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

DOF: 09/03/2017

RESOLUTION that amends, adds and repeals various of the general provisions referred to in article 95 of the General Law of Credit Auxiliary Organizations and Activities applicable to exchange houses

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

RESOLUTION THAT AMENDS, ADDS AND REPEALS VARIOUS OF THE GENERAL PROVISIONS REFERRED TO IN ARTICLE 95 OF THE GENERAL LAW OF CREDIT AUXILIARY ORGANIZATIONS AND ACTIVITIES APPLICABLE TO EXCHANGE HOUSES

JOSÉ ANTONIO MEADE KURIBREÑA, Secretary of Finance and Public Credit, based on what is provided by articles 31, fractions VII and XXXIV of the Organic Law of the Federal Public Administration, as well as 95 of the General Law of Credit Auxiliary Organizations and Activities applicable to exchange houses, in exercise of the powers conferred upon me by article 6o., 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 through 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 resources of illicit origin and financing of terrorism, consists in the implementation of policies of identification and knowledge of users by exchange houses, since they constitute fundamental elements to mitigate the risk that such societies are used for the commission of said 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 resources of illicit origin, financing of terrorism and financing for the proliferation of weapons of mass destruction;

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

That according to Recommendation 1 of the FATF, exchange houses must identify, evaluate and take actions to mitigate risks regarding operations with resources of illicit origin and financing of terrorism through user knowledge mechanisms that are appropriate to the risk they represent, which implies that exchange houses carry out the application of a Risk-Based Approach, so a Chapter is added in which the use of a methodology is established for exchange houses to evaluate risks in this matter and apply mitigants to them according to a Risk-Based Approach, in order to avoid being used for the commission of operations with resources of illicit origin and financing of terrorism;

That according to Recommendation 10 of the FATF, modifications are made regarding the user identification policy for legal persons, regardless of the risk classification made by the exchange house, in order that obligated subjects know their shareholding and corporate structures, as well as to specify the mechanisms to collect data from beneficial owners. This, with the objective that exchange houses have more information that allows them to perform a better evaluation of the risks to which they are exposed by virtue of their commercial relationships, of being used for the commission of the crimes of operations with resources of illicit origin and financing of terrorism, and can adopt the pertinent actions for their mitigation;

That with the purpose of increasing the effectiveness of measures in matters of prevention of operations with resources of illicit origin and the combat against financing of terrorism, the thresholds relative to relevant and unusual operations are modified, as well as that regarding the establishment of internal approval escalation mechanisms when exchange houses receive cash in branches, for the performance of individual operations of purchase and receipt of payment for services or transfers or fund situations with their individual person users, which will result in authorities having more information for the development of the faculties of the authorities in this matter;

That based on Recommendation 20 of the FATF and with the purpose of strengthening the sending of reports of unusual operations and reports of concerning internal operations that are sent by exchange houses in terms of the General Provisions referred to in article 95 of the General Law of Credit Auxiliary Organizations and Activities applicable to exchange houses, it is necessary to clarify the presentation deadlines of said reports, once they have been determined, with the objective that the authority has timely information for the exercise of its attributes;

That in order for the exchange house 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 of the General Law of Credit Auxiliary Organizations and Activities applicable to exchange houses, the possibility is established of appointing an interim compliance officer for a determined period in case the compliance officer in charge has their position revoked or is unable to carry out their functions;

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

That with the objective of giving certainty about the period that the annual audit report of exchange houses that begin operations after the beginning of the calendar year must cover, it is considered necessary to clarify the scope of said obligation in this case;

That according to Recommendation 18 of the FATF, it is proposed that those financial entities that form part of the same financial group in terms of the Law to Regulate Financial Groupings, exchange information in matters of prevention of operations with resources of illicit origin and financing of terrorism at the group level, and

That once the opinion of the National Banking and Securities Commission has been heard, I have seen fit to issue the following:

RESOLUTION THAT AMENDS, ADDS AND REPEALS VARIOUS OF THE GENERAL PROVISIONS REFERRED TO IN ARTICLE 95 OF THE GENERAL LAW OF CREDIT AUXILIARY ORGANIZATIONS AND ACTIVITIES APPLICABLE TO EXCHANGE HOUSES

UNIQUE ARTICLE.- Fractions IV in its second paragraph, XIII, XIV in its first paragraph, XV in its first paragraph, XVI of the 2nd; fractions I in its first paragraph, III subsections A, subsubsection a) and b), numeral (i) in its second paragraph, C, subsubsection b), numeral (i), D in its last paragraph, E, F, subsubsection a) and last paragraph of said subsection of the 4th; fractions I, subsections a) and b), II in its first paragraph, III and second paragraph of the 10th; the first and eighth paragraphs of the 11th; the first and last paragraphs of the 14th; fraction I of the 16th; the first, third, fourth and fifth paragraphs of the 18th; the 19th; the first, second, third and fourth paragraphs of the 21st; fractions I in its first paragraph and II of the 23rd; the last paragraph of the 25th Bis; the first paragraph of the 28th; fraction IV of the 29th; the first paragraph of the 32nd; the first paragraph of the 33rd; fractions II in its first paragraph, VIII and IX of the 34th; the first, fifth, sixth and seventh paragraphs of the 35th; the second paragraph and fractions I and II of the 37th; the first and second paragraphs, the latter to become the fourth of the 38th; the first paragraph of the 39th; fraction I of the 40th; fractions IV and IX of the 42nd; the first paragraph of the 43rd; the first and last paragraph of the 51st; the first paragraph of the 53rd; the 58th and the 64th; are AMENDED; fractions VII Bis, IX Ter and a second paragraph of fraction XVI to the 2nd; a subsubsection c) to subsection B of fraction III, a second and third paragraphs to subsection E of fraction III of the 4th; a second paragraph to fraction II and a third paragraph in the 10th; a Chapter II Bis named "RISK-BASED APPROACH" with provisions 14a-1 to 14a-5; fraction I Bis to the 16th; a second paragraph, shifting the subsequent ones in their order of the 33rd; fractions I Bis and X to the 34th; a second and third paragraphs, shifting the others in their order, and a fraction I Bis to the 38th; the 38th Bis; fractions I to III to the first paragraph of the 39th; a second paragraph to fraction I of the 40th; fraction IX Bis to the 42nd; a second paragraph, shifting the subsequent ones in their order to the 51st; a Chapter XII Bis named "INFORMATION EXCHANGE" with provision 51a-1; a second, third and fourth paragraphs, shifting the subsequent ones in their order to the 53rd; the 58a-1 and fractions I and II to the first paragraph of the 64th, are ADDED; and the last paragraph of fraction I of the 10th; the second paragraph of fraction I and the last paragraph of the 23rd, as well as the second paragraph of the 35th, all of them of the General Provisions referred to in article 95 of the General Law of Credit Auxiliary Organizations and Activities applicable to exchange houses, are REPEALED, to remain 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 VII. ...

VII. Bis. Risk Level, to the classification of Users carried out by the Exchange House based on the evaluation of its Risk;

VIII. to IX Bis. ...

IX. Ter. Mitigants, to the policies and procedures implemented by Exchange Houses that contribute to administering and decreasing exposure to Risks identified in the methodology referenced in Chapter II Bis of these Provisions;

X. to XII. ...

XIII. Concerning Internal Operation, to the Operation, activity, conduct or behavior of any of the directors, officials, attorneys and employees of the respective Exchange House regardless of the labor regime under which they provide their services, that, by its characteristics, could contravene, violate or evade the application of what is provided by the Law or these Provisions, or that, for any other cause, results doubtful for Exchange Houses by considering that it could favor or not alert about the update of the assumptions provided in articles 139 Quáter or 400 Bis of the Federal Penal Code;

XIV. Relevant Operation, to the Operation that is carried out with banknotes and metal coins of legal tender in the United Mexican States or in any other country, as well as with traveler's checks and coins minted in platinum, gold and silver, for an amount equal to or greater than the equivalent in national currency to seven thousand five hundred United States dollars;

...

XV. Politically Exposed Person, to 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 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.

...

XVI. Beneficial Owner, to 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, by having rights of use, enjoyment, exploitation, 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 may instruct or determine, for their own economic benefit, the acts susceptible to be carried out through Trusts, mandates or commissions;

XVII. and XX.

...

4th.-

...

I. Regarding those Users who carry out individual operations in foreign currency in cash or with traveler's checks, for an amount equal to or greater than the equivalent to one thousand dollars and less than three thousand United States dollars, or its equivalent in the foreign currency in question, Exchange Houses, at the time of carrying out said Operations, shall only collect and conserve in the systems referred to in the 42nd of these Provisions, the following data that must be obtained from an official identification referred to in fraction III, subsection A, subsubsection b), numeral (i), of this Provision:

A. to C.

...

II.

...

III.

...

â telephone number(s) where they can be located;

...

(i)

...

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

(ii) to (v) ...

...

c) Additionally, User information must be collected that allows the Exchange House to know (i) its shareholding or social parts structure, as applicable, and (ii) in case it has a Risk Level different from 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 to that, as well as the full name and corresponding position of the members of its board of directors or equivalent.

Likewise, Exchange Houses 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 subsection 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 direct or indirect Control of the legal person, it will be considered that the administrator or administrators thereof exercise said Control, understanding that the person designated for such effect by this 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, Exchange Houses must collect a declaration signed by the legal representative of the respective legal person User, in which it indicates who their Beneficial Owners are in terms of this subsection.

In case Exchange Houses had indications that make questionable the veracity of the declared information, Exchange Houses must take reasonable measures to determine and identify the Beneficial Owners of the corresponding legal person User.

...

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

(ii) and (iii)

...

Exchange Houses may apply the simplified measures referred to in this subsection D, provided that said societies, dependencies and entities had been classified as Users with a Low Risk Level in terms of the 18th of these Provisions;

E. Regarding Beneficial Owners and that Exchange Houses are obliged to identify them in accordance with these Provisions, they must record and collect in the respective User identification file the same data and documents as those established in subsections A or C of this fraction of this Provision, as applicable, with the exception of the document referred to in numeral (iii), subsubsection b) of subsection A, as well as numeral (ii), subsubsection b) of subsection C, of fraction III of the 4th of these Provisions, respectively, in case the identification obligation of the Beneficial Owner derives from a User that is classified with a Low Risk Level. This, in accordance with the measures that for such effects are established in the document referred to in the 53rd of these Provisions, or in some other document or manual elaborated by the Exchange Houses themselves.

In case of legal persons whose titles representing their social capital or securities that represent said shares trade on any stock exchange in the country or in recognized foreign securities markets 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 of these in which they have a majority participation of fifty percent in their social capital, Exchange Houses will not be obliged to collect the aforementioned identification data, considering that they are subject to provisions in matters of stock market disclosure of information.

The Ministry will issue the guidelines that Exchange Houses may consider for compliance with what is provided in the first paragraph of this subsection, which will be made known through the electronic media established for such effect by the Commission;

...

â Respect to the settlors, beneficiaries, fiduciary delegates and, where applicable, 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, as well as their date of birth.

...

Exchange Houses may comply with the obligation (a) to collect the document referred to in numeral (i) of subsubsection b) of this subsection, and (b) to that referred to in subsection E of this fraction III of this Provision, respectively, through a certificate signed by the fiduciary delegate and the Compliance Officer of the entity, institution or society acting as trustee, which must contain the information indicated in the previous subsubsection a), as well as the obligation to keep such documentation available to the Ministry and the Commission, in order to send them, upon request of the latter, within the deadline established by the Commission itself.

...

10th.-

...

a) The complete denomination or corporate name of the respective User who ordered the transfer in question, or their paternal surname, maternal surname and name(s), without abbreviations, or number or reference of the Trust, as applicable;

b) The address of said User, which should only be included when the systems through which they carry out data transmission allow including that information in a specific field for it;

c) and d) ...

Paragraph repealed.

II. In the case that Exchange Houses act as originators of fund transfers, either within national territory or to abroad, or when their Users are recipients of transfers coming directly from an entity located in national territory or abroad, or through a money transmitter referred to in article 95 Bis of the Law, said Exchange Houses must collect their paternal surname, maternal surname and name(s) without abbreviations, the complete denomination or corporate name or number or reference of the Trust, as applicable. Likewise, the receiving Exchange House must collect the reference number assigned by the originating Exchange House to the transfer to identify it individually and the account number or reference of the entity, money transmitter or Obligated Subject from where the funds of the transfer originate.

Likewise, said Exchange Houses must adhere to the following:

a) When the sending or reception of funds, is for an amount equal to or greater than the equivalent in national currency to one thousand dollars and less than three thousand United States dollars or its equivalent in the

foreign currency in which the transaction is carried out, the Exchange Houses must collect and preserve from the ordering or receiving User the following data at the time of carrying out said Transaction, which must be obtained, where applicable, from an official identification document as referred to in the 4th of these Provisions:

i) In the event that the User is a natural person:

â surname, maternal surname, and first name(s) without abbreviations;

â country of birth;

â date of birth;

â nationality;

â home address (composed of the elements established for these effects in the 4th of these Provisions, as applicable to persons of Mexican or foreign nationality), and

â number of their official identification document, which may only be one of those indicated in fraction I, subsection b), numeral (i), of the 4th of these Provisions.

ii) In the event that the User is a legal entity:

â its trade name or corporate name;

â Federal Taxpayer Registry key (with homoclave) or serial number of the Advanced Electronic Signature, if it has one;

â address (composed of the data referred to in subsection a) above);

â nationality, and

â the data of the person who attends the Exchange House on its behalf, under the same terms as those indicated in subsection a) above.

b) When the sending or receiving of funds is for an amount equal to or greater than three thousand United States dollars and less than five thousand United States dollars or its equivalent in national currency or in the foreign currency in which it is carried out, the Exchange House, in addition to collecting and preserving, at the time of carrying out said Transaction, the data referred to in subsection a) above, must collect a copy of the official identification of the User in question.

c) When the sending or receiving of funds is for an amount equal to or greater than five thousand United States dollars, or its equivalent in national currency or in the foreign currency in question, the Exchange House must, at the time of carrying out said Transaction, collect and preserve from said User the data and documents referred to in the 4th of these Provisions, as applicable.

III. In the event that the Exchange House acts as the recipient of the fund transfer, it must collect the surname, maternal surname, and first name(s) without abbreviations, the full trade name or corporate name or number or reference of the Trust, as applicable, of the natural person, legal entity, or Trust that ordered said transfer, as well as the same data of the beneficiary of said transfer;

For the purposes of this Provision, Exchange Houses, whether acting as ordering or receiving parties of fund transfers, must upload to the systems referred to in the 42nd of these Provisions the information and data indicated, regarding each of said Transactions, and incorporate it into the alert system referred to in the 18th of these Provisions.

Exchange Houses must keep the respective information available to the Secretariat and the Commission, in order to transmit it, upon request by the latter, within the timeframe established by said Commission.

11th.- Exchange Houses must establish mechanisms to follow up and, where applicable, group the foreign currency Transactions that their Users carry out individually in cash 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.

...

Exchange Houses must establish internal approval escalation mechanisms when they receive foreign currency in cash at branches for amounts greater than the equivalent of seven thousand five hundred United States dollars or in national currency for amounts greater than three hundred thousand pesos, for the realization of individual operations of purchase and receipt of payment for services or transfers or fund placement with their natural person Users. Exchange Houses must establish the same mechanisms when they receive from their legal entity Users or Trusts, foreign currency in cash for amounts greater than the equivalent of fifty thousand United States dollars or national currency, for amounts greater than five hundred thousand pesos, for the realization of the aforementioned operations.

...

14th.- Exchange Houses will verify that the identification files of legal entity Users, regardless of their Risk Level, contain all the data and documents provided for in the 4th of these Provisions, as well as that said data and documents are up to date, understanding that Exchange Houses may opt not to carry out the update of the latter, in the case of a legal entity User with a Low Risk Level. This, under the terms and conditions that Exchange Houses establish in the document referred to in the 53rd 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 up to date with all the data and documents provided for in the 4th of these Provisions.

...

Exchange Houses must establish in the document referred to in the 53rd of these Provisions, the policies, criteria, measures, and procedures that they will 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 the results of such visit must be recorded in the respective file.

CHAPTER II BIS

RISK-BASED APPROACH

14th-1.- Exchange Houses, under the terms provided for this effect in their internal policies, criteria, measures, and procedures documents referred to in the 53rd of these Provisions, or in another document or manual prepared by them, must establish a methodology, designed and implemented, to carry out a Risk assessment of the Risks to which they are exposed derived from their products, services, practices, or technologies with which they operate. Said methodology must establish the processes for the identification, measurement, and mitigation of Risks for which they must take into account, the Risk factors that they have identified for this effect, as well as the national risk assessment and its updates that the Secretariat makes known to them through the Commission.

In the case of Exchange Houses that are part of financial groups in terms of the Law to Regulate Financial Groups, they must take into account the results of the methodology that, where applicable, the other financial entities that make up the corresponding group have implemented.

Likewise, Exchange Houses will carry out the processes referred to in the first paragraph of this Provision, prior to the launch or use of new products, services, practices, or technologies.

14th-2.- Exchange Houses for the design of the Risk assessment methodology must comply with the following:

I. Consider in their identification process the indicators that explain how and to what extent the Exchange House may be exposed to Risk, considering at least, the following elements:

Users, countries and geographic areas, products, services, transactions, and sending channels linked to the Transactions of the Exchange House with its Users, as well as the national risk assessment and its updates that the Secretariat 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 assign a weight to each of them consistently based on their importance to describe said Risks.

III. Establish the Mitigants that they consider necessary based on the indicators indicated in the previous fraction I,

identified by each Exchange House to keep them at an acceptable tolerance level in accordance with their internal policies, criteria, measures, and procedures documents referred to in the 53rd of these Provisions.

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

14th-3.- When, derived from the implementation of the Risk assessment methodology, the existence of greater or new Risks for the Exchange Houses themselves is detected, 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 Exchange Houses every twelve months, be documented in writing and be available to the Secretariat and to the Commission, upon request by the latter, within the timeframe that said Commission establishes.

The Commission may review and, where applicable, order Exchange Houses to modify their Risk assessment methodology or their Mitigants, as well as request an action plan so that they adopt reinforced measures to manage and mitigate their Risks.

Exchange Houses must conserve the information generated with respect to this Chapter for a period of no less than five years and provide it to the Secretariat and to the Commission, upon request by the latter, within the timeframe that said Commission establishes.

14th-4.- Exchange Houses must comply with all the obligations contained in these Provisions, in concordance with the results generated by their methodologies referred to in this Chapter.

14th-5.- The Commission will elaborate guidelines, guides, and/or best practices that Exchange Houses will consider for the better compliance with what is provided in this present Chapter, which will be made known through the electronic means established by said Commission.

16th.-

...

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

I. Bis. Procedures for the Exchange House to follow up on Transactions carried out by its Users;

II. to V. ... .

18th.- The application of the User knowledge policy must be based on the Risk Level that a User represents, such that, when the Risk Level is higher, the Exchange House must collect more information about their predominant activity, as well as carry out stricter supervision of their transactional behavior.

...

Likewise, Exchange Houses must classify their Users by their Risk Level and establish, as a minimum, (i) two classifications regarding their natural person Users: High and Low Risk Levels, and (ii) three classifications regarding their legal entity Users and Trusts: High, Medium, and Low Risk Levels. Exchange Houses may establish additional Intermediate Risk Levels to the aforementioned classifications.

Exchange Houses, under the terms provided for this effect in their internal policies, criteria, measures, and procedures documents referred to in the 53rd of these Provisions, will apply to their Users who have been cataloged as High Risk Level, as well as to new Users who meet such character, identification questionnaires that allow obtaining more information about the origin and destination of resources and the activities and Transactions they carry out or intend to carry out.

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

19th.- For cases where an Exchange House detects that a User meets the requirements to be considered a Politically Exposed Person and, additionally, as High Risk Level, said Exchange House must, according to what is established for this effect in its internal policies, criteria, measures, and procedures document referred to in the 53rd of these Provisions, obtain the approval of an official who holds a position within the three hierarchical levels below that of the general director within the same, in order to carry out the Transaction in question.

21st.- Exchange Houses must classify their Users based on their Risk Level.

At least, foreign Politically Exposed Persons will be considered as High Risk Level Users.

In the Transactions carried out by Users who have been classified as High Risk Level, Exchange Houses 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 for this effect in their internal policies, criteria, measures, and procedures documents referred to in the 53rd of these Provisions, or in another 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, for the case of natural persons, and, in the case of legal entities, of 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, of their corporate structure and their main shareholders or partners, under the terms provided for this effect in their internal policies, criteria, measures, and procedures documents referred to in the 53rd of these Provisions, or in another document or manual prepared by them. In the case of foreign Politically Exposed Persons, Exchange Houses must obtain, in addition to the reference data, the documentation indicated in Chapter II of these Provisions, regarding the natural and legal persons previously indicated in this paragraph.

Without prejudice to the foregoing, in the case of legal entity Users whose share certificates representing their social capital or securities representing said 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 fifty percent in their social capital, Exchange Houses will not be obligated to collect the aforementioned identification data, considering that they are subject to provisions in matters of stock exchange on information disclosure.

...

23rd.-

...

I. In the case of commercial legal entity Users that are classified as High Risk Level, information relative to the name, nationality, address, corporate purpose, and social capital of the legal entities that make up the business group or, in its case, the business groups that make up the consortium of which the User is part, must be requested.

Paragraph repealed.

...

II. In the case of legal entities with the character of civil societies or associations that are classified as High Risk Level, 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.

25th Bis.-

...

With respect to any Transaction referred to in this Provision, carried out for an amount equal to or greater than seven thousand five hundred United States dollars, the Exchange House in question will not be obligated to present the report indicated in the 25th of these Provisions.

28th.- For each Unusual Transaction detected by an Exchange House, it must send to the Secretariat, through the Commission, the corresponding report, within three business days following counted from the conclusion of the Committee session that adjudges it as such. For the purposes of carrying out said adjudication, the Exchange House through its Committee will have a period that will not exceed sixty calendar days counted from when the alert is generated through its system, model, process, or by the employee of the Exchange House, whichever occurs first.

...

29th.-

...

I. to III. ...

IV. Transactions 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 Transaction, 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 seven thousand five hundred 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 Transactions to avoid being detected by the Exchange Houses for the purposes of these Provisions;

V. to XIV. ...

...

32nd.- In the event that an Exchange House has information based on indications or concrete facts that, in attempting to carry out a Transaction, the resources might originate from illicit activities or might be destined to favor, provide help, assistance, 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 be located in the circumstances of Article 400 Bis of the same legal instrument, that same Exchange House, in the event that it decides to accept said Transaction, must send to the Secretariat, through the Commission, within 24 hours counted from when it knows said information, a report of Unusual Transaction, in which, in the column of description of the Transaction, the legend " 24-hour Report " must be inserted. Likewise, in those cases where the respective User does not carry out the Transaction referred to in this paragraph, the Exchange House must present to the Secretariat, through the Commission, the report of Unusual Transaction under the terms indicated in this provision and, with respect to said Users, will provide, where applicable, all the information known about them.

...

33rd.- For each Concerning Internal Transaction detected by an Exchange House, it must send to the Secretariat, through the Commission, the corresponding report, within three business days following counted from the conclusion of the Committee session that adjudges it as such. For the purposes of carrying out said adjudication, the Exchange House through its Committee will have a period that will not exceed sixty calendar days counted from when said Exchange House detects that Transaction, through its system, model, process, or by any employee of the same, whichever occurs first.

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

...

34th.-

...

I. Bis. Submit to the approval of the board of directors or executive board of the Exchange House, as applicable, the methodology elaborated and implemented to carry out the Risk assessment referred to in the previous 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 Exchange House or, where applicable, by the independent external auditor referred to in the 51st 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 I, in order to adopt the necessary actions tending to correct flaws, deficiencies, or omissions.

...

III.

...

IV.

Establish and disseminate the criteria for the classification of Users, based on their Risk Level, in accordance with what is indicated in the 18th of these Provisions;

V. to VII. ...

VIII. Inform the competent area of the Exchange House, regarding conduct carried out by directors, officials, employees, or agents of the same, that cause it to incur in an infraction of what is provided in these Provisions, or in cases where said directors, officials, employees, or agents contravene what is provided in the policies, criteria, measures, and procedures indicated in fraction I of this Provision, with the object that the corresponding disciplinary measures are imposed;

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

X. Ensure that the Exchange House, for the compliance of 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 previous Chapter II Bis.

...

35th.- Each Exchange House will determine the way in which its Committee will operate, which, except for what is indicated in the last paragraph of this Provision, will be integrated with at least three members who, in any case, must hold the title of the areas designated for this effect by the board of administration of said Exchange House and, in any case, members of that board, the general director,

employees or officials who hold positions within the three immediate lower hierarchies below that of the General Director of the Exchange House in question.

Paragraph repealed.

...

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

The Committee shall have a president and a secretary, who shall be designated from among its members. Said Committee shall meet with a frequency of at least once each 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.

Exchange Houses that have fewer than twenty-five people on their staff, whether performing functions for them 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 set forth in these Provisions, shall be exercised by the Compliance Officer.

37a.-

...

Likewise, each Exchange House must communicate to the Secretariat, through the Commission, via 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 was carried out. For these purposes, the following information regarding the composition of its Committee must be provided:

I. The name of the areas whose heads 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 heads and the full name without abbreviations and position of their substitutes;

II. The date of the corresponding modification, and

III. ...

38a.- The board of directors or the Committee of each Exchange House shall designate, from among the members of said Committee, an official who shall be called "Compliance Officer".

In the event that the Exchange House does not have a Committee because it falls under the circumstance referred to in the last paragraph of the 35th of these Provisions, the Compliance Officer shall be designated by its board of directors, who must meet the requirements to be a member of the Committee, in terms of the aforementioned Provision.

In any case, the Compliance Officer must be an official who holds a position within the three immediate lower hierarchies below that of the General Director of the Exchange House 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 the 53rd of these Provisions, which contains the policies for user identification and due diligence, as well as the criteria, measures, and procedures that must be adopted to comply with what is provided in these Provisions;

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

II. Verify the correct execution of the measures adopted by the Committee, in exercise of the powers provided for in the 34th of these Provisions;

III. Inform the Committee regarding conduct, activities, or behaviors carried out by executives, officials, employees, or agents of the Exchange House, which cause it to incur violations of what is established in the Law or these Provisions, as well as cases where said executives, officials, employees, or agents contravene what is provided in the document referred to in fraction I of this Provision, with the objective that the corresponding disciplinary measures are imposed;

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

V. Coordinate both the monitoring activities of Operations, as well as the investigations that must be carried out at the institutional level, with the aim that the Committee has the necessary elements to rule on them, if applicable, as Unusual Operations or Internal Concerning Operations.

For the purposes stated in the previous paragraph, the area in charge of the Compliance Officer of each Exchange House or, if applicable, the personnel designated by him, will verify that the corresponding alerts have been analyzed and the respective investigations documented;

VI. Send to the Secretariat, through the Commission, the reports of Operations referred to in the 32nd 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 Exchange House regarding the application of these Provisions, as well as the document referred to in the 53rd of the same;

VIII. Define the characteristics, content, and scope of the training programs for the personnel of the Exchange House, referred to in the 40th of these Provisions;

IX. Receive and verify that the Exchange House responds in terms of the applicable legal provisions, to requests for information and documentation, as well as to orders for seizure or unlocking of Operations, through the Commission, formulated 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 Exchange House has appropriate procedures to ensure that it complies with what is provided in the 61st of these Provisions;

X. Act as a link 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 Exchange House, regarding facts and acts that may be susceptible to being considered as Unusual Operations or Internal Concerning Operations.

Likewise, the appointment of the Compliance Officer must fall upon an official who is independent of the units of the Exchange House 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 an Exchange House may fall upon a person who has internal audit functions in the Exchange House.

...

38a Bis.- The Committee of each Exchange House or, its board of directors or general director, shall appoint an official of the Exchange House who may temporarily substitute for its Compliance Officer in the fulfillment of its obligations according to these Provisions, for up to ninety natural days during a calendar year, counted from the date the official designated as Compliance Officer leaves, is revoked, or is unable to perform the assignment in question.

The Exchange House official who performs the interim position in question must not have internal audit functions in the same.

Exchange Houses may make effective the interim period referred to in this Provision, according to the needs of each Exchange House.

The Compliance Officer who is appointed as interim must comply with the functions and obligations set forth in these Provisions, until the moment the revocation referred to in fraction II of the 39th of these Provisions is reported.

39a.- The Exchange House must inform the Secretariat, through the Commission, via electronic means and in the official format issued for such effect by said Secretariat, according to the terms and specifications set by the latter, as follows:

I. The full name without abbreviations of the official who has been designated as Compliance Officer, as well as the other information provided for in the indicated format, within two business days following the date on which the corresponding designation was made;

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

III. The full name without abbreviations of the official who has been designated as Compliance Officer in terms of what is established in the 38a Bis of these Provisions, as well as the other information provided for in the indicated format, on the next business day following the date on which it occurred.

40a.-

...

I. The provision of courses, at least once a year, which must be directed especially to the members of their respective boards of directors, executives, officials, and employees, including those who work in public attention areas or resource administration areas, and which contemplate, among other aspects, those related to the content of their policy documents, criteria, measures, and procedures referred to in the 53rd of these Provisions, which the Exchange House has developed for the proper compliance with them, as well as regarding the activities, products, and services offered by the Exchange House.

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 adapt to the responsibilities of the members of their respective boards of directors, executives, officials, and employees.

II.

...

42a.-

...

I. to III.

...

IV. Detect and monitor Operations carried out by the same User, as well as those provided for in the 10th and fraction IV of the 29th of these Provisions;

V. to VIII. ...

IX. Maintain information security schemes for processed information, which guarantee its integrity, availability, auditability, and confidentiality;

IX. Bis. Provide the information that Exchange Houses will include in the methodology they must develop according to what is established in the 14a-1 of these Provisions, and

...

43a.- The members of the board of directors, those of the Committee, the Compliance Officer, as well as the executives, officials, employees, and agents of the Exchange Houses, must maintain absolute confidentiality regarding information related to the reports provided for in these Provisions, except when requested by the Secretariat, through the Commission, and other authorities expressly empowered to do so or in the cases provided for in Chapter XII Bis of these Provisions.

...

51a.- Exchange Houses 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 with respect to the period resulting from the date the Secretariat grants the authorization in question to December of the respective year, on the effectiveness of compliance with these Provisions, according to the guidelines for such effects issued by the Commission. The results of such reviews must be presented to the general management and the Committee of the Exchange House, 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. In the aforementioned valuation exercise, no member of the Committee of the Exchange House may participate.

Regarding Exchange Houses that are part of financial groups in terms of the Law to Regulate Financial Groupings, these must take into account the reviews referred to in the first paragraph of this Provision that, if applicable, have been carried out by the other financial entities that make up the corresponding group.

The information referred to in this Provision must be preserved by the Exchange House for a period of no less than five years, and sent to the Commission within sixty natural days following the closing of the exercise to which the review corresponds, in the electronic means indicated by the latter.

CHAPTER XII BIS

EXCHANGE OF INFORMATION

51ª-1.- In order to strengthen measures to prevent and detect acts, omissions, or Operations that could favor, provide help, aid, or cooperation of any kind for the commission of the crimes provided for in articles 139 Quater and 400 Bis of the Federal Penal Code, Exchange Houses that are part of financial groups in terms of the Law to Regulate Financial Groupings may exchange any type of information regarding the Operations they carry out with their Users, with other financial entities that are part of the same group that are authorized to do so according to applicable provisions, in matters of prevention of operations with proceeds of illicit origin and financing of terrorism, provided that they enter into an agreement among themselves in which they stipulate the following:

a) The confidential treatment that will be given to the exchanged information, and

The positions of the officials authorized to carry out the aforementioned exchange.

Prior to the exchange of information taking place, Exchange Houses must inform the Commission about the signing of the agreement referred to in this Provision, in the official format issued for such effects by it and through the means it establishes.

When an Exchange House shares with another or other financial entities that are part of the same financial group the information referred to in this Provision, the former must preserve all supporting documentation, which must be available to the Secretariat and the Commission, at the request of the latter, within the timeframe established by the Commission itself.

53a.- Each Exchange House must draft and send to the Commission, through the electronic means indicated by it, a document in which said Exchange House develops its respective user identification and due diligence policies, as well as the internal criteria, measures, and procedures that it must adopt to comply with what is provided in these Provisions, and to manage the Risks to which it is exposed according to the results of the implementation of the methodology referred to in Chapter II Bis of these Provisions.

If applicable, 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 one, must also be included.

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

Exchange Houses 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 the same, within twenty business days following the date on which their respective audit committee or Committee approves them, in the terms provided for in fraction I of the 34th of these Provisions.

...

58a.- The Secretariat may interpret, for administrative purposes, the content of these Provisions, as well as determine the scope of their application, provided that Exchange Houses, associations, or societies in which they are affiliated, and national authorities that require it for the fulfillment of their functions so request, for which it will hear the opinion of the Commission.

58a-1.- In order to be able to comply with what is established in these Provisions, Exchange Houses will request from the Commission the key that will be used to access the electronic system that the Commission establishes for such effects, having to have it at the moment of starting operations.

64a.- The Secretariat may authorize the Exchange House, without prejudice to what is established in this chapter, access to certain Operations or services, as follows:

I. To Users who are within the List of Blocked Persons, 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 Houses, regarding the obligations they have with some User contracted with some Exchange House, among others, according to the guidelines, standards, or best practices that the Secretariat makes known for such effects.

TRANSITIONAL PROVISIONS

First.- This Resolution will 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 General Provisions referred to in Article 95 of the General Law of Credit Auxiliary Organizations and Activities applicable to exchange houses, published in the Official Gazette of the Federation on September 25, 2009, and subsequent Resolutions through which said General Provisions have been added or reformed, will remain applicable insofar as they do not conflict with what is established in this Resolution.

Third.- Exchange Houses to which authorization is granted to constitute and operate as such on a date subsequent to the entry into force of this Resolution, must comply with the obligations contained in these Provisions, in the terms and in accordance with the deadlines set forth below:

I. Ninety natural days counted from the date of authorization, to present to the Commission the document referred to in the 53rd of these Provisions.

II. Sixty business days counted from the date of commencement of their operations to make the designations referred to in the 35th and the 38th of these Provisions, informing the Commission thereof, within the mentioned timeframe.

Fourth.- Exchange Houses that are in operation at the time of the entry into force of this Resolution, will have a period that may not exceed forty-five natural days counted from the entry into force of this Resolution, in order to elaborate a work schedule in which they must establish activities, deadlines, and responsibilities, 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 42nd of these Provisions; (ii) begin to collect the corresponding information in accordance with the obligations established in this Resolution, as well as introduce it into the aforementioned automated systems, as appropriate, regarding those Operations that are celebrated from the time this period expires; (iii) present to the Commission the document referred to in the 53rd of these Provisions with the respective modifications, and (iv) comply with the other obligations established in the Resolution in question.

Fifth.- The obligation referred to in the 14th of these Provisions will apply to all corporate Users of the Exchange Houses regardless of whether the celebration of the Operation that grants them such status was celebrated prior to the entry into force of this Resolution.

Sixth.- The Secretariat, prior to the opinion of the Financial Intelligence Unit, will make known to the Exchange Houses 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.

Seventh.- The Secretariat will make known to the Exchange Houses the guidelines, standards, or best practices referred to in fraction II of the 64th of the Provisions, within two hundred forty natural days following the entry into force of this Resolution.

Eighth.- The Commission will make known to the Exchange Houses through the electronic means it establishes, the guidelines, guides, and/or best practices referred to in the 14a-5 of the Provisions, within ninety natural days following the entry into force of this Resolution.

Exchange Houses will 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 the time this Resolution enters into force.

Ninth.- The obligation to communicate to the Secretariat, through the Commission, the modifications to the internal structures referred to in the 37th and 39th of these Provisions reformed by this Resolution, will enter into force from the time the Secretariat makes known the electronic means and the official format issued for such effect by said Secretariat.

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

In the document you are viewing, there may be text, characters, or objects that do not display correctly due to conversion to HTML format, so we recommend always taking the digitized image of the DOF or the PDF file of the edition as a reference. The content, form, and scope of published documents are the strict responsibility of their issuer.

INQUIRY

BY DATE

Do Mo Tu We Th Fr Sa

INDICATORS

Exchange Rate and Rates as of 08/31/2026

DOLLAR
17.0427 UDIS
8.810483 TIIE 28 DAYS
6.7659% TIIE 91 DAYS
6.8033% TIIE 182 DAYS
6.8577% TIIE DE FONDEO
6.51%

SURVEYS

Did you like the new look of the Official Gazette of the Federation website?

No
Yes

Official Gazette of the Federation

Río Amazonas No. 62, Col. Cuauhtémoc, C.P. 06500, Mexico City Tel. (55) 5093-3200, where you can access our service menu

Electronic address: dof.gob.mx

113

Lineage: No known changes

Similar documents from other regulators