Regulatory Alerts2017-03-30 | DOF 5478021Added
Resolution reforming, adding, and repealing general provisions under Article 129 of the Credit Unions Law
The resolution amends the general provisions of the Credit Unions Law to implement a Risk-Based Approach for anti-money laundering and counter-terrorist financing compliance. It establishes new definitions for risk grades, mitigants, and politically exposed persons, and mandates the identification of beneficial owners for corporate clients regardless of risk classification. The measure updates thresholds for relevant and unusual transactions, requiring internal escalation for cash transactions exceeding 7,500 USD or 300,000 MXN for individuals, and 50,000 USD or 500,000 MXN for legal entities, while also clarifying reporting deadlines and valid identification documents.