Regulatory Alerts2017-07-21 | DOF 5491467Added
Resolution modifying the General Provisions regarding the registration of currency exchange centers and money transmitters
The National Banking and Securities Commission amends the General Provisions for the registration of currency exchange centers and money transmitters to strengthen controls on shareholders, administrators, and beneficial owners. The resolution introduces new definitions for control and beneficial ownership, mandates the submission of compliance officer certification with initial applications and renewals, and expands grounds for denying registration to include individuals involved in financial law violations. It also imposes stricter documentation requirements, including detailed financial statements and criminal background checks, and establishes specific notification timelines for changes in management and share transfers.