SHCP Issues Interpretation Criteria for AML/CTF Regulations
The Secretariat of Housing, Urban Development and Public Works (SHCP) has issued interpretation criteria for the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CTF) regulations in Mexico. These criteria aim to provide clarity to obligated subjects on their obligations under these regulations.
Ensuring Compliance
The SHCP’s guidance aims to ensure that financial entities comply with AML/CTF regulations by:
- Integrating identification files
- Conducting personal interviews
- Collecting customer information
- Monitoring transactions
- Classifying customers according to their degree of risk
- Modifying previously determined transactional profiles
Blocked Persons List
As part of its efforts to prevent money laundering and terrorist financing, the SHCP has also provided a list of blocked persons. This list includes individuals and entities subject to sanctions imposed by the government. Financial entities are required to verify the identities of their customers against this list to ensure compliance with AML/CTF regulations.
Technical Opinion for Registry
The SHCP has issued a Technical Opinion that allows financial entities to register certain operations, provided they meet specific requirements outlined in the regulations. This opinion aims to facilitate the registration process and promote compliance with AML/CTF regulations.
Guidelines and Best Practices
In addition to these guidelines, the SHCP has published several documents outlining best practices for financial entities to comply with AML/CTF regulations. These include:
- Policies on customer identification
- Transaction monitoring
- Reporting requirements
- Internal structures
- Training
- Automated systems
Obligations of Financial Entities
Financial entities subject to the AML/CTF regulations have a range of obligations, including:
- Integrating and preserving identification files for customers and occasional customers
- Conducting personal interviews before establishing commercial relations
- Collecting information on customers and preserving it in their systems
- Monitoring transactions and determining transactional profiles
- Classifying customers according to their degree of risk
By issuing these interpretation criteria, the SHCP aims to promote a culture of compliance among financial entities and prevent money laundering and terrorist financing.