March 10, 2017

Obligations on Anti-Money Laundering and Terrorism Financing

 

New anti-money laundering and counter-terrorism financing for non-bank financial institutions (SOFOM) and other entities

10 march 2017

 

On 9 March 2017 the following resolutions (hereinafter, the “Resolutions”) were published in the Official Federal Gazette and became effective on this date.

  1. Resolution that amends, adds and repeals several of the general provisions referred to by article 95 Bis of the General Law on Ancillary Credit Organizations and Activities applicable to the exchange centers referred to by article 81-A of such law.
  2. Resolution that amends, adds and repeals several of the general provisions referred to by article 115 of the Law of Credit Institutions in relation to article 87-D of the General Law on Ancillary Credit Organizations and Activities and 95-Bis of such law, applicable to the non-banking financial institutions.
  3. Resolution that amends, adds and repeals several of the general provisions referred to by article 95 of the General Law on Ancillary Credit Organizations and Activities applicable to the exchange houses.
  4. Resolution that amends, adds and repeals several of the general provisions referred to by article 95 of the General Law on Ancillary Credit Organizations and Activities, applicable to the money transmitters referred to by article 81-A Bis of such law.
  5. Resolution that amends, adds and repeals several of the general provisions referred to by article 212 of the Stock Exchange Law.

 

According to the abovementioned, new obligations are established for exchange centers, non-bank financial institutions, exchange houses, money transmitters and brokerage houses (hereinafter, the “Entities”) regarding the following:

 

Likewise, the Resolutions clarify the terms of filing of the concerning internal operations reports which are submitted by the Entities, once they have been audited. In addition, new valid documents of personal identification are recognized for the performance of operations.

For the Entities to comply with their corresponding obligations, the Resolutions establish the possibility to temporary appoint a substitute compliance officer for a determined term in case the compliance officer is revoked or cannot perform his obligations.

The Entities that are currently in operations have until 24 April 2017 to prepare a work schedule in which activities, terms and responsibilities must be established, for the Entities to comply with the obligations established in the Resolutions by 10 March 2018.

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