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Who are Mexico's AML/CTF Supervisors?

The Mexican financial system is regulated and supervised by a number of responsible bodies. In several areas, its AML/CTF legislation and oversight are at the cutting edge of international norms and worldwide trends.

01

National Banking and Securities Commission (CNBV)

The National Banking and Securities Commission is an independent body charged with supervising and controlling banks and other financial institutions that are not covered by the Comisión Nacional del Sistema de Ahorro para el Retiro (CONSAR) or the Comisión Nacional de Seguros y Fianzas (CNSF) in terms of anti-money laundering and counter-terrorism financing (AML/CTF) procedures, as well as authorising intermediar.

02

Ministry of Finance and Public Credit (SHCP)

The Ministry of Finance and Public Credit is responsible for overseeing compliance with AML/CTF requirements on an overall basis. The CNVB, CNSF, CONSAR, and SAT are all granted operational responsibilities by legislation. It promulgates AML/CTF rules, monitors financial and non-financial companies' compliance with their AML/CTF duties, and collects, analyses, and disseminates pertinent information to competent authorities via a variety of administrative divisions. Through the following divisions, the Undersecretary of Finance and Public Credit draughts all rules affecting financial institutions.

03

Banking, Securities, and Savings Unit (UBVA)

Development Banking Unit (UBD) Insurance, Pensions, and Social Security Unit (USPSS) Financial Intelligence Unit (FIU) The Financial Intelligence Unit is part of the SHCP and is responsible for recei ving, analysing, and disseminating to competent authorities information contained in various types of AML/CTF reports, as well as requesting information, documentation, data, and images related to ML/TF from financial entities.

04

Office of the Attorney General (PGR)

Money changers, non-deposit taking lenders, casinos, and any other financial institutions that are not regulated by the Reserve Bank of New Zealand or the Financial Markets Authority.

How to comply with Mexico's AML/CTF regulations?

Mexico

Reporting businesses are expected to disclose their anti-money laundering and counter-terrorism financing practises. These policies may include the following provisions:

  • Customer identification policy
  • Customer Awareness and/or Occasional Customer Policy
  • Transactions in US Dollars: The following entities are subject to limitations on the execution of USD transactions: multiple bank institutions, brokerage firms, exchange houses, cooperative savings and public lending businesses
  • AML/CTF Reports, which include Cash Transaction Reports, Suspicious Transaction Reports, Internal Transaction Reports, Cash Transactions in US Dollars, Cashiers Check Transaction Reports, and International Fund Transfer Reports
  • Internal structures include a Compliance Officer, a Representative, and a Committee on Communication and Control
  • Training, primarily for officials, includes the offering of courses at least once a year
  • Dissemination of anti-money laundering and counter-terrorist financing legislation and their revisions.
  • Automated systems that aid in the compliance with the AML/CTF General Provisions by preserving historical records of information, generating, codifying, encrypting, and securely transmitting transaction reports, and monitoring transactions for suspicious activity
  • Automated systems that aid in the compliance with the AML/CTF General Provisions by preserving historical records of information, generating, codifying, encrypting, and securely transmitting transaction reports, and monitoring transactions for suspicious activity
  • Auditing Report
  • Notifications on changes to the share structure
  • AML/CTF policies are detailed in this paper
  • Blocked persons list
Compliance

The following reports must be submitted electronically using the regulator's anti-money laundering platform:

Large Currency Transactions

All transactions above USD7,500 must be reported electronically within the first ten working days of January, April, July, and October.

Unusual Activity Report

Any client action that is inconsistent with the client's history and normal behaviour in terms of the destination or origin of the resources, or the quantity, frequency, or nature of subsequent operations; raises suspicions about the client's intent to engage in money laundering or terrorism financing.

Suspicious Internal Activity Report

The conduct, activity, or behaviour of any of the financial entity's partners, directors, officers, legal representatives, or employees, as well as those exercising control over the financial entity, whenever such actions may violate regulatory requirements under the AML Regulation; or any operation that the financial entity has reason to believe is intended for money laundering or terrorism-related activities.

24-Hour Reporting

Financial organisations are required to submit a report within 24 hours in the following circumstances:

  • When a financial institution suspects a customer or business of money laundering or terrorist activity
  • If the KYC procedure is continued, the financial organisation may inform the client that it suspects the customer is involved in money laundering or terrorist activity.
  • When a financial institution recognises risks in accordance with its anti-money laundering policy