The Mexican financial system has several competent authorities which are in charge of its regulation and supervision. Its AML/CTF regulation and supervision is at the forefront of international standards and global trends, in many ways.
National Banking and Securities Commission is an independent body responsible for supervising and controlling banks and all other financial institutions not covered by the Comisión Nacional del Sistema de Ahorro para el Retiro (CONSAR) or the Comisión Nacional de Seguros y Fianzas (CNSF) regarding their anti-money laundering and counter-terrorism financing (AML/CTF) procedures, as well as authorising intermediaries seeking to access the financial market.
Ministry of Finance and Public Creditis is the body responsible for the overall regulation of compliance with AML/CTF obligations. Operational responsibility is delegated by statute to the CNVB, CNSF, CONSAR, and SAT. Through a number of administrative units, it issues AML/CTF regulations, supervises the adequate compliance of financial and non financial entities with their AML/CTF obligations and receives, analyses and disseminates relevant information to competent authorities. The Undersecretary of Finance and Public Credit prepares all regulations applicable to FIs through the following units:
Financial Intelligence Unit is under the SHCP and is responsible for receiving, analysing, and disseminating to competent authorities, the information contained in the different types of AML/CTF reports, requesting information, documentation, data and images related to ML/TF from financial entities, drafting AML/CTF regulation, making requests for prosecution to the PGR on AML/CTF cases, notifying financial supervisors of any non-compliance on the reporting obligations of financial entities.
Attorney General’s Office (PGR) is the unit in charge of investigating and prosecuting money laundering and terrorist financing. This unit also has the ability to confiscate assets of illicit origin, which are administered by the SAE; a decentralized public agency of the Federal public Administration with legal personality and an independent budget.
Reporting entities are required to document their policies relating to matters of AML/CTF. These policies may contain the following:
The following reports must be filed through the regulator’s AML electronic platform:
Large Currency Transactions: all transactions that exceed USD7,500 must be reported during the first 10 business days of January, April, July and October through electronic means.
Unusual Activity Report: any client action that does not correlate to the client's history and normal behaviour in terms of the destination or origin of the resources, or the number, frequency, or nature of the subsequent operation; has cause to suspect its intention for money laundering or terrorism financing.
Suspicious Internal Activity Report: the conduct, activity or behaviour of any of the partners, directors, officers, legal representatives or employees, as well as those who exercise control over the financial entity, whenever such actions may breach regulatory obligations under the AML Regulation; or any operation which the financial entity has reason to believe is intended for money laundering or terrorism activities.
24-Hour Report: financial entities shall issue a report within 24 hours under the following scenarios:
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* This page is intended as general information only and should not be relied on as the sole source of information for your AML obligations and AML program. Please visit your local regulatory authority sites for the latest relevant and full information.