Regulatory Alerts2017-04-04 | DOF 5478612Added
Resolution amending, adding, and repealing various general provisions under Article 124 of the Popular Savings and Credit Law
This Resolution amends, adds, and repeals general provisions under Article 124 of the Popular Savings and Credit Law to implement a Risk-Based Approach for popular financial societies, community financial societies (levels I-IV), and rural financial integration organisms. It mandates the identification of beneficial owners, updates valid identification documents, modifies thresholds for relevant and unusual operations, and clarifies reporting deadlines for suspicious transactions. The changes also establish interim compliance officer appointments and require the exchange of information within financial groups to combat illicit funds and terrorism financing.