Regulatory Alerts2019-03-20 | DOF 5554685Added
Resolution reforming, adding, and repealing general provisions applicable to money transmitters under Article 95 Bis of the General Law of Credit Organizations and Auxiliary Activities
This resolution amends the general provisions for money transmitters to align with Financial Action Task Force (FATF) recommendations, specifically introducing stricter identification requirements for electronic fund transfers regardless of amount, prohibiting simplified due diligence when money laundering or terrorism financing is suspected, and requiring the assessment of politically exposed persons. It establishes the concept of a 'coadjuvant legal person' for third-party support, mandates the evaluation of risks associated with new financial technologies, and legally recognizes the use of digital means for user identification and record-keeping. The document also repeals certain outdated definitions and removes the obligation to submit training reports.