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Mexico Strengthens Anti-Money Laundering Measures
The Mexican government has taken significant steps to strengthen its anti-money laundering (AML) measures, aiming to prevent financial crimes and protect the country’s economy.
Key Reforms
According to a recent report by ICLG, Mexico has implemented several key reforms aimed at enhancing AML efforts. One of the most notable changes is the prohibition on correspondent transactions with institutions without a physical presence in any jurisdiction.
- Reporting Suspicious Activity: The report highlights the importance of reporting suspicious activity, which requires indications or knowledge that corresponding resources are linked to unlawful activities.
- Information Sharing: To facilitate information sharing between financial institutions and government authorities, Mexico has established mechanisms for exchanging information among different entities, as well as public-private partnerships.
- Beneficial Ownership: Financial institutions are required to maintain accurate and current information on beneficial ownership and control of legal entities. This information is available to both government authorities and themselves.
Payment Transparency
Payment transparency requirements for funds transfers have also been enhanced, with accurate information on originators and beneficiaries being included in payment orders.
- Bearer Shares: Mexico has strict regulations regarding the ownership of legal entities in the form of bearer shares, which is not permitted.
Specific AML Requirements
The report also touches on specific AML requirements applied to non-financial institution businesses, such as currency reporting, and anti-money laundering measures applicable to certain business sectors, including customs agents.
Future Plans
Looking ahead, the Mexican government is discussing amendments to its designated professions and businesses regime, with a focus on making it more risk-based and effective. However, some experts have expressed concerns that these changes may not significantly reduce the compliance burden for financial institutions.
Conclusion
Overall, Mexico’s AML efforts aim to ensure the country’s financial system remains stable and secure, while also addressing global standards and recommendations from organizations such as the Financial Action Task Force (FATF).
For more information on Mexico’s anti-money laundering regime, please contact [Editor’s Note: This information is not publicly available in English. Laws and regulations for the financial institutions regime are complex and scattered, without real practical guidance.]
[Hyperlink to access relevant AML laws, regulations, and guidance]