Regulatory Alerts2015-12-29 | DOF 5421590Added · Updated
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
This Resolution establishes a mandatory identification threshold for currency exchange centers, requiring them to collect official identification data for individual transactions equal to or exceeding one thousand United States dollars. It mandates the aggregation and reporting of cash transactions in foreign currency or traveler's checks totaling one thousand dollars or more, and requires the submission of quarterly reports on relevant operations and cash purchases exceeding one thousand dollars. Additionally, it updates compliance officer requirements for corporate groups, strengthens internal audit and policy documentation obligations, and introduces a blocked persons list with specific appeal procedures.
DOF: 29/12/2015
RESOLUTION amending, adding, and repealing various of the General Provisions referred to in Article 95 Bis of the General Law of Credit Auxiliary Organizations and Activities, applicable to the currency exchange centers referred to in Article 81-A of the same legislation.
A seal with the National Coat of Arms, which reads: United Mexican States.- Ministry of Finance and Public Credit,
is placed at the margin.
RESOLUTION AMENDING, ADDING, AND REPEALING VARIOUS OF THE GENERAL PROVISIONS REFERRED TO IN ARTICLE 95 BIS OF THE GENERAL LAW OF CREDIT AUXILIARY ORGANIZATIONS AND ACTIVITIES, APPLICABLE TO THE CURRENCY EXCHANGE CENTERS REFERRED TO IN ARTICLE 81-A OF THE SAME LEGISLATION
LUIS VIDEGARAY CASO, 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 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 having received the prior opinion of the National Banking and Securities Commission issued via letter number 221/DGPORPIA-72467/2015 dated December 3, 2015; and
CONSIDERING
That one of the most effective mechanisms within the regulatory framework for the prevention and combat of operations with resources 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 businesses are used for the commission of such offenses.
That in this sense, with the aim of increasing the effectiveness of the prevention of operations with resources of illicit origin and the combat of terrorist financing, and at the same time, avoiding impacts on currency exchange activities, a minimum amount is established to mandatorily identify users of currency exchange centers.
That after hearing the opinion of the National Banking and Securities Commission, I have deemed it appropriate to issue the following:
RESOLUTION AMENDING, ADDING, AND REPEALING VARIOUS OF THE GENERAL PROVISIONS REFERRED TO IN ARTICLE 95 BIS OF THE GENERAL LAW OF CREDIT AUXILIARY ORGANIZATIONS AND ACTIVITIES, APPLICABLE TO THE CURRENCY EXCHANGE CENTERS REFERRED TO IN ARTICLE 81-A OF THE SAME LEGISLATION
SINGLE ARTICLE.- The first paragraph of fraction I of the 4th, as well as the second paragraph of numeral (i) of subclause b), clause A, of fraction III of the 4th; the first paragraph of the 9th; the first paragraph of the 22nd; the first paragraph of the 23rd; fraction IV of the first paragraph of the 25th; the 48th; the first paragraph of the 51st; fractions IV and V of the 58th; the last paragraph of the 59th and fraction II of the 60th are AMENDED; a third and fourth paragraphs are ADDED to the 34th, shifting the subsequent ones in order, and the provision 56th Bis; and fraction V of the 2nd; the 5th and the 8th 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 the currency exchange centers referred to in Article 81-A of the same legislation, to remain as follows:
2nd.-
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I. a
IV. ...
V. Repealed;
V Bis.- a XIX. ...
4th.-
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I. With respect to those Users who carry out Individual Operations, for an amount equal to or greater than the equivalent of one thousand United States dollars and less than three thousand United States dollars, or its equivalent in the foreign currency in question, Currency Exchange Centers, at the time of carrying out said Operations, shall only collect and preserve in the systems referred to in the 38th of these Provisions, the following data which must be obtained from an official identification referred to in fraction III, clause A, subclause b), numeral (i), of this provision:
A. a C.
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II.
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III.
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A.
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a)
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b)
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(i)
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For the purposes of what is provided in this clause, the following documents issued by Mexican authorities shall be considered as valid personal identification documents: the voter credential, the passport, the professional license, the national military service card, the consular registration certificate, the unique military identity card, the affiliation card issued by the National Institute of Older Adults, the credentials and cards issued by the Mexican Institute of Social Security, by the Social Security Institute for State Workers or 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 identifications that, in their case, the Commission approves. Such approval regardless of the authority that issues it. Likewise, with respect to 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 and the other identifications that in their case the Commission approves, shall be considered as valid personal identification documents;
(ii) a (v)
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B. a F.
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5th.- Repealed.
8th.- Repealed.
9th.- Currency Exchange Centers shall establish mechanisms to follow up and, in their case, group the Operations that, individually, their Users carry out in cash in foreign currency or with traveler's checks, for amounts equal to or greater than one thousand United States dollars or its equivalent in the foreign currency in question.
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22nd.- Currency Exchange Centers shall submit to the Ministry, through the Commission, within the last ten business days of the months of January, April, July and October of each year, through electronic means and in the official format issued by the Ministry for such effect, in accordance with the terms and specifications indicated by the latter, a report on all Relevant Operations that their Users have carried out in the three months prior to the one in which they must present it.
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23rd.- Currency Exchange Centers shall submit within the last ten business days of the months of January, April, July and October of each year to the Ministry, through the Commission, a report for each cash purchase operation carried out for an amount greater than one thousand United States dollars.
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25th.-
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I. a III.
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IV. Operations carried out by the same User with foreign currency, traveler's checks and minted coins in platinum, gold and silver, for 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. a XIII. ...
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34th.- ...
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In the event that a Currency Exchange Center is part of a business group that is integrated by one or more currency exchange centers, money transmitters or unregulated multiple-object financial companies, the same Compliance Officer may be designated, who will carry out the obligations established in these Provisions and must work in one of the entities.
For the purposes of the previous paragraph, a business group shall be understood as the set of legal entities, organized under schemes of direct or indirect participation of social capital, in which the same society maintains control of said legal entities.
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48th.- Currency Exchange Centers shall maintain control measures that include review by the internal audit area, or by an independent external auditor, to evaluate and certify, during the period from January to December of each year, or the period resulting from the date on which the Commission grants the corresponding registration to December of the respective exercise, the compliance with these Provisions, in accordance with the guidelines issued by the Commission for such effects. The results of said reviews shall be presented to the general management and to the Committee of the Currency Exchange Center, as a report, in order to evaluate the operational effectiveness of the implemented measures and follow up on corrective action programs that may be applicable.
The information referred to in the previous paragraph shall be preserved by the Currency Exchange Center for a period of no less than five years, and submitted 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 Currency Exchange Center shall prepare and submit to the Commission, through the electronic means indicated by it, a document in which said Currency Exchange Center develops its respective identification and customer due diligence policies, as well as the criteria, measures and internal procedures that it must adopt to comply with what is provided in these Provisions, which must include a list of the criteria, measures, procedures and other information, that by virtue of what is provided in these Provisions, may be reflected in a document different from the aforementioned. Currency Exchange Centers shall submit to the Commission the modifications they make to the referred document 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 in fraction I of the 30th of these Provisions.
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56th Bis.- In order to be able to comply with what is established in these Provisions, Currency Exchange Centers shall request from the Commission, within twenty business days following their registration, the electronic key that will be used to access the Interinstitutional System for Information Transfer.
58th.- ...
I. a III.
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IV. Those who are serving a sentence for the crimes of terrorist financing or operations with resources of illicit origin, provided for in the Federal Penal Code;
V. Those that the competent national authorities determine have carried out or are carrying out activities that form part of, assist, or are related to the crimes of terrorist financing or operations with resources of illicit origin, provided for in the Federal Penal Code, and
VI.
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59th.-
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I. a II. ...
Currency Exchange Centers that, under the terms of this Provision, have suspended acts, Operations or services with their Users, shall immediately inform said situation in writing, in which said Users must be informed of the grounds and cause or causes of said inclusion, as well as that, within ten business days following the day of receipt of the cited writing, they may appear before the competent authority for the purposes of the 60th of these Provisions.
60th.-
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I.
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II. The Head of the Financial Intelligence Unit, within ten business days following the appearance of the interested party in terms of the previous fraction I, shall issue a resolution that grounds and motivates their inclusion in the List of Blocked Persons and whether or not their removal from it is appropriate, notifying it by letter to the interested party within a period of fifteen business days following its issuance.
TRANSITIONAL PROVISIONS
First.- This Resolution shall enter into force the day following its publication in the Official Gazette of the Federation.
Second.-
Currency Exchange Centers shall update the documents containing the user identification and due diligence policies, as well as the criteria, measures and internal procedures to comply with what is provided in this Resolution and present them to the Commission, no later than within ninety natural days counted from when this Resolution enters into force.
Third.- Currency Exchange Centers that already have registration on the date of entry into force of this resolution and that do not have the key referred to in the 56th Bis of the Provisions, shall request it, no later than within twenty business days counted from when this Resolution enters into force.
Mexico, D.F., December 23, 2015.- The Secretary of Finance and Public Credit, Luis Videgaray Caso.- Signature.
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