Argentina's CNV Bans Checks for Capital Market Fund Transfers

The National Securities Commission (CNV) of Argentina has issued General Resolution 1166, which eliminates checks as a valid means of payment and collection for clients of registered agents (ALyCs). Under the new regulation, all movements of funds must be conducted via bank transfers to accounts in the client's name or through a CVU linked to their CUIT to ensure immediate availability of funds and better traceability. The regulation includes a special circuit for Integral Agroindustrial ALyCs, allowing them to receive funds from grain brokerage and agroindustrial activities and apply them to the capital market, provided the origin of the money is fully identifiable.

Reports from center right sources offer different interpretations of the motivation behind the ban. One report frames the move as a pragmatic effort to increase banking traceability and eliminate the risk of check rejections. Another report from a center right source frames the decision as a move by the Ministry of Economy to stop tax evasion. According to this perspective, the use of electronic checks (eCheqs) and their endorsements allowed users to avoid the Tax on Bank Debits and Credits (IDCB), contributing to a real decline in tax collection during June, July, and August of 2026.