Regulatory Alerts2020-11-19 | DOF 5605311Added · Updated
Agreement Issuing General Provisions Referenced in Article 492 of the Insurance and Surety Institutions Law, Applicable to Insurance Institutions and Mutual Insurance Societies
This agreement establishes general provisions for insurance institutions and mutual insurance societies to prevent and detect money laundering and terrorist financing. It defines key terms such as clients, beneficial owners, and politically exposed persons, and mandates the implementation of client identification policies, risk assessments, and internal controls. The document outlines specific reporting obligations and record-keeping requirements to ensure compliance with anti-money laundering standards.