Resolution modifying the General Provisions regarding the registration of currency exchange centers and money transmitters

DOF: 21/07/2017

RESOLUTION modifying the General Provisions regarding the registration of currency exchange centers and money transmitters

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

The National Banking and Securities Commission, based on the provisions of Article 81-B, fraction VII and third and fourth paragraphs of the General Law of Organizations and Auxiliary Credit Activities, as well as Articles 4, fractions XXXVI, XXXVII and XXXVIII and 16, fraction I of the Law of the National Banking and Securities Commission, and

CONSIDERING

That in order to have solid currency exchange centers and money transmitters administered under the best quality standards, precisely because the scope of supervision of the National Banking and Securities Commission is limited to compliance with provisions on the prevention of operations with proceeds of illicit origin and financing of terrorism, it is necessary to strengthen controls that allow the Commission itself to verify that its shareholders and administrators, persons exercising control, as well as beneficial owners, meet the necessary requirements to conduct the company in strict compliance with the provisions applicable to them, thereby avoiding that through them the operations described are carried out, which will result in a financial system that contributes to the prevention, detection and reporting of acts, omissions or operations that could be located in the circumstances of Articles 139 Quater or 400 Bis of the Federal Penal Code;

That in line with the above, it is convenient that from the moment of the application to register as a currency exchange center or money transmitter, the valid certification in matters of prevention of operations with proceeds of illicit origin and financing of terrorism that compliance officers appointed in such companies must have, in terms of the Law of the National Banking and Securities Commission and its general provisions, be presented; this requirement is also deemed necessary to be observed when it comes to renewals of the aforementioned registrations;

That it is indispensable to add grounds for denial of applications for inscription or renewal in the registry as a currency exchange center or money transmitter, when in the corresponding procedure persons are involved with respect to whom it has been determined that they committed violations of financial laws, and

That in order to comply with the "Agreement establishing the guidelines that must be observed by the dependencies and decentralized organisms of the Federal Public Administration, regarding the issuance of general administrative acts to which Article 69-H of the Federal Administrative Procedure Law applies", the National Banking and Securities Commission intends to issue various modifying resolutions to normative instruments to extend the deadline for the sale and reclassification of titles held to maturity, to the benefit of financial entities; it has resolved to issue the following:

RESOLUTION MODIFYING THE GENERAL PROVISIONS REGARDING THE REGISTRATION OF CURRENCY EXCHANGE CENTERS AND MONEY TRANSMITTERS

SINGLE.- Articles 2, fraction I, subsections e) and f); 4, fractions I, subsection e), X, first and last paragraphs, XII and XIII; 5; 7 and 9, first paragraph are REFORMED and Articles 2, fractions I, subsections g) to i), VI and XIII, with the remaining fractions being renumbered in order and as appropriate; 4, fractions XIV to XVIII, with the remaining fractions being renumbered in order and as appropriate; 7 Bis and 9, fractions II, subsection h) and III of the "General Provisions regarding the registration of currency exchange centers and money transmitters", published in the Official Gazette of the Federation on December 3, 2014, are ADDED, to read as follows:

" Article 2.- . . .

I.

. . .

a) to d)

. . .

e)

Cancellation of the Inscription;

f)

Renewal of the Inscription;

g)

Merger;

h)

Split-off, or

i)

Dissolution and liquidation.

II. to V.

. . .

VI.

Control, the capacity of a person or group of persons, through the ownership of securities, through the celebration of a contract or by any other form, to: (a) impose, directly or indirectly, decisions in the general assembly of shareholders or partners or in the equivalent governing body of a legal entity; (b) appoint or remove the majority of directors, administrators or equivalents of a legal entity; (c) maintain the ownership of rights that allow, directly or indirectly, to exercise voting rights with respect to more than fifty percent of the share capital of a legal entity, or (d) direct, directly or indirectly, the administration, the strategy or the main policies of a legal entity.

Additionally, it will be understood that a natural person exercises Control who directly or indirectly, acquires 25% or more of the share composition or share capital of a legal entity.

VII. to XII.

. . .

XIII.

Beneficial Owner, that person or group of natural persons who exercise Control over a legal entity, 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.

XIV. to XVII.

. . . "

" Article 4.-

. . .

I.

. . .

a) to d)

. . .

e)

Copy of their official identification, valid on the date of its presentation.

For the purposes of what is provided in this fraction, the following documents issued by Mexican authorities will be considered valid personal identification documents: the voter credential, the passport, the professional ID card and the National Military Service card.

Likewise, with respect to foreign national natural persons, 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 IX.

. . .

X.

List signed by the secretary of the board of directors or person competent for it of the persons who directly or indirectly have a participation in the share capital of the Interested Party, as well as of the Beneficial Owners of the Interested Party, with indication of the percentage of participation in the share capital, as appropriate, according to the following table:

[Table]

. . .

. . .

Additionally, a copy of official identification of the persons referred to in this fraction, valid on the date of its presentation, containing the photograph and signature, as well as a copy of the RFC and, where applicable, CURP, telephone number, including area code and extension, and email address must be attached. For the purposes of what is provided in this paragraph, the valid official identification documents referred to in Article 4, fraction I, subsection e), second paragraph of these provisions will be considered.

XI.

. . .

XII.

Credit information Reports of the administrators and of the persons who intend to maintain or maintain, directly or indirectly, shares representing the share capital of the Interested Party in five percent or more; of the Beneficial Owners of the Interested Party and of the Interested Party, which contain antecedents of at least five years prior to the date of the Inscription application, or when this is not possible due to recent constitution, the years from which it was constituted. In the event that the aforementioned natural persons have resided or reside outside the national territory, the documents equivalent to the Credit Information Report issued in their country of residence for the aforementioned period must be presented. The foregoing, in order to prove satisfactory credit history.

XIII.

The document signed by each of the administrators, as well as by the shareholders who maintain, directly or indirectly, five percent or more of the share capital of the Interested Party and of the Beneficial Owners of the Interested Party, which contains the declaration under oath in which they indicate that:

a)

They have not been convicted by an irrevocable sentence for an intentional crime that imposes a penalty of more than one year in prison. With respect to intentional property crimes, regardless of the penalty.

b)

They are not disqualified or suspended administratively or criminally, to engage in commerce or to hold a job, position or commission in public service or in the Mexican financial system.

c)

They have moral solvency, in that:

1.

They have not been subject to administrative investigation or inquiry procedures for serious infractions or criminal, for violations of national or foreign financial laws, which have had as a conclusion any type of resolution or agreement that expressly implies acceptance of guilt or responsibility, or a final condemning sentence.

2.

They do not participate or have participated in the share capital of another company, which by final resolution it has been determined that it committed serious infractions to the applicable regulations 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 Article 139 Quater of the Federal Penal Code or that could be located in the circumstances of Article 400 Bis of the same Code.

3.

They do not participate in the share capital of a Currency Exchange Center whose Registration is in the process of cancellation.

4.

They do not participate or have participated in the share capital of a legal entity to which the Ministry of Finance and Public Credit, the Commission, the National Insurance and Bonds Commission, the National Commission for the Protection and Defense of Users of Financial Services or the National Commission for the Savings System for Retirement, have denied the concession or authorization or have revoked or cancelled the authorization, concession or registration, unless the revocation or cancellation was at the request of the party.

The declarations referred to in subsections 2 to 4 above will not be applicable with respect to administrators, shareholders or Beneficial Owners of the Interested Parties seeking Registration as Money Transmitters.

d)

They authorize the Commission itself so that during the time they serve as shareholders, administrators or Beneficial Owners of the Interested Party, in the event that said Commission finds out by any means that they ceased to be in the circumstances of the previous subsections, or well, has news that they are in a process before any judicial body, requests the corresponding information.

XIV.

Curriculum vitae of the administrators, auditor, general manager and executives of the two immediate lower hierarchies to that of the general manager of the Interested Party, as well as of the persons who intend to maintain or maintain, directly or indirectly, shares representing the share capital of the Interested Party in five percent or more, and of the Beneficial Owners

of the Interested Party, which contains at least the following information:

a)

Hierarchical level occupied and positions held in public, private or social entities in the last ten years, indicating the permanence in each position.

b)

Description of professional or business activities carried out in the last ten years.

c)

Hierarchical level occupied and honorary positions held in the last ten years, indicating the permanence in each position.

XV.

Report of registry data issued by the Attorney General's Office of the Republic or the Prosecutor's Office that replaces it with respect to the administrators of the Interested Party; of the persons who intend to maintain or maintain, directly or indirectly, shares representing the share capital of the Interested Party in five percent or more, and of the Beneficial Owners of the Interested Party, as well as the certificate of no criminal records issued by the Attorney General's Office or the State Prosecutor's Office of the place of residence of said persons and of the State where they have their main place of business. In the case of persons residing in Mexico City, the certificate of no criminal records will be the one issued by the Ministry of the Interior through the National Security Commission and for persons who do not reside in national territory or have not resided in national territory for a period greater than three months, instead of the aforementioned report and letter they must present the document equivalent to those indicated, issued in their country of residence. In the event that for processing the documents referred to in this fraction the interested persons require a formal petition issued by the Commission, they must request it in writing to the Commission itself.

XVI.

Document signed by the persons who directly or indirectly have or intend to have a participation of five percent or more in the share capital of the Interested Party, of the Beneficial Owners of the Interested Party, as well as of the spouse, concubine or concubinary, which contains, under oath, their financial situation of the last three years, which must comprise:

a)

Assets and rights.

1.

Real estate.

2.

Movable property.

3.

Balances in accounts of national or foreign financial entities (including deposits and debt securities), specifying the name of the financial entity in which the account is maintained.

4.

Others, including investments and other types of securities in the share capital of national or foreign financial entities or legal entities for profit.

i)

Specify the name of the financial entity or legal entity.

ii)

Specify percentage of shareholding.

5.

Sponsorships, courtesies and donations received.

6.

Total assets and rights (gross assets).

b)

Debts and obligations.

1.

Mortgages, financial obligations and credits.

2.

Others, including economic and financial interests.

3.

Total debts and obligations.

4.

Equity (subtraction of subsection a), item 6 minus subsection b), item 3).

5.

Guarantees and sureties granted.

6.

Insurance policies.

7.

Annual net income.

c)

Specify the origin of the resources, if they are own or not and that these are lawful.

XVII. Copy of the annual tax returns of the last three fiscal years of the Beneficial Owners and of the persons who maintain or intend to maintain, directly or indirectly, a participation of five percent or more in the share capital.

XVIII.

Copy of the document issued by the Commission in which the valid certification of the compliance officer to be appointed by the Interested Party is stated, obtained in terms of the "General Provisions for the certification of independent external auditors, compliance officers and other professionals in matters of prevention of operations with proceeds of illicit origin and financing of terrorism" published in the Official Gazette of the Federation on October 2, 2014 and its respective modifications.

XIX. to XXI.

. . .

Article 5.- The Commission may deny applications for Inscription or renewal when:

I.

It is carrying out an investigation against the Interested Party or, where applicable, its partners, shareholders, administrators or Beneficial Owners, for the performance of activities provided for in the laws relating to the Mexican financial system, without having for this the authorization, concession or registration that the laws establish, or well, said investigation has already been carried out and it has been determined that the Interested Party itself or the aforementioned persons, performed activities provided for in the laws relating to the Mexican financial system, without having the corresponding authorization, concession or registration established in the laws.

II.

A procedure has been initiated to cancel the Registration as a Currency Exchange Center and the shareholders of this are in turn shareholders of the Interested Party.

III.

It does not comply with the requirements provided for in the Law and in these provisions.

In no case, the discarded or denied applications will be published in the Registry, but they will form part of the Database and the relative information will be protected in terms of what is provided in the General Law of Transparency and Access to Public Information and the Federal Law of Transparency and Access to Public Information. "

" Article 7.- Currency Exchange Centers and Money Transmitters that require making an Annotation to modify the data of their Inscription must present to the Commission a copy of the documentation that accredits the change in the data of the Inscription, or a certified copy in the case of public instruments, within thirty days following the change having been made.

With respect to the acts recorded in subsections g) to i) of fraction I of Article 2 of these provisions, once it has been registered in the Public Commerce Registry, the corresponding Currency Exchange Center or Money Transmitter must send to the Commission a certified copy of the document in which its inscription is recorded within fifteen business days following such inscription.

With respect to Annotations relating to the renewal of their Inscription, Currency Exchange Centers or Money Transmitters must present their application to the Commission no later than ninety days prior to the expiration of the Inscription, attaching the following:

I.

Renewed favorable Technical Opinion at the time of its presentation.

II.

The updated lists and other documentation relating to the physical establishments destined to carry out their social object, with indication of their address, as stated in Article 4, fraction IX of these provisions.

III.

List of persons, trusts or vehicles that directly or indirectly have a participation in the share capital of the Currency Exchange Center or Money Transmitter, as well as of the Beneficial Owners, as stated in Article 4, fraction X of these provisions.

IV.

Its organizational structure as stated in Article 4, fraction XI of these provisions.

V.

The information contained in Article 4, fractions XII to XVII of these provisions, with respect to each of the shareholders who maintain, directly or indirectly, five percent or more in the share capital of the Currency Exchange Center or Money Transmitter, and of the Beneficial Owners of the Interested Party, as well as the information referred to in Article 4, fractions XII and XV of these provisions with respect to their administrators, auditor, managers or sole administrator, general manager or executives of the two immediate lower hierarchies to that of the latter, as appropriate.

VI.

The document referred to in Article 4, fraction XVIII of these provisions with respect to the person acting as its compliance officer.

Article 7 Bis.- Currency Exchange Centers and Money Transmitters must notify the Commission of the change of administrators, auditors, managers or sole administrator, general manager or executives of the two immediate lower hierarchies to that of the latter within a period of ten business days from the new appointment, attaching the information and documentation indicated in fractions XI to XV of Article 4 of these provisions, as appropriate. These modifications will not be considered as Annotations.

Likewise, the Currency Exchange Center or Money Transmitter must notify the Commission within three business days following the day on which it has registered in the registry referred to in Article 128 of the General Law of Commercial Societies, the transmission of any of its shares that represent more than two percent of its paid-up capital and, additionally with respect to the transmission of shares that represent more than five percent, in addition to the notice referred to in this paragraph, they must present to the Commission the information and documentation indicated in fractions X and XII to XVII of Article 4 of these provisions. These modifications will not be considered as Annotations. "

" Article 9.- The Registry will contain, the following:

I.

. . .

II.

. . .

a) to g)

. . .

h)

Main address and, where applicable, of its branches, composed of street, avenue or route in question and external number and, where applicable, internal, neighborhood or urbanization, delegation, municipality or similar political demarcation that corresponds, postal code, city or population and federal entity.

III.

The Annotations.

TRANSITORY

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

SECOND.- The National Banking and Securities Commission will issue the normative instruments to comply with Article Fifth of the "Agreement establishing the guidelines that must be observed by the dependencies and decentralized organisms of the Federal Public Administration, regarding the issuance of general administrative acts to which Article 69-H of the Federal Administrative Procedure Law applies" within a period of six months counted from the publication of this Resolution in the Official Gazette of the Federation.

Respectfully

Mexico City, July 14, 2017. - The President

of the National Banking and Securities Commission,

Jaime González Aguadé.- Rubric.

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