Santander Bank of Argentina has started closing accounts of customers who purchased new cars with cash during the pandemic. The former Banco Rio entity considers these accounts suspicious despite the fact the AFIP, Argentina’s Administration of Public Income, authorized the transactions and the money originated in accounts held at the bank.
The affected bank customers recently began contacting Motor1 Argentina, which broke the story. In each instance, the case involved a Santander Bank customer who purchased a new vehicle between 2020 and 2023 using electronic funds transfer. In those cases, the customer first received an alert on their cellphone through the Santander mobile bank app, followed by a formal letter notifying them of their account closure. The notifications indicate that Santander Bank considers these transactions suspicious despite the fact they were carried out using an official Certificate of Legal Funds approved by the AFIP.
Read Article