Financial Crime World

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Mexico’s Banking Regulations Crack Down on Anti-Money Laundering Efforts

Mexico has long been recognized as a high-risk area for money laundering and other financial crimes. In response, the government has implemented a range of measures to prevent and combat these illicit activities.

Strengthened AML Laws and Regulations

The country’s anti-money laundering (AML) laws and regulations have been strengthened to ensure compliance with international standards. This includes:

  • Implementing robust measures to identify beneficial owners
  • Enhancing reporting requirements for suspicious transactions
  • Improving oversight and regulation of designated non-financial businesses and professions (DNFBPs)
  • Promoting transparency within entities

Challenges and Opportunities for Improvement

Despite these efforts, corruption remains a significant threat to businesses operating in Mexico. The US State Department has designated Mexico as a Country/Jurisdiction of Primary Concern regarding money laundering and financial crimes.

However, there are opportunities for improvement, particularly in:

  • Identifying beneficial owners
  • Reporting suspicious transactions
  • Enhancing oversight and regulation of DNFBPs

Collaboration with International Organizations

Mexico has been actively involved with the Financial Action Task Force (FATF) since 2000. The country’s most recent evaluation report was conducted in 2023, which found Mexico to be:

  • In compliance with 10 FATF 40 Recommendations
  • Largely compliant with 24 of them

AML Supervisors and Regulatory Bodies

Mexico’s AML supervisors include the National Banking and Securities Commission (CNBV), which oversees and regulates banks and financial institutions, as well as the Ministry of Finance and Public Credit (SHCP), which formulates regulations and monitors compliance.

The Financial Intelligence Unit (FIU) receives, analyzes, and shares information related to money laundering and TF reports with competent authorities. The Attorney General’s Office (PGR) is responsible for investigating and prosecuting money laundering and TF cases, as well as seizing assets of illicit origin.

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