Regulatory Alerts2017-03-09 | DOF 5475645Added
Resolution amending, adding and repealing general provisions applicable to exchange houses under Article 95 of the General Law of Credit Auxiliary Organizations and Activities
This resolution amends, adds, and repeals general provisions for exchange houses to align with Financial Action Task Force (FATF) recommendations. It mandates a Risk-Based Approach for risk assessment and mitigation, updates user identification requirements including detailed corporate structure and beneficial owner data for legal entities, and lowers transaction thresholds for enhanced due diligence to $1,000 USD. The rules also clarify reporting deadlines for suspicious transactions, allow interim appointment of compliance officers, recognize additional official ID documents, and permit intra-group information sharing on anti-money laundering matters.