Resolution amending, adding, and repealing general provisions applicable to currency exchange centers under Article 95 Bis of the General Law of Credit Auxiliary Organizations and Activities

DOF: 09/03/2017

RESOLUTION amending, adding, and repealing various general provisions referred to in Article 95 Bis of the General Law of Credit Auxiliary Organizations and Activities applicable to currency exchange centers referred to in Article 81-A of the same legislation.

At the margin, a seal with the National Coat of Arms, which reads: United Mexican States.- Ministry of Finance and Public Credit.

RESOLUTION AMENDING, ADDING, AND REPEALING VARIOUS GENERAL PROVISIONS REFERRED TO IN ARTICLE 95 BIS OF THE GENERAL LAW OF CREDIT AUXILIARY ORGANIZATIONS AND ACTIVITIES APPLICABLE TO CURRENCY EXCHANGE CENTERS REFERRED TO IN ARTICLE 81-A OF THE SAME LEGISLATION

JOSÉ ANTONIO MEADE KURIBREÑA, Secretary of Finance and Public Credit, based on the provisions of Articles 31, fractions VIII and XXXIV, of the Organic Law of the Federal Public Administration; 95 Bis and 81-A of the General Law of Credit Auxiliary Organizations and Activities, in the exercise of the powers conferred upon me by Article 6, fraction XXXIV, of the Internal Regulations of the Ministry of Finance and Public Credit, and with the prior opinion of the National Banking and Securities Commission issued via letter number VSPP/19/2017 dated February 13, 2017; and

CONSIDERING

That one of the most effective mechanisms within the regulatory framework for the prevention and combat of operations with proceeds of illicit origin and terrorist financing consists in the implementation of identification and customer due diligence policies by currency exchange centers, as they constitute fundamental elements to mitigate the risk that such entities are used for the commission of such offenses;

That since the year 2000, Mexico has been a member of the Financial Action Task Force (FATF), an intergovernmental body that sets international standards in matters of prevention and combat of operations with proceeds of illicit origin, terrorist financing, and financing for the proliferation of weapons of mass destruction;

That in this sense, Mexico has committed to the aforementioned group and its members to implement its recommendations and, consequently, to carry out a mutual evaluation consisting of a review of the systems and mechanisms created in our country as a member of the FATF, as well as Mexico's response in the effective implementation of the 40 Recommendations. The foregoing, with the objective of instituting legal and operational systems for the prevention of operations with proceeds of illicit origin and terrorist financing, as well as any other threat that could undermine the integrity of the financial system both internationally and nationally;

That pursuant to FATF Recommendation 1, financial institutions must identify, evaluate, and take actions to mitigate risks regarding operations with proceeds of illicit origin and terrorist financing through customer due diligence mechanisms that are appropriate to the risk they represent, which implies that currency exchange centers carry out the application of a Risk-Based Approach, so a Chapter is added establishing the use of a methodology for currency exchange centers to evaluate risks in this matter and apply mitigants to them in accordance with a Risk-Based Approach, in order to avoid being used for the commission of operations with proceeds of illicit origin and terrorist financing;

That pursuant to FATF Recommendation 10, modifications are made regarding the user identification policy for legal persons, regardless of the risk classification made by the currency exchange center, so that obligated subjects know their shareholding and corporate structures, as well as to specify the mechanisms to collect data on beneficial owners. The foregoing, with the objective that currency exchange centers have more information allowing them to better evaluate the risks to which they are exposed due to their commercial relationships, their potential use for the commission of the crimes of operations with proceeds of illicit origin and terrorist financing, and to adopt pertinent actions for their mitigation;

That based on FATF Recommendation 20 and with the purpose of strengthening the submission of reports on unusual operations and reports on internal suspicious operations submitted by currency exchange centers in terms of the General Provisions referred to in Article 95 Bis of the General Law of Credit Auxiliary Organizations and Activities applicable to currency exchange centers referred to in Article 81-A of the same legislation, it is necessary to clarify the deadlines for presenting such reports once they have been determined, with the objective that the authority has the information in a timely manner for the exercise of its powers;

That for the currency exchange center to be able to comply with what is provided in these Provisions, by having an official who at all times acts as a liaison with the authorities in terms of the General Provisions referred to in Article 95 Bis of the General Law of Credit Auxiliary Organizations and Activities applicable to currency exchange centers referred to in Article 81-A of the same legislation, the possibility is established to appoint an interim compliance officer for a determined period in case the incumbent compliance officer has their appointment revoked or is unable to carry out their functions;

That with the object of recognizing other official identifications, new valid personal identification documents for the celebration of operations are provided;

And that once the opinion of the National Banking and Securities Commission has been heard, I have deemed it appropriate to issue the following:

RESOLUTION AMENDING, ADDING, AND REPEALING VARIOUS GENERAL PROVISIONS REFERRED TO IN ARTICLE 95 BIS OF THE GENERAL LAW OF CREDIT AUXILIARY ORGANIZATIONS AND ACTIVITIES APPLICABLE TO CURRENCY EXCHANGE CENTERS REFERRED TO IN ARTICLE 81-A OF THE SAME LEGISLATION

SINGLE ARTICLE.- The fractions IV, in its second paragraph, XII, XIV, in its first paragraph, and XV in its first paragraph of the 2nd; the fraction III, sections A, sub-clause a), sub-clause b), numeral (i) in its second paragraph, C, sub-clause b), numeral (i), D in its last paragraph, E, F, sub-clause a) and last paragraph of said section of the 4th; the first and third paragraphs of the 11th; the fraction I of the 13th; the first, third, fourth, and fifth paragraphs of the 15th; the 16th; first, second, and third paragraphs of the 18th; the fractions I in its first paragraph and II of the 20th; the first paragraph of the 24th; the fraction IV of the 25th; the first paragraph of the 28th; the first paragraph of the 29th; the fractions II, IV, VIII, and IX of the 30th; the first, fifth, sixth, and seventh of the 31st; the first and second paragraphs, as well as the fractions I and II of the 33rd; the first and second paragraphs of the 34th; the first paragraph of the 35th; the fraction I of the 36th; the fraction IX of the 38th; the 48th; the first paragraph of the 51st; the 56th; the 56th Bis and the 62nd; are AMENDED; the fractions VI Bis, VIII Ter, and the second paragraph of fraction XV of the 2nd; a clause c) to section B, a second and third paragraphs to section E, of fraction III of the 4th; a Chapter II Bis titled "RISK-BASED APPROACH" with provisions 11th-1 to 11th-5; the fraction I Bis to the 13th; a fourth paragraph to the 18th, shifting the subsequent ones in order; a second paragraph, shifting the subsequent ones in order, to the 29th; the fractions I Bis and X to the 30th; a second and third paragraphs, shifting the others in order, as well as the fraction I Bis to the 34th; the 34th Bis; the fractions I, II, and III to the 35th; a second paragraph to fraction I of the 36th; the fraction IX. Bis to the 38th; a second, third, and fourth paragraphs, shifting the others in order, to the 51st and the fractions I and II to the 62nd; are ADDED; and the second paragraph of fraction I and the second paragraph of fraction III of the 20th and the second paragraph of the 31st are REPEALED, all of them of the General Provisions referred to in Article 95 Bis of the General Law of Credit Auxiliary Organizations and Activities applicable to currency exchange centers referred to in Article 81-A of the same legislation, to read as follows:

2nd.- ...

I. to III ...

IV ...

Additionally, it will be understood that Control is exercised by that natural person who directly or indirectly, acquires 25% or more of the share composition or social capital of a legal person;

V to VI ...

VI. Bis. Risk Level, the classification of Users carried out by the Currency Exchange Center based on the evaluation of its Risk;

VII. to VIII. Bis ...

VIII. Ter. Mitigants, the policies and procedures implemented by Currency Exchange Centers that contribute to administering and reducing exposure to Risks identified in the methodology referred to in Chapter II Bis of these Provisions;

IX. to XI ...

XII. Internal Suspicious Operation, the Operation, activity, conduct, or behavior of the shareholders, owners, partners, executives, officials, attorneys, and employees and factors of the Currency Exchange Center in question, regardless of the labor regime under which they provide their services, that, due to its characteristics, could contravene, undermine, or evade the application of what is provided by the Law or in these Provisions, or that, for any other cause, results in doubt for Currency Exchange Centers by considering that it could favor or not alert about the updating of the provisions in articles 139 Quáter or 400 Bis of the Federal Penal Code;

XIII. ...

XIV. Politically Exposed Person, that individual who performs or has performed prominent public functions in a foreign country or in national territory, considering, among others, heads of state or government, political leaders, high-ranking governmental, judicial, or military officials, high executives of state-owned companies, or officials or important members of political parties and international organizations; understood as those entities established through official political agreements between states, which have the status of international treaties; whose existence is recognized by law in their respective member states and are not treated as resident institutional units of the countries in which they are located.

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XV. Beneficial Owner, that natural person who, through another or through any act or mechanism, obtains the benefits derived from an Operation and is, ultimately, the true owner of the resources, having rights of use, enjoyment, benefit, dispersion, or disposal over them.

The term Beneficial Owner also includes that person or group of natural persons who exercise Control over a legal person, as well as, where applicable, the persons who can instruct or determine, for their own economic benefit, the acts susceptible to be carried out through Trusts, mandates, or commissions;

XVI. to XIX ...

4th.- ...

I.

and II. ...

III. ...

A ...

a) ...

â

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â

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phone number(s) where they can be reached;

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b) ...

(i) ...

For the purposes of what is provided in this clause, the following valid personal identification documents issued by Mexican authorities will be considered: the voter credential, the passport, the professional license, the national military service card, the consular registration certificate, the unique military identity card, the card for affiliation to the National Institute of Older Adults, the credentials and cards issued by the Mexican Social Security Institute, by the Social Security and Services Institute for State Workers, by the Social Security Institute for the Mexican Armed Forces, or by Popular Insurance, the driver's license, the credentials issued by federal, state, and municipal authorities, the identity certificates issued by municipal authorities, and the other national identifications that, where applicable, are approved by the Commission. Such approval regardless of the authority that issues it. Likewise, regarding natural persons of foreign nationality referred to in this clause A, in addition to those previously referred to in this paragraph, the passport or the documentation issued by the National Institute of Migration that accredits their migratory status will be considered as valid personal identification documents;

(ii) to (v ) ...

B ...

a) and b) ...

c) Additionally, information from the User must be collected that allows the Currency Exchange Center to know

(i)

its shareholding or partnership structure, as applicable, and (ii) in case it has a Risk Level other than low, its internal corporate structure; that is, the organizational chart of the legal person User, considering at least, the full name and position of those individuals who occupy positions between general director and the immediate lower hierarchy, as well as the full name and corresponding position of the members of its board of directors or equivalent.

Likewise, Currency Exchange Centers must identify the Beneficial Owners of their legal person Users who exercise Control over them in terms of the second paragraph of fraction IV of the 2nd of these Provisions, in accordance with what is established in clause E of fraction III of this Provision.

When there is no natural person who possesses or controls, directly or indirectly, a percentage equal to or greater than 25% of the capital or voting rights of the legal person in question, or who by other means exercises Control, direct or indirect, of the legal person, it will be understood that the administrator or administrators thereof exercise such Control, understanding that the person designated for such effect exercises administration.

When the designated administrator is a legal person or Trust, it will be understood that Control is exercised by the natural person appointed by the administrator of the legal person or Trust.

For such purposes, Currency Exchange Centers must collect a declaration signed by the legal representative of the legal person User in question, indicating who their Beneficial Owners are in terms of this clause.

In case Currency Exchange Centers have indications that make the truthfulness of the declared information questionable, Currency Exchange Centers must take reasonable measures to determine and identify the Beneficial Owners of the corresponding legal person User.

C ...

a) ...

b) ...

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(i) Document that credibly proves its legal existence, as well as obtaining the information and collecting the data referred to in sub-clause c) of clause B of fraction III of this Provision;

(ii) and (iii) ...

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D ...

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Currency Exchange Centers may apply the simplified measures referred to in this clause D, provided that the aforementioned societies, dependencies, and entities have been classified as Users with a Low Risk Level in terms of the 15th of these Provisions.

E. Regarding Beneficial Owners and that Currency Exchange Centers are obligated to identify them in accordance with these Provisions, they must record and collect in the respective identification file of the User the same data and documents as those established in clauses A or C of fraction III of this Provision, as applicable, with the exception of the document referred to in numeral (iii) of sub-clause b), clause A, and numeral (ii) of sub-clause b), clause C of fraction III of the 4th of these Provisions, respectively, in case the obligation to identify the Beneficial Owner derives from a User that is classified with a Low Risk Level. The foregoing, in accordance with the measures established for such purposes in the document referred to in the 51st of these Provisions, or in another document or manual prepared by the Currency Exchange Centers themselves.

In the case of legal persons whose securities representing their social capital or securities representing such shares trade on any stock exchange in the country or in foreign securities markets recognized as such in terms of the General Provisions applicable to stock exchanges published in the Official Journal of the Federation on May 30, 2014 and their respective modifications, as well as those subsidiaries in which they have a majority participation of over fifty percent in their social capital, Currency Exchange Centers will not be obligated to collect the aforementioned identification data, considering that they are subject to stock market provisions on information disclosure.

The Ministry will issue guidelines that Currency Exchange Centers may consider for compliance with what is provided in the first paragraph of this clause, which will be made known through the electronic means established for such purpose by the Commission;

F ...

a) ...

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With respect to the settlors, beneficiaries, fiduciary delegates, and, where applicable, the members of the technical committee or equivalent governing body, legal representative(s) and legal attorney(s), identification data must be collected in the terms referred to in this Provision, as applicable.

b) ...

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Currency Exchange Centers may comply with the obligation (a) to collect the document referred to in numeral (i) of sub-clause b), clause F, of this fraction, and (b) to that referred to in clause E of this fraction, respectively, through a certificate signed by the fiduciary delegate and the Compliance Officer of the entity, institution, or company acting as fiduciary, which must contain the information indicated in the previous sub-clause a), as well as the obligation to keep such documentation available to the Ministry and the Commission, in order to submit it, upon request of the latter, within the timeframe established by the Commission itself.

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11th.- Currency Exchange Centers will verify that the identification files of their legal person Users, regardless of their Risk level, contain all the data and documents provided for in the 4th of these Provisions, as well as that such data and documents are updated, understanding that Currency Exchange Centers may opt not to carry out the update of the latter, in case it concerns a legal person User with a Low Risk Level. The foregoing, in the terms and conditions that Currency Exchange Centers establish in the document referred to in the 51st of the Provisions. Likewise, they will verify, at least once a year, that the identification files of their Users classified as High Risk Level, are updated with all the data and documents provided for in the 4th, 18th, and 20th of these Provisions.

...

Currency Exchange Centers must establish in the document referred to in the 51st of these Provisions, the policies, criteria, measures, and procedures that they must adopt to comply with what is stated in this Provision, including the circumstances in which a visit to the domicile of Users classified as High Risk Level must be carried out, with the object of properly integrating the files and/or updating the corresponding data and documents, in which case a record of the results of such visit must be left in the respective file.

CHAPTER II BIS

RISK-BASED APPROACH

11th-1.- Currency Exchange Centers, in the terms provided for in their internal policies, criteria, measures, and procedures documents referred to in the 51st of these Provisions, or in another document or manual prepared by them, must establish a methodology, designed and implemented, to carry out a Risk evaluation of the risks to which they are exposed due to their services or practices with which they operate. This methodology must establish the processes for the identification, measurement, and mitigation of Risks, for which they must take into account, the Risk factors identified for such purpose, as well as the national risk assessment and its updates that the Ministry makes known to them through the Commission.

Likewise, Currency Exchange Centers will carry out the processes referred to in the first paragraph of this Provision, prior to the launch or use of new practices.

11th-2.- Currency Exchange Centers for the design of the Risk evaluation methodology must comply with the following:

I. Consider in their identification process the indicators that explain how and to what extent the Currency Exchange Center can be found exposed to Risk, considering at least, the following elements: Users, countries and geographic areas, and services linked to the Operations of the Currency Exchange Center, with its Users, as well as the national risk assessment and its updates that the Ministry makes known to them through the Commission.

II. Use a method for the measurement of Risks that establishes a relationship between the indicators referred to in the previous fraction I and assigns a weight to each of them consistently based on their importance to describe said Risks.

III. Establish the Mitigants considered necessary based on the indicators indicated in the previous fraction I, identified by each Currency Exchange Center to maintain them at an acceptable level of tolerance in accordance with their internal policies, criteria, measures, and procedures documents referred to in the 51st of these Provisions.

In the elaboration of the Risk evaluation methodology, Currency Exchange Centers must ensure that there are no inconsistencies between the information they incorporate into it and that which is in their automated systems.

11th-3.- When, as a result of the implementation of the Risk evaluation methodology, the detection of

existence of greater or new Risks for the Currency Exchange Centers themselves, they must modify the policies and measures corresponding to mitigate them, as well as their Risk assessment methodology.

The compliance and results of the obligations contained in this Chapter must be reviewed and updated by the Currency Exchange Centers every twelve months, be documented in writing, and be available to the Secretariat and the Commission, upon the latter's request, within the timeframe established by the Commission itself.

The Commission may review and, where appropriate, order the Currency Exchange Centers to modify their Risk assessment methodology or their Mitigants, as well as request an action plan for them to adopt reinforced measures to manage and mitigate their Risks.

Currency Exchange Centers must retain the information generated in connection with this Chapter for a period of no less than five years and provide it to the Secretariat and the Commission, upon the latter's request, within the timeframe established by the Commission itself.

11th-4.- Currency Exchange Centers must comply with all obligations contained in these Provisions, in accordance with the results generated by their methodologies referred to in this Chapter.

11th-5.- The Commission will draft guidelines, guides, and/or best practices that Currency Exchange Centers will consider for better compliance with the provisions of this Chapter, which will be made known through electronic means established by the same.

13th.- ...

I. The policies, procedures, and controls to mitigate Risks, which must be consistent with the results of the implementation of the methodology referred to in Chapter II Bis;

I. Bis. Procedures for the Currency Exchange Center to follow up on Operations carried out by its Users;

II. to V ...

15th.- The application of the User knowledge policy must be based on the Degree of Risk represented by the Users, such that, when the Degree of Risk is higher, Currency Exchange Centers must collect more information about their predominant activity, as well as conduct stricter supervision of their transactional behavior.

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Furthermore, Currency Exchange Centers must classify their Users by their Degree of Risk and establish, as a minimum, (i) two classifications for their natural person Users: High and Low Risk Degrees, and (ii) three classifications for their legal entity Users and Trusts: High, Medium, and Low Risk Degrees. Currency Exchange Centers may establish additional intermediate Risk Degrees beyond the classifications mentioned above.

Currency Exchange Centers, under the terms provided in their internal policies, criteria, measures, and procedures documents referred to in Article 51st of these Provisions, will apply identification questionnaires to their Users who have been categorized as High Risk Degree, as well as to new Users who meet such characteristics, to obtain more information about the origin and destination of resources and the activities and Operations they carry out or intend to carry out.

To determine the Degree of Risk in which Users should be located, as well as whether they should be considered Politically Exposed Persons, each Currency Exchange Center will establish in the documents mentioned in the previous paragraph the criteria conducive to that end, taking into account, among other aspects, the User's background, profession, activity or business sector, the origin and destination of their resources, their place of residence, the methodology referred to in Chapter II Bis of these Provisions, and other circumstances determined by the Currency Exchange Center itself.

16th.- In cases where a Currency Exchange Center detects that a User meets the requirements to be considered a Politically Exposed Person and, additionally, of High Risk Degree, said Currency Exchange Center must, in accordance with what is established in its policies, criteria, measures, and procedures document referred to in Article 51st of these Provisions, obtain the approval of one of the persons referred to in Article 17th of these Provisions, in order to carry out the Operation in question.

18th.- Currency Exchange Centers must classify their Users based on their Degree of Risk.

Foreign Politically Exposed Persons will be considered at least as High Risk Degree Users.

In Operations carried out by Users classified as High Risk Degree, Currency Exchange Centers will adopt measures to know the origin of the resources, and will seek to obtain the data indicated in Chapter II of these Provisions, under the terms provided in their policies, criteria, measures, and procedures documents referred to in Article 51st of these Provisions, or in any other document or manual prepared by them, regarding the spouse and economic dependents of the User, as well as the companies and associations with which they maintain patrimonial links, in the case of natural persons, and, for legal entities, their main shareholders or partners, as applicable, while in the case of Trusts, they will seek to collect the same data regarding the spouse and economic dependents of the settlors and beneficiaries who are natural persons, as well as the companies and associations with which they maintain patrimonial links, and, regarding settlors and beneficiaries who are legal entities, their corporate structure and their main shareholders or partners, under the terms provided in their policies, criteria, measures, and procedures documents referred to in Article 51st of these Provisions, or in any other document or manual prepared by them. Regarding foreign Politically Exposed Persons, Currency Exchange Centers must obtain, in addition to the reference data, the documentation indicated in Chapter II of these Provisions, regarding the natural and legal persons mentioned earlier in this paragraph.

Without prejudice to the foregoing, regarding legal entity Users whose share certificates or securities representing such shares trade on any stock exchange in the country or in foreign securities markets recognized as such under the general provisions applicable to stock exchanges published in the Official Journal of the Federation on May 30, 2014, and their respective modifications, as well as subsidiaries in which they hold a majority participation of fifty percent in their share capital, Currency Exchange Centers will not be obligated to collect the aforementioned identification data, considering that they are subject to stock market provisions on information disclosure.

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20th.- ...

I. In the case of commercial legal entity Users classified as High Risk Degree, information relative to the name, nationality, domicile, corporate purpose, and share capital of the legal entities that make up the business group or, where applicable, the business groups that make up the consortium of which the User is part, must be requested.

Paragraph repealed.

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II. Regarding legal entities with the status of civil societies or associations that are classified as High Risk Degree, identify the person or persons who have Control over such societies or associations, regardless of the percentage of social equity with which they participate in the society or association, and

III ...

Paragraph repealed.

24th.- For each Unusual Operation detected by a Currency Exchange Center, it must send the corresponding report to the Secretariat, through the Commission, within three business days following the conclusion of the Committee session that rules it as such. For the purpose of carrying out the aforementioned ruling, the Currency Exchange Center, through its Committee, will have a period not exceeding sixty calendar days counted from when the alert is generated through its system, model, process, or by an employee of the Currency Exchange Center, whichever occurs first.

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25th.- ...

I. to III ...

IV. Operations carried out by the same User with foreign currency, traveler's checks, and minted coins of platinum, gold, and silver, in multiple or fractional amounts that, for each individual Operation, are equal to or exceed the equivalent of one thousand United States dollars, carried out in the same calendar month that sum, at least, the amount of five thousand United States dollars or its equivalent in the currency in question, provided that they do not correspond to the User's transactional profile, or that it can be inferred from their structuring a possible intention to fractionate the Operations to avoid being detected by the Currency Exchange Centers for the purposes of these Provisions;

V. to XIII ...

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28th.- In the event that a Currency Exchange Center has information based on indications or concrete facts that, in attempting to carry out an Operation, the resources might originate from illicit activities or might be intended to favor, provide help, aid, or cooperation of any kind for the commission of the crime provided for in Article 139 Quater of the Federal Penal Code, or that they could fall under the circumstances of Article 400 Bis of the same legal instrument, that same Currency Exchange Center, in the event that it decides to accept said Operation, must send to the Secretariat, through the Commission, within 24 hours counted from when it becomes aware of said information, a report of Unusual Operation, in which, in the column describing the Operation, the legend "24-hour Report" must be inserted. Likewise, in those cases where the respective User does not carry out the Operation referred to in this paragraph, the Currency Exchange Center must present to the Secretariat, through the Commission, the Unusual Operation report under the terms indicated in this Provision, and, regarding said Users, provide, where applicable, all information known about them.

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29th.- For each Concerning Internal Operation detected by a Currency Exchange Center, it must send the corresponding report to the Secretariat, through the Commission, within three business days following the conclusion of the Committee session that rules it as such. For the purpose of carrying out the aforementioned ruling, the Currency Exchange Center, through its Committee, will have a period not exceeding sixty calendar days counted from when said Currency Exchange Center detects that Operation, through its system, model, process, or by any employee thereof, whichever occurs first.

To this effect, Currency Exchange Centers must send the reports referred to in this Provision, through electronic means and in the official format issued for such purpose by the Secretariat, in accordance with the terms and specifications indicated by the latter.

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30th.- ...

I ...

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I. Bis. Submit to the approval of the board of directors or sole administrator of the Currency Exchange Center, as applicable, the methodology developed and implemented to carry out the Risk assessment referred to in the aforementioned Chapter II Bis, as well as the results of its implementation;

II. Act as the competent instance to know the results obtained by the internal audit area of the Currency Exchange Center or, where applicable, by the independent external auditor referred to in Article 48th of these Provisions, regarding the valuation of the effectiveness of the policies, criteria, measures, and procedures contained in the documents indicated in the previous fraction, in order to adopt necessary actions aimed at correcting flaws, deficiencies, or omissions.

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III ...

IV. Establish and disseminate the criteria for the classification of Users, based on their Degree of Risk, in accordance with what is indicated in Article 15th of these Provisions;

V. to VII ...

VIII. Inform the competent area of the Currency Exchange Center regarding conduct carried out by executives, officials, employees, agents, or factors thereof, which cause it to incur a violation of the provisions of these Provisions, or in cases where such executives, officials, employees, agents, or factors contravene what is provided in the policies, criteria, measures, and procedures indicated in fraction I of this Provision, in order to impose the corresponding disciplinary measures;

IX. Resolve other matters submitted to its consideration, related to the application of these Provisions, and

X. Ensure that the Currency Exchange Center, for the compliance with these Provisions, has the internal structures referred to in this Chapter, in terms of organization, number of people, material and technological resources, in accordance with the results of the implementation of the methodology referred to in the aforementioned Chapter II Bis.

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31st.- Each Currency Exchange Center will determine the manner in which its Committee will operate, which, except for what is stated in the last paragraph of this Provision, will be integrated with at least three members who, in any case, must hold the positions of the areas designated for such purpose by the board of directors or sole administrator of said Currency Exchange Center and, in any case, members of that board, the general director, employees, or officials holding positions within the three immediate lower hierarchies below the general director of the Currency Exchange Center in question must participate.

Paragraph repealed.

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The permanent members of the Committee must attend its sessions and may designate their respective substitutes who may only represent them for two non-consecutive sessions per semester.

The Committee will have a president and a secretary, who will be designated from among its members. Said Committee will meet with a frequency of at least once every month of the year. For the sessions to be held validly, it will be required that the majority of the members of the Committee itself be present.

Currency Exchange Centers that have fewer than twenty-five people on their staff, whether they perform functions for the same directly or indirectly through complementary service companies, will not be obligated to constitute and maintain the Committee referred to in this Provision. In the case provided for in this paragraph, the functions and obligations that should correspond to the Committee as indicated in these Provisions, will be exercised by the Compliance Officer.

33rd.- Within fifteen business days following the date on which the board of directors or sole administrator, as the case may be, has designated the corresponding areas whose holders will form part of the Committee, the Currency Exchange Centers in question must communicate to the Secretariat, through the Commission, through electronic means and in the official format issued for such purpose by said Secretariat, in accordance with the terms and specifications indicated by the latter, the initial integration of their Committee, including the full name without abbreviations and position of the holders of said areas, as well as their respective substitutes. On the other hand, Currency Exchange Centers that fall under the case provided for in the last paragraph of Article 31st of these Provisions must communicate said situation to the Secretariat under the terms indicated in this paragraph.

Likewise, each Currency Exchange Center must communicate to the Secretariat, through the Commission, through the means referred to in the preceding paragraph, the appointment, addition, or substitution of the members of the Committee, within fifteen business days following the date on which it has been carried out. For these purposes, the following information relative to the integration of its Committee must be provided:

I.- The name of the areas whose holders have been designated in addition or substitution to those that are part of the Committee, as well as the full name without abbreviations of said holders and full name without abbreviations and position of their substitutes;

II.- The date of the corresponding modification.

III ...

34th.- The board of directors, or sole administrator or the Committee of each Currency Exchange Center will designate, from among the members of said Committee, an official who will be called "Compliance Officer".

In the event that the Currency Exchange Center does not have a Committee because it falls under the case referred to in the last paragraph of Article 31st of the Provisions, the Compliance Officer will be designated by its board of directors or sole administrator of the Currency Exchange Center, as applicable, who must meet the requirements to be a member of the Committee, in terms of said Provision.

In any case, the Compliance Officer must be an official who holds a position within the three immediate lower hierarchies below the general director of the Currency Exchange Center in question and who will perform, at least, the functions and obligations established below:

I. Draft and submit to the consideration of the Committee the document referred to in Article 51st of these Provisions, which contains the User identification and knowledge policies, as well as the criteria, measures, and procedures that must be adopted to comply with the provisions of these Provisions;

I. Bis. Present to the Committee the methodology developed and implemented to carry out the Risk assessment referred to in the aforementioned Chapter II Bis, as well as the results of its implementation;

II. Verify the correct execution of the measures adopted by the Committee, in the exercise of the powers provided for in Article 30th of these Provisions;

III. Inform the Committee regarding conduct, activities, or behaviors carried out by executives, officials, employees, agents, or factors of the Currency Exchange Center, which cause it to incur a violation of the provisions of the Law or these Provisions, as well as cases where such executives, officials, employees, agents, or factors contravene what is provided in the document indicated in fraction I of this Provision, in order to impose the corresponding disciplinary measures;

IV. Bring to the knowledge of the Committee the celebration of Operations in the Currency Exchange Center in question, whose characteristics could generate a high Risk for the Currency Exchange Center itself;

V. Coordinate both the follow-up activities of Operations, as well as the investigations that must be carried out at the institutional level, in order for the Committee to have the necessary elements to rule them, where applicable, as Unusual Operations or Concerning Internal Operations.

For the purposes indicated in the previous paragraph, the area in charge of the Compliance Officer of each Currency Exchange Center or, where applicable, the personnel designated by this person, will verify that the corresponding alerts have been analyzed and the respective investigations documented;

VI. Send to the Secretariat, through the Commission, the Operation reports referred to in Article 28th of these Provisions, as well as those considered urgent, and inform the Committee thereof at its next session;

VII. Act as a consultation instance within the Currency Exchange Center regarding the application of these Provisions, as well as of the document referred to in Article 51st thereof;

VIII. Define the characteristics, content, and scope of the training programs for the personnel of the Currency Exchange Center, referred to in Article 36th of these Provisions;

IX. Receive and verify that the Currency Exchange Center responds in accordance with applicable legal provisions, to requests for information and documentation, as well as to orders for seizure or unlocking of Operations formulated through the Commission by competent authorities in matters of prevention, investigation, prosecution, and sanction of conduct that could update the circumstances provided for in Articles 139 Quater or 400 Bis of the Federal Penal Code; likewise, verify that the Currency Exchange Center has appropriate procedures to ensure that it complies with what is provided in Article 59th of these Provisions;

X. Act as a liaison between the Committee, the Secretariat, and the Commission, for matters regarding the application of these Provisions, and

XI. Ensure that the area under its charge receives directly and follows up on notices issued by employees and officials of the Currency Exchange Center, regarding facts and acts that could be considered as Unusual Operations or Concerning Internal Operations.

Likewise, the appointment of the Compliance Officer must fall upon an official who is independent of the units of the Currency Exchange Center responsible for promoting or managing the financial products or services that it offers to its Users. In no case, the appointment of the Compliance Officer of a Currency Exchange Center may fall upon a person who has internal audit functions in the Currency Exchange Center.

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34th Bis.- The Committee of each Currency Exchange Center or, its board of directors or sole administrator, as applicable, or general director, will appoint a Currency Exchange Center official who will temporarily substitute its Compliance Officer, in the fulfillment of its obligations under these Provisions, for up to ninety calendar days during a calendar year, counted from when the official designated as Compliance Officer leaves, is revoked, or is unable to perform the assignment in question.

The Currency Exchange Center official who performs the aforementioned interim position must not have internal audit functions in the same.

Currency Exchange Centers may make effective the interim period referred to in this Provision, according to the needs of each Currency Exchange Center.

The Compliance Officer who is appointed as interim must comply with the functions and obligations indicated in these Provisions, until the moment when the revocation indicated in fraction II of Article 35th of these Provisions is reported.

35th.- The Currency Exchange Center must inform the Secretariat, through the Commission, through the

electronic means and in the official format issued by said Secretariat for such purpose, in accordance with the terms and specifications set by the latter, the following:

I. The full name and surnames without abbreviations of the official designated as Compliance Officer, as well as the other information provided for in the indicated form, including without limitation, if their Compliance Officer falls under the circumstance referred to in the penultimate paragraph of the 34th of these Provisions, within two business days following the date on which the corresponding appointment was made;

II. The revocation of the appointment of the Compliance Officer, on the next business day following the date on which it occurred, whether by determination of the Exchange Center, rejection of the appointment, termination of employment or impossibility, as well as the other information provided for in the indicated form, and

III. The full name and surnames without abbreviations of the official designated as Compliance Officer in terms of what is established in the 34th Bis of these Provisions, as well as the other information provided for in the indicated form, on the next business day following the date on which it occurred.

36th.- ...

I. The provision of courses at least once a year, which must be directed especially to the members of their respective boards of directors or sole administrator, as the case may be, executives, officials and employees, including those who work in customer service or resource management areas, and which contemplate, among other aspects, those related to the content of their policy documents, criteria, measures and procedures referred to in the 51st of these Provisions, which the Exchange Centers have developed for due compliance therewith, as well as regarding the activities and services offered by the Exchange Center.

Without prejudice to what is stated in the preceding paragraph, the topics of the training must be coherent with the results of the implementation of the methodology referred to in Chapter II Bis and must be adapted to the responsibilities of the members of their respective boards of directors or sole administrator, as the case may be, executives, officials and employees, and

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38th.- ...

I. to VIII ... .

IX. Maintain information processing security schemes, which guarantee the integrity, availability, auditability and confidentiality thereof;

IX. Bis. Provide the information that the Exchange Centers will include in the methodology they must elaborate in accordance with what is established in the 11th-1 of these Provisions, and

X ... .

48th.- Exchange Centers must maintain control measures that include review by the internal audit area, or by an independent external auditor, to evaluate and rule from January to December of each year, or the period resulting from the date on which the Commission grants the corresponding registration until December of the respective exercise, the effectiveness of compliance with these Provisions, in accordance with the guidelines issued by the Commission for such purposes. The results of such reviews must be presented to the general management and to the Committee of the Exchange Center, as a report, in order to evaluate the operational effectiveness of the implemented measures and follow up on corrective action programs that apply in each case.

In the aforementioned valuation exercise, no member of the Committee of the Exchange Center may participate.

The information referred to in this Provision must be preserved by the Exchange Center for a period of not less than five years, and sent to the Commission within sixty natural days following the closing of the period to which the review corresponds, through the electronic means indicated by the latter.

51st.- Each Exchange Center must prepare and send to the Commission, through the electronic means indicated by it, a document in which said Exchange Center develops its respective user identification and knowledge policies, as well as the internal criteria, measures and procedures that it must adopt to comply with what is provided for in these Provisions and to manage the Risks to which it is exposed in accordance with the results of the implementation of the methodology referred to in Chapter II Bis of these Provisions.

In its case, in said document, references to those criteria, measures, internal procedures and other information that, by virtue of what is provided in these Provisions, may be reflected in a document different from the aforementioned must also be included.

In any of the documents provided for in the preceding paragraph, the methodology referred to in Chapter II Bis of these Provisions must be included.

Exchange Centers must send to the Commission the modifications they make to the document referred to in the first paragraph of this Provision along with a complete copy of it, within twenty business days following the date on which their respective audit committee approves them, in the terms provided for in fraction I of the 30th of these Provisions.

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56th.- The Secretariat may interpret, for administrative purposes, the content of these Provisions, as well as determine the scope of their application, whenever requested by the Exchange Centers, associations or societies in which they are affiliated, and national authorities that require it for the fulfillment of their functions, for which it will hear the opinion of the Commission.

56th Bis.- In order to be able to comply with what is established in these Provisions, Exchange Centers must request from the Commission, within twenty business days after their registration, the key that will be used to access the electronic system established by the Commission for such purposes.

62nd.- The Secretariat may authorize, without prejudice to what is established in this chapter, access to certain Operations, according to the following:

I. To Users who are located within the Blocked Persons List, in terms of international treaties celebrated by the Mexican State, in terms of resolution 1452 (2002) of the Security Council of the United Nations Organization, and

II. To Exchange Centers, regarding the obligations they have with some User contracted with some Exchange Center, among others, in accordance with the guides, guidelines or best practices that the Secretariat makes known for such purposes.

TRANSITIONAL PROVISIONS

First.- This Resolution shall enter into force the day following its publication in the Official Gazette of the Federation.

Second.- The guidelines, interpretations and criteria issued by the Secretariat or by the Commission, based on what is provided in the Resolution by which the general provisions referred to in Article 95 Bis of the General Law of Credit Auxiliary Organizations and Activities applicable to exchange centers referred to in Article 81-A of the same legislation are issued, published in the Official Gazette of the Federation on April 10, 2012, and subsequent Resolutions by which such General Provisions have been amended or added, will continue to be applicable insofar as they do not oppose what is established in this Resolution.

Third.- Exchange Centers that are in operation at the time of entry into force of this Resolution will have a period that cannot exceed forty-five natural days counted from the entry into force of this Resolution, in order to prepare a work schedule in which they must establish activities, deadlines and responsible parties, so that at the latest within three hundred sixty natural days following the entry into force of this Resolution, (i) they have updated the automated systems referred to in the 38th of these Provisions; (ii) begin to collect the corresponding information in accordance with the obligations established in this Resolution, regarding those Operations that are celebrated from when said period expires; (iii) present to the Commission the document referred to in the 51st of these Provisions with the respective modifications, and (iv) comply with the other obligations established in the Resolution in question.

Fourth.- The obligation referred to in the 11th of these Provisions will apply with respect to all corporate Users of the Exchange Centers regardless of whether the Operation that granted them such status had been celebrated prior to the entry into force of this Resolution.

Fifth.- The Secretariat, prior to the opinion of the Financial Intelligence Unit, will make known to the Exchange Centers through the electronic means established by the Commission, the guidelines referred to in subsection E of the 4th of the Provisions, within ninety natural days following the entry into force of this Resolution.

Sixth.- The Secretariat will make known to the Exchange Centers the guides, guidelines or best practices referred to in fraction II of the 62nd of the Provisions, within two hundred forty natural days following the entry into force of this Resolution.

Seventh.- The Commission will make known to the Exchange Centers through the electronic means it establishes, the guidelines, guides and/or best practices referred to in the 11th-5 of the Provisions, within ninety natural days following the entry into force of this Resolution.

Exchange Centers must comply with the obligations derived from the implementation of Chapter II Bis of the Provisions, added by this Resolution, at the latest within four hundred fifty natural days counted from when this Resolution enters into force.

Eighth.- The obligation to communicate to the Secretariat, through the Commission, the modifications to the internal structures referred to in the 33rd and 35th of these Provisions amended by this Resolution, will enter into force from when the Secretariat makes known the electronic means and the official format issued by said Secretariat for such purpose.

Mexico City, February 28, 2017. - The Secretary of Finance and Public Credit, José Antonio Meade Kuribreña .- Rubric.

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