risk-based approach and customer due diligence

Obliged entities must assess risk and apply measures proportionate to it (articles 4, 10 and 12), classifying risk at least as low, medium or high. Customer due diligence is set out in articles 6, 7 and 11: customers must be identified and verified and the purpose of the relationship understood. Normal, simplified and intensified measures apply depending on risk. Article 13 lists high-risk categories, including cash-intensive business and non-face-to-face operations.

For beneficial owners, article 11(c) refers to a natural person who holds at least 15 percent of the paid-in capital or who exercises final control, directly or indirectly. That is lower than the 25 percent used in many other countries, which is worth noting if you compare checklists. Our guide to ultimate beneficial ownership explains why the threshold matters. Article 14 deals with politically exposed persons, which it describes as people who held key roles within the last five years after leaving office, requiring senior management approval and enhanced monitoring. See also our explanation of politically exposed persons.

When due diligence cannot be completed

If due diligence cannot be completed, the entity must not establish or continue the relationship. It must assess whether the client is trying to avoid the checks and, if so, report to the financial intelligence unit, the UIAF (articles 9, 27, 38 and 42 for the respective sectors). The text we could read says the entity must consider whether to make a report, and it does not set a specific filing deadline.

Records, compliance officer and training

Article 15 requires records to be kept for at least five years after the business relationship ends or the occasional transaction is completed. Article 16 requires each obliged entity to appoint a compliance officer, who may be the owner, and who liaises with the UIAF and the supervisor, SENACLAFT. Article 17 gives the officer duties such as periodic policy reviews and proposing controls, and requires independence and unrestricted access to information. Article 18 requires staff training. Article 19 allows due diligence to be delegated to other obliged entities, but final responsibility stays with the delegating entity.

Supervision and sanctions

SENACLAFT supervises compliance (article 3) and may request information (article 20). The decree refers to the sanctions in article 13 of Law 19.574 but, in the text we read, it does not list them, so we do not state penalty amounts.

Practical steps (our suggestions)

• List your engagements and mark which, if any, match the activities in article 41.
• Record the beneficial owner test you apply, noting the 15 percent threshold.
• Name a compliance officer and write down their access and independence.
• Diarise a five-year retention date for each client file.
• Keep your team current. Our CPD courses include financial crime topics.

What we could not confirm

The decree text we read stopped before article 56, and it is from 2018, so we have not seen later amendments or the regulator's own guidance for accountants. We did not read Law 19.574 itself, the sanctions in its article 13, or the details of the audit and review thresholds in article 41. Check the current text on IMPO and SENACLAFT's pages before relying on this guide.

Frequently asked questions

Are all Uruguayan accountants covered?

No. Article 41 covers them only when they perform the listed activities for clients.

What is the beneficial owner threshold?

At least 15 percent of paid-in capital, or final control, according to article 11(c).

How long must records be kept?

At least five years after the relationship ends or the occasional transaction is completed.

Who supervises accountants?

SENACLAFT, under article 3 of the decree.

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