Regulatory Alerts2010-06-21 | FinCEN Advisory – FIN-2010-A007Added
Mexican Regulations Restricting Mexican Banks from Receiving U.S. Currency
Mexican regulations prohibit banks from receiving U.S. currency for transactions involving currency exchange, payment for services, or fund transfers, subject to specific aggregate limits. For legal entities and trusts that are customers, the monthly limit is $7,000 if based in designated border or tourist areas, while non-customer entities are prohibited entirely. Individual customers face a $4,000 monthly limit, whereas non-customer individuals are limited to $300 per day and $1,500 per month, with identification requirements for all non-customer individual transactions. The restrictions on transactions with individuals take effect four business days after publication on June 16, 2010, while restrictions on legal entities and trusts take effect ninety calendar days later.