Resolution reforming, adding, and repealing general provisions under Article 129 of the Credit Unions Law

DOF: 30/03/2017

RESOLUTION that reforms, adds, and repeals various general provisions referred to in Article 129 of the Credit Unions Law

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

RESOLUTION THAT REFORMS, ADDS, AND REPEALS VARIOUS GENERAL PROVISIONS REFERRED TO IN ARTICLE 129 OF THE CREDIT UNIONS LAW.

JOSÉ ANTONIO MEADE KURIBREÑA, Secretary of Finance and Public Credit, based on the provisions of articles 31, fractions VII and XXXIV of the Organic Law of the Federal Public Administration, as well as 129 of the Credit Unions Law, in the exercise of the powers conferred upon me by article 6, fraction XXXIV of the Internal Regulations of the Ministry of Finance and Public Credit, and with the prior opinion of the National Banking and Securities Commission issued via letter number VSPP/19/2017 dated February 13, 2017; and

CONSIDERING

That one of the most effective mechanisms within the regulatory framework for the prevention and combat of operations with resources of illicit origin and terrorist financing, consists in the implementation of customer identification and due diligence policies by credit unions, as they constitute fundamental elements to mitigate the risk that such societies are used for the commission of such offenses;

That since the year 2000, Mexico has been a member of the Financial Action Task Force (FATF), an intergovernmental body that sets international standards in matters of prevention and combat of operations with resources of illicit origin, terrorist financing, and financing for the proliferation of weapons of mass destruction;

That in this sense, Mexico has committed to the aforementioned group and its members to implement its recommendations and, consequently, to the related conduct of a mutual evaluation consisting of a review of the systems and mechanisms that have been created in our country as a member of the FATF, as well as Mexico's response in the effective implementation of the 40 Recommendations. The foregoing, with the objective of instituting legal and operational systems for the prevention of operations with resources of illicit origin and terrorist financing, as well as any other threat that could compromise the integrity of the financial system both internationally and nationally;

That pursuant to FATF Recommendation 1, credit unions must identify, evaluate, and take actions to mitigate risks regarding operations with resources of illicit origin and terrorist financing through customer due diligence mechanisms that are appropriate to the risks they represent, which implies that credit unions carry out the application of a Risk-Based Approach, so a Chapter is added in which the use of a methodology is established for credit unions to evaluate risks in this matter and apply mitigants to them according to a Risk-Based Approach, in order to avoid being used for the commission of operations with resources of illicit origin and terrorist financing;

That pursuant to FATF Recommendation 10, modifications are made regarding the customer identification policy for legal persons, regardless of the risk classification made by the credit union, in order for the obligated subjects to know their shareholding and corporate structures, as well as to specify the mechanisms to collect data on beneficial owners. The foregoing, with the objective that credit unions have more information allowing them to perform a better evaluation of the risks to which they are exposed by virtue of their commercial relationships, of being used for the commission of the crimes of operations with resources of illicit origin and terrorist financing, and can adopt the pertinent actions for their mitigation;

That with the aim of increasing the effectiveness of measures in matters of prevention of operations with resources of illicit origin and the combat of terrorist financing, the thresholds regarding relevant and unusual operations are modified, as well as that regarding the establishment of internal approval escalation mechanisms, regarding loans and credits that customers make to credit unions, receipt of payments or acquisition of products or services in cash that, individually, natural persons carry out in branches in their capacity as customers, with any type of foreign currency, which will result in authorities having more information for the development of the authorities' powers in this matter;

That based on FATF Recommendation 20 and with the aim of strengthening the sending of reports of unusual operations and reports of concerning internal operations that are sent by entities in terms of the General Provisions referred to in Article 129 of the Credit Unions Law, it is necessary to clarify the deadlines for presenting such reports, once they have been determined, with the objective that the authority has the information in a timely manner for the exercise of its powers;

That for the credit union to be able to comply with what is provided in these General Provisions, by having an official who at all times acts as a liaison with the authorities in terms of the General Provisions referred to in Article 129 of the Credit Unions Law, the possibility is established to appoint an interim compliance officer for a specific period in case the compliance officer in charge has their appointment revoked or is unable to carry out their functions;

That with the object of recognizing other official identifications, new valid personal identification documents for the celebration of operations are provided;

That with the objective of providing certainty on the period that the annual audit report of credit unions that begin operations after the beginning of the calendar year must cover, it is considered necessary to clarify the scope of this obligation in this case, and

That once the opinion of the National Banking and Securities Commission has been heard, I have deemed it appropriate to issue the following:

RESOLUTION THAT REFORMS, ADDS, AND REPEALS VARIOUS GENERAL PROVISIONS REFERRED TO IN ARTICLE 129 OF THE CREDIT UNIONS LAW.

SINGLE ARTICLE.- The fractions V in its second paragraph, XIII, XIV in its first paragraph, XV in its first paragraph, and XVI in its first paragraph of the 2nd; the fractions I, subsection b), numerals (i) in its second paragraph and (iii), III, subsection b), numeral (i), IV in its last paragraph, VI, IX, subsection a) and last paragraph of said fraction of the 4th; the first paragraph of the 11th; the seventh paragraph of the 13th; the 15th; the fraction I of the 17th; the first, fourth, fifth, sixth, and seventh paragraphs of the 19th; the 20th; the first, second, and third paragraphs of the 22nd; the fractions I in its first paragraph and II of the 24th; the fifth paragraph of the 27th; the first paragraph of the 28th; the fraction IV of the 29th; the first paragraph of the 32nd; the first paragraph of the 33rd; the fractions II in its first paragraph, IV, VIII, and IX of the 34th; the first, fifth, sixth, and seventh paragraphs of the 35th; the second paragraph and the fractions I and II of the 37th; the first and second paragraphs, the latter to become the fourth, of the 38th; the first paragraph of the 39th; the fraction I in its first paragraph of the 40th; the fraction IX of the 42nd; the 52nd; the first paragraph of the 53rd; the 58th, and the 64th are REFORMED; the fractions VII Bis, IX Ter, and a second paragraph to fraction XVI of the 2nd; a second paragraph to numeral (iii), subsection b) of fraction I, a subsection c) to fraction II, a second and third paragraphs to fraction VI of the 4th; a Chapter II Bis titled "RISK-BASED APPROACH" with provisions 15-1 to 15-5; the fraction I Bis to the 17th; a fourth paragraph, shifting the subsequent ones in order, to the 22nd; a second paragraph, shifting the subsequent one in order to the 33rd; the fractions I Bis and X of the 34th; a second and third paragraphs, shifting the others in order to the 38th; the 38th Bis; the fractions I to III to the first paragraph of the 39; a second paragraph to fraction I of the 40th; the fraction IX Bis to the 42nd; a second, third, and fourth paragraphs, shifting the others in order of the 53rd; the 58th-1, and the fractions I and II to the first paragraph of the 64th are ADDED; and the second paragraph of fraction I and the last paragraph of the 24th, as well as the second paragraph of the 35th, all of them of the General Provisions referred to in Article 129 of the Credit Unions Law, are REPEALED, to read as follows:

2nd.- ...

I. to IV. ...

V. ...

Additionally, it will be understood that Control is exercised by that natural person who directly or indirectly acquires 25% or more of the share composition or social capital of a legal person;

VI. to VII. ...

VII. Bis. Risk Grade, the classification of Clients carried out by the Union based on the evaluation of their Risk;

VIII. to IX. Bis. ...

IX. Ter. Mitigants, the policies and procedures implemented by the Unions that contribute to managing and reducing exposure to the Risks identified in the methodology referred to in Chapter II Bis of these Provisions;

X. to XII.

...

XIII. Concerning Internal Operation, the Operation, activity, conduct, or behavior of any of the directors, officials, agents, and employees of the Credit Union in question, regardless of the labor regime under which they provide their services, that, due to its characteristics, could contravene, compromise, or evade the application of what is provided by the Law or these Provisions, or that, for any other cause, proves doubtful to the Unions by considering that it could favor or not alert on the updating of the circumstances provided in articles 139 Quáter or 400 Bis of the Federal Penal Code;

XIV. Relevant Operation, the Operation carried out with legal tender banknotes and metallic coins in the United Mexican States or in any other country, as well as with traveler's checks and coins minted in platinum, gold, and silver, for an amount equal to or greater than the equivalent in national currency to seven thousand five hundred United States dollars.

...

XV. Politically Exposed Person, that individual who holds or has held prominent public functions in a foreign country or national territory, considering among others, heads of state or government, political leaders, high-ranking governmental, judicial, or military officials, high executives of state-owned companies, or officials or important members of political parties and international organizations; understood as those entities established through official political agreements between states, which have the status of international treaties; whose existence is recognized by law in their respective member states and are not treated as resident institutional units of the countries in which they are located.

...

...

...

XVI. Beneficial Owner, that natural person who, through another or any act or mechanism, obtains the benefits derived from a contract or Operation concluded with the Union and is, ultimately, the true owner of the resources, by having rights of use, enjoyment, profit, dispersion, or disposal over them.

The term Beneficial Owner also includes that person or group of natural persons who exercise Control over a legal person, as well as, in their case, the persons who can instruct or determine, for their own economic benefit, the acts susceptible to be carried out through Trusts, mandates, or commissions;

XVII. to XXI. ...

4th.-

...

I.

...

a)

...

b)

...

(i) For the purposes of what is provided by this subsection, the following documents issued by Mexican authorities will be considered as valid personal identification documents: the voter credential, the passport, the professional license, the national military service card, the consular enrollment certificate, the unique military identity card, the card of affiliation to the National Institute of Older Adults, the credentials and cards issued by the Mexican Social Security Institute, by the Institute for Social Security and Services for State Workers, by the Social Security Institute for the Mexican Armed Forces, or by Popular Insurance, the driver's license, the credentials issued by federal, state, and municipal authorities, the identity statements issued by municipal authorities, and the other national identifications that, in their case, the Commission approves. Likewise, regarding natural persons of foreign nationality referred to in this fraction, 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, in addition to those previously referred to in this paragraph;

(ii)

...

(iii) Proof of address, which may be any receipt for payment of home services such as, among others, electricity supply, telephone, natural gas, property tax, or water supply rights or bank statements, all of them with an age not greater than three months from their date of issuance, or the lease contract in effect on the date of presentation by the Client, residence statement issued by municipal authority, the proof of registration before the Federal Taxpayer Registry, as well as the others that, in their case, the Commission approves;

Notwithstanding the foregoing, when the address stated in the contract celebrated by the Client with the Union coincides with that of the Client's voter credential issued by a Mexican authority, in case it has been identified with the same, this will function as the proof of address referred to in the previous paragraph;

(iv) and (v) ...

II. ...

a) ...

b) ...

c) Additionally, information must be collected from the Client that allows the Union to know (i) its shareholding or partnership structure, as applicable, and (ii) in case it has a Risk Grade other than low, its internal corporate structure; that is, the Client's organizational chart, considering at least the full name and position of those individuals who hold positions between general manager and the immediate lower hierarchy, as well as the full name and corresponding position of the members of its board of directors or equivalent.

Likewise, the Unions must identify the Beneficial Owners of their corporate Clients that exercise Control over them in terms of the second paragraph of fraction V of the 2nd of these Provisions, in accordance with what is established in fraction VI of this Provision.

When there is no natural person who owns or controls, directly or indirectly, a percentage equal to or greater than 25% of the capital or voting rights of the legal person in question, or who by other means exercises Control, direct or indirect, of the legal person, it will be understood that the administrator or administrators thereof exercise such Control, understanding that the natural person designated for such effect exercises administration.

When the designated administrator is a legal person or Trust, it will be understood that Control is exercised by the natural person appointed by the administrator of the legal person or Trust.

For such purposes, the Unions must collect a declaration signed by the legal representative of the corporate Client in question, in which it is indicated who their Beneficial Owners are in terms of this subsection.

In case the Unions have indications that make the truthfulness of the declared information questionable, the Unions must take reasonable measures to determine and identify the Beneficial Owners of the corresponding corporate Client.

III. ...

a) ...

b) ...

...

(i) Document that credibly proves its legal existence, document in which the assignment of the tax identification number and/or equivalent issued by competent authority is stated, as well as obtaining the information and collecting the data referred to in subsection c) of fraction II of this Provision.

(ii) and (iii) ...

IV.

...

...

...

The Unions may apply the simplified measures referred to in this fraction, provided that the aforementioned societies, dependencies, and entities have been classified as Clients with a Low Risk Grade in terms of the 19th of these Provisions;

V.

...

VI. Regarding Beneficial Owners and that Unions are obligated to identify them in accordance with these Provisions, they must record and collect in the respective Client identification file the same data and documents as those established in fractions I or III of this Provision, as applicable, with the exception of the document referred to in numeral (iii) of subsection b), of fraction I, as well as numeral (ii) of subsection b), of fraction III of the 4th of these Provisions, respectively, in case the obligation to identify the Beneficial Owner derives from a Client that is classified with a Low Risk Grade. The foregoing; according to the measures that for such purposes are established in the document referred to in the 53rd of these Provisions, or in another document or manual elaborated by the Unions themselves.

In case of legal persons whose representative titles of their social capital or securities representing such shares trade on any stock exchange in the country or in foreign securities markets recognized as such in terms of the General Provisions applicable to stock exchanges published in the Official Gazette of the Federation on May 30, 2014, and their respective modifications, as well as those subsidiaries in which they have a majority participation of fifty percent in their social capital, the Unions will not be obligated to collect the aforementioned identification data, considering that they are subject to provisions in matters of stock exchange on information disclosure.

The Ministry will issue the guidelines that the Unions may consider for compliance with what is provided in the first paragraph of this fraction, which will be made known through the electronic means established for such effect by the Commission;

VII. and VIII. ....

IX. ...

a)

...

...

...

...

...

...

...

...

• regarding the settlors, beneficiaries, fiduciary delegates, and, in their case, the members of the technical committee or equivalent governing body, legal representative(s) and legal agent(s), identification data must be collected in the terms referred to in this Provision, as applicable. Without prejudice to the foregoing, the Union that does not act as fiduciary may comply with the obligation to collect data relative to the members of the technical committee or equivalent governing body, indicating only the first and last names, without abbreviations, of these, as well as their date of birth.

b)

...

...

...

The Unions that carry out Operations with Trusts regarding which they do not act as fiduciaries, may comply with the obligation (a) to collect the document referred to in numeral (i) of subsection b) of this fraction, and (b) to that referred to in fraction VI of this Provision, respectively, through a statement signed by the fiduciary delegate and the Compliance Officer of the entity, institution, or society acting as fiduciary, which must contain the information indicated in subsection a) above, as well as the obligation to keep such documentation available to the Ministry and the Commission, in order to send it, upon request of the latter, within the deadline established by the Commission itself.

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...

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...

...

...

11th.- For the case of contracts for the granting of credit, as well as the celebration of leasing, financial leasing, or financial factoring operations offered by the Unions, these will be considered of Low Risk Grade and, therefore, may have simplified identification requirements, provided that they are subject to the following:

I. to II.

...

...

13th.-

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...

...

Likewise, the Unions must establish internal approval escalation mechanisms, regarding loans and credits that Clients make to the Unions, receipt of payments or acquisition of products or services in cash that, individually, natural persons carry out in branches in their capacity as Clients, with any type of foreign currency, for amounts greater than the equivalent to seven thousand five hundred United States dollars or in national currency, for amounts greater than three hundred thousand pesos, as well as those carried out by their Clients, legal persons or Trusts, with said foreign currencies, for amounts greater than the equivalent to fifty thousand United States dollars or in national currency, for amounts greater than five hundred thousand pesos.

...

15th.- The Unions will verify that the identification files of corporate Clients, regardless of their Risk Grade, have all the data and documents provided in the 4th of these Provisions, as well as that said data and documents are updated, understanding that the Unions may opt not to carry out the update of the latter, in case it is a corporate Client with a Low Risk Grade. The foregoing, in the terms and conditions that the Unions establish in the document referred to in the 53rd of the Provisions. Likewise, they will verify, at least once a year, that the identification files of their Clients classified as High Risk Grade, have updated all the data and documents provided in the 4th of these Provisions.

If during the course of a commercial relationship with a Client, the Credit Union in question detects changes

significant changes in the usual transactional behavior of the latter, without there being a justified cause for it,

or, doubts arise regarding the veracity or accuracy of the data or documents provided by the

Client themselves, among other circumstances that the Union itself establishes in the document referred to in the 53rd

of these Provisions, it will reclassify said Client into the higher Risk Grade

corresponding according to the results of the analysis that, if applicable, the Union performs, and must verify and

request the update of both the data and identification documents, among other measures that

the Union deems convenient.

Credit Unions must establish in the document referred to in the 53rd of these Provisions,

the policies, criteria, measures, and procedures that they must adopt to comply with what is stated

in this Provision, including the circumstances in which a visit to the domicile of Clients

who are classified as High Risk Grade must be carried out, in order to properly integrate the files and/or update the data and documents corresponding, in which case the results of such

visit must be recorded in the respective file.

CHAPTER II BIS

RISK-BASED APPROACH

15th-1.- Credit Unions, under the terms provided for this effect in their internal policies, criteria,

measures, and procedures documents referred to in the 53rd of these Provisions, or in some

other document or manual prepared by them, must establish a methodology, designed and

implemented, to carry out a Risk Assessment of the risks to which they are exposed derived from

their products, services, practices, or technologies with which they operate. This methodology must establish the

processes for the identification, measurement, and mitigation of Risks, for which they must take into account,

the Risk factors identified for this purpose, as well as the national risk assessment and its

updates, which will be made known by the Secretariat through the Commission.

Likewise, Credit Unions will carry out the processes referred to in the first paragraph of the present

Provision, prior to the launch or use of new products, services, practices, or technologies.

15th-2.- Credit Unions, for the design of the Risk assessment methodology, must comply with the

following:

I. Consider in their identification process the indicators that explain how and to what extent the

Union may be exposed to Risk, considering at least the following elements: Clients,

countries and geographic areas, products, services, transactions, and sending channels linked to the

Operations of the Union, with its Clients, as well as the national risk assessment and its updates

that the Secretariat makes known to them through the Commission.

II. Use a method for the measurement of Risks that establishes a relationship between the indicators

referred to in the previous fraction I and assign a weight to each of them consistently based on

their importance to describe said Risks.

III. Establish the Mitigants deemed necessary based on the indicators indicated in the

previous fraction I, identified by each Credit Union to maintain them at an acceptable level of tolerance in

compliance with their internal policies, criteria, measures, and procedures documents referred to in the

53rd of these Provisions.

In the preparation of the Risk assessment methodology, Credit Unions must ensure that there are no

inconsistencies between the information they incorporate into it and that which is in their

automated systems.

15th-3.- When, as a result of the implementation of the Risk assessment methodology, the

existence of greater or new Risks for the Credit Unions themselves is detected, these must modify the policies and

measures corresponding to mitigate them, as well as their Risk assessment methodology.

The compliance and results of the obligations contained in this Chapter must be reviewed and

updated by Credit Unions every twelve months, be in writing, and be available to the Secretariat and to

the Commission, at the request of the latter, within the timeframe established by the Commission itself.

The Commission may review and, if applicable, order Credit Unions to modify their Risk assessment

methodology or their Mitigants, among other circumstances, when they do not consider a proper

Risk administration in the procedure and criterion(s) for the determination of the opening, limitation, and/or

termination of a commercial relationship with Clients, which must be congruent with said methodology, as well as

request an action plan for them to adopt reinforced measures to manage and mitigate their Risks.

Credit Unions must retain the information generated as a result of this Chapter for a

period of no less than five years and provide it to the Secretariat and to the Commission, at the request of the latter,

within the timeframe established by the Commission itself.

15th-4.- Credit Unions must comply with all obligations contained in these

Provisions, in accordance with the results generated by their methodologies referred to in this Chapter.

15th-5.- The Commission will prepare guidelines, guides, and/or best practices that Credit Unions will consider

for better compliance with what is provided in this Chapter, which will be made known through

the electronic means established by the Commission itself.

17th.-

...

I. The policies, procedures, and controls to mitigate Risks, which must be consistent with the

results of the implementation of the methodology referred to in Chapter II Bis;

I. Bis. Procedures for the Union to follow up on Operations carried out by its Clients;

II. to V. ...

19th.- The application of the Client knowledge policy must be based on the Risk Grade that

a Client represents; in such a way that, when the Risk Grade is higher, the Union must collect

more information about their predominant activity, as well as carry out stricter supervision of their

transactional behavior.

...

...

Likewise, Credit Unions must classify their Clients by their Risk Grade and establish, as

a minimum, (i) two classifications regarding their natural person Clients: High and Low Risk Grades, and (ii)

three classifications regarding their legal entity Clients and Trusts: High, Medium,

and Low Risk Grades. Credit Unions may establish additional Intermediate Risk Grades to the classifications mentioned above.

In order to determine the Risk Grade in which Clients should be placed at the beginning of the

commercial relationship, Credit Unions must consider the information provided by them at

the time of signing the respective contract. Additionally, Credit Unions must carry out, at

least, two evaluations per calendar year, in order to determine if it is necessary or not to modify the initial

transactional profile of their Clients, as well as to classify them into a Risk Grade different from the

initially considered. The evaluations will be carried out on those Clients whose contract signing

was carried out at least six months in advance of the corresponding evaluation.

Credit Unions, under the terms provided for this effect in their internal policies, criteria, measures, and

procedures documents referred to in the 53rd of these Provisions, will apply to their Clients who

have been categorized as High Risk Grade, as well as to new Clients who meet such

criteria, identification questionnaires that allow obtaining more information about the origin and destination of

resources and the activities and Operations they carry out or intend to carry out.

To determine the Risk Grade in which Clients should be located, as well as whether they should

be considered Politically Exposed Persons, each Credit Union will establish in the documents

mentioned in the previous paragraph the criteria conducive to that end, which take into account, among other

aspects, the Client's background, profession, activity, or business sector, the origin and destination of their resources, the place of their residence, the methodology referred to in Chapter II Bis of these

Provisions, and the other circumstances determined by the Credit Union itself.

20th.- For cases where, prior to or after the start of the commercial relationship, a Credit Union detects that the person who intends to be a Client or who already is one, as applicable, meets the requirements to

be considered a Politically Exposed Person and, additionally, of High Risk Grade, said Credit Union

must, in accordance with what is established for this effect in its internal policies, criteria, measures, and

procedures document referred to in the 53rd of these Provisions, obtain the approval of an

official who holds a position within the three hierarchical levels below that of the general manager within

the same, in order to initiate or, if applicable, continue the commercial relationship.

22nd.- Credit Unions must classify their Clients based on their Risk Grade.

High Risk Grade Clients will be considered, at least, Foreign Politically Exposed Persons,

regarding which, Credit Unions must collect the information that allows them to know and record

the reasons why they have chosen to sign a contract or operation in national territory.

In the Operations carried out by Clients who have been classified as High Risk Grade, Credit

Unions will adopt measures to know the origin of the resources, and will seek to obtain the data indicated

in Chapter II of these Provisions, under the terms provided for this effect in their internal policies, criteria, measures, and procedures documents referred to in the 53rd of these Provisions, or

in some other document or manual prepared by them, regarding the spouse and economic dependents of the Client, as well as the companies and associations with which they maintain

patrimonial links, in the case of natural persons, and, regarding legal entities, their main

shareholders or partners as applicable, while in the case of Trusts, they will seek to collect the

same data regarding the spouse and economic dependents of the settlors and beneficiaries

who are natural persons, as well as the companies and associations with which they maintain patrimonial links and,

regarding settlors and beneficiaries who are legal entities, their corporate structure and their

main shareholders or partners, under the terms provided for this effect in their internal policies, criteria,

measures, and procedures documents referred to in the 53rd of these Provisions, or in some

other document or manual prepared by them. Regarding Foreign Politically Exposed Persons, Credit Unions must obtain, in addition to the reference data, the documentation indicated in

Chapter II of these Provisions, regarding the natural and legal persons mentioned above in

this paragraph.

Without prejudice to the foregoing, regarding legal entity Clients whose share certificates representing their

share capital or securities representing said shares trade on any stock exchange in the country or in

recognized foreign securities markets under the terms of the general provisions applicable to stock exchanges published in the Official Journal of the Federation on May 30, 2014 and

their respective modifications, as well as subsidiaries in which they have a

majority participation of fifty percent in their share capital, Credit Unions will not be obligated to collect the identification data

mentioned above, considering that they are subject to provisions on

stock market disclosure.

...

24th.-

...

I. In the case of commercial legal entity Clients who are classified as High Risk

Grade, information relative to the name, nationality, domicile, corporate purpose, and share capital of the legal entities that make up the business group or, if applicable, the business groups that make up the consortium of which the Client is part must be requested.

Paragraph repealed.

...

II. Regarding legal entities with the character of civil societies or associations that are

classified as High Risk Grade, identify the person or persons who have Control over such

societies or associations, regardless of the percentage of social equity with which they participate in the

society or association, and

III.

...

Paragraph repealed.

27.-

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...

...

...

Regarding any Operation referred to in this Provision, carried out for an amount equal to

or greater than seven thousand five hundred United States dollars, the Credit Union in question will not be

obligated to present the report indicated in the 26th of these Provisions.

28th.- For each Unusual Operation detected by a Credit Union, it must send to the Secretariat, through

the Commission, the corresponding report, within three business days following

from the conclusion of the Committee session that adjudges it as such. For purposes of carrying out the adjudication in

question, the Credit Union through its Committee will have a period that will not exceed sixty calendar days

counted from when the alert is generated through its system, model, process, or by the employee of

the Credit Union, whichever occurs first.

...

29th.-

...

I. to III. ...

IV. Operations linked to the same contract carried out in foreign currency, traveler's checks,

and minted coins in platinum, gold, and silver, for multiple or fractional amounts that, for each

individual Operation, are equal to or exceed the equivalent of five hundred United States dollars of

America, carried out in the same calendar month that sum, at least, the amount of seven thousand five hundred

United States dollars or its equivalent in the currency in question, provided that they

do not correspond to the Client's transactional profile or it can be inferred from their structuring a possible

intent to split the Operations to avoid being detected by Credit Unions for purposes of these

Provisions;

V. to XIII. ...

...

...

32nd.- In the event that a Credit Union has information based on indications or concrete facts that, in

attempting to carry out an Operation, the resources might come from illicit activities or might be

destined to favor, provide help, assistance, or cooperation of any kind for the commission of the

crimes foreseen in Article 139 Quater of the Federal Penal Code, or that they could fall under the

circumstances of Article 400 Bis of the same legal order, that same Credit Union, in the event that it decides

to accept said Operation, must send to the Secretariat, through the Commission, within 24 hours

counted from when it becomes aware of said information, a report of Unusual Operation, in which, in the

column of description of the Operation, the legend "24-hour Report" must be inserted. Likewise,

in those cases where the respective Client does not carry out the Operation referred to in this paragraph, the

Credit Union must present to the Secretariat, through the Commission, the Unusual Operation report in the

terms indicated in this provision.

...

...

33rd.- For each Internally Concerning Operation detected by a Credit Union, it must send to the Secretariat,

through the Commission, the corresponding report, within three business days following

from the conclusion of the Committee session that adjudges it as such. For purposes of carrying out the

adjudication in question, the Credit Union through its Committee will have a period that will not exceed sixty

calendar days counted from when said Credit Union detects that Operation, through its system, model,

process, or by any employee of the same, whichever occurs first.

To this effect, Credit Unions must send the reports referred to in this Provision, through electronic

means and in the official format issued for this purpose by the Secretariat, in accordance with the terms and

specifications indicated by the latter.

...

34th.- ...

I.

...

I. Bis. Submit to the approval of the board of directors, the methodology elaborated and implemented

for carrying out the Risk assessment referred to in the previous Chapter II Bis, as well as the

results of its implementation;

II. Act as the competent instance to know the results obtained by the internal audit area of

the Credit Union or, if applicable, by the independent external auditor referred to in the 52nd of these

Provisions, regarding the valuation of the effectiveness of the policies, criteria, measures, and procedures

contained in the document indicated in the previous fraction I, in order to adopt the necessary actions

tending to correct flaws, deficiencies, or omissions.

...

III.

...

IV. Establish and disseminate the criteria for the classification of Clients, based on their Risk

Grade, in accordance with what is stated in the 19th of these Provisions;

V. to VII. ...

VIII. Inform the competent area of the Credit Union, regarding conduct carried out by executives,

officials, employees, or agents of the same, that cause it to incur in a violation of what is

provided in these Provisions, or in cases where said executives, officials, employees, or

agents contravene what is provided in the policies, criteria, measures, and procedures indicated in

fraction I of this Provision, in order to impose the corresponding disciplinary measures;

IX. Resolve other matters submitted to its consideration, related to the application of the

present Provisions, and

X. Ensure that the Credit Union, for the compliance with these Provisions, has the

internal structures referred to in this Chapter, regarding organization, number of people, resources

material and technological, in accordance with the results of the implementation of the methodology referred to in the previous Chapter II Bis,

...

35th.- Each Credit Union will determine the way in which its Committee will operate, which, except for what is stated in the

last paragraph of this Provision, will be integrated with at least three members who, in any case, must occupy

the headship of the areas designated for this effect by the board of directors of said Credit Union and, in

any case, members of that board, the general manager, employees, or officials

who hold positions within the three immediate hierarchical levels below that of the general manager of the Credit Union in question must participate.

Paragraph repealed.

...

...

The permanent members of the Committee must attend the sessions of the same and may designate their

respective substitutes who may only represent them in two non-consecutive sessions per semester.

The Committee will have a president and a secretary, who will be designated from among its members. Said

Committee will meet with a frequency of at least once every month of the year. For the sessions

to be held validly, it will be required that the majority of the members of the

Committee itself be present.

Credit Unions that have fewer than ten people working for them, whether they perform functions for the

same directly or indirectly through complementary service companies, have fewer than

five hundred members and total assets for less than one hundred million UDIS will not be obligated to

constitute and maintain the Committee referred to in this Provision. In the case provided for in this paragraph, the

functions and obligations that should correspond to the Committee in accordance with what is stated in these Provisions,

will be exercised by the Compliance Officer.

37th.- ...

Likewise, each Credit Union must communicate to the Secretariat, through the Commission, through the

means referred to in the preceding paragraph, the appointment, addition, or substitution of the members of the Committee,

within fifteen business days following the date on which it was carried out. For these purposes, the following information must be provided:

I. The name of the areas whose heads have been designated in addition or substitution to those

that are part of the Committee, as well as the full name without abbreviations of said heads and full name without abbreviations and position of their substitutes;

II. The date of the corresponding modification, and

III.

...

38th.- The board of directors or the Committee of each Credit Union will designate, from among the members of said

Committee, an official who will be called "Compliance Officer".

In the event that the Credit Union does not have a Committee due to being in the case referred to in the last

paragraph of the 35th of the Provisions, the Compliance Officer will be designated by its board of

directors, who must meet the requirements to be a member of the Committee, in terms of the

referred Provision.

In any case, the Compliance Officer must be an official who holds a position within the

three immediate hierarchical levels below that of the general manager of the Credit Union in question and who will perform, at least, the functions and obligations that are established below:

I. Prepare and submit to the consideration of the Committee the document referred to in the 53rd of the present

Provisions, which contains the policies for Client identification and knowledge, and the criteria, measures

and procedures that must be adopted to comply with what is provided in these Provisions;

I. Bis. Present to the Committee the methodology elaborated and implemented to carry out the Risk assessment

referred to in the previous Chapter II Bis, as well as the results of its implementation;

II. Verify the correct execution of the measures adopted by the Committee, in exercise of the powers

foreseen in the 34th of these Provisions;

III. Inform the Committee regarding conduct, activities, or behaviors carried out by executives,

officials, employees, or agents of the Credit Union, that cause it to incur in a violation of what is

disposed in the Law or these Provisions, as well as cases where said executives,

officials, employees, or agents contravene what is provided in the document indicated in fraction I of

this Provision, in order to impose the corresponding disciplinary measures;

IV. Bring to the knowledge of the Committee the signing of contracts, whose characteristics could generate

a high Risk for the Credit Union itself;

...

V. Coordinate both the follow-up activities of Operations and the investigations that must be carried out at the institutional level, with the aim of ensuring that the Committee has the necessary elements to rule on them, if applicable, as Unusual Operations or Concerning Internal Operations.

For the purposes stated in the preceding paragraph, the area in charge of the Compliance Officer of each Union or, where applicable, the personnel designated by them, will verify that the corresponding alerts have been analyzed and the respective investigations documented;

VI. Send to the Secretariat, through the Commission, the reports of Operations referred to in the 32nd of these Provisions, as well as those considered urgent, and inform the Committee thereof at its next meeting;

VII. Serve as a consultation body within the Union regarding the application of these Provisions, as well as of the document referred to in the 53rd of the same;

VIII. Define the characteristics, content, and scope of the training programs for the Union's personnel, as referred to in the 40th of these Provisions;

IX. Receive and verify that the Union responds, in accordance with applicable legal provisions, to requests for information and documentation, as well as to orders for the seizure or unlocking of Operations issued by competent authorities in matters of prevention, investigation, prosecution, and sanction of conduct that may constitute the circumstances foreseen in Articles 139 Quater or 400 Bis of the Federal Penal Code, through the Commission; verify that the Union has appropriate procedures to ensure compliance with what is provided in the 61st of these Provisions;

X. Serve as a liaison between the Committee, the Secretariat, and the Commission, for matters regarding the application of these Provisions, and

XI. Ensure that the area under its charge receives directly and follows up on notices issued by employees and officials of the Union, regarding facts and acts that may be susceptible to being considered as Unusual Operations or Concerning Internal Operations.

Likewise, the designation of the Compliance Officer must fall upon an official who is independent of the Union's units responsible for promoting or managing the financial products or services it offers to its Clients, unless the criterion established in the last paragraph of the 35th of these Provisions is met. In no case shall the designation of the Compliance Officer of a Union fall upon a person who has internal audit functions in the Union.

...

38th Bis.- The Committee of each Union or, its board of directors or general manager, shall appoint a Union official who may temporarily replace its Compliance Officer in the fulfillment of its obligations under these Provisions, for up to ninety natural days during a calendar year, counted from the date the official designated as Compliance Officer leaves, is revoked, or is unable to perform the assignment in question.

The Union official who performs the interim position in question shall not have internal audit functions in the same.

Unions may make effective the interim period referred to in this Provision according to the needs of each Union.

The Compliance Officer designated as interim shall fulfill the functions and obligations set forth in these Provisions until the moment the revocation referred to in fraction II of the 39th of these Provisions is reported.

39th.- The Union shall inform the Secretariat, through the Commission, using electronic means and in the official format issued for such purpose by said Secretariat, in accordance with the terms and specifications set by the latter, as follows:

I. The full name and surname without abbreviations of the official designated as Compliance Officer, as well as the other information provided for in the stated format, within two business days following the date of the corresponding appointment;

II. The revocation of the designation of the Compliance Officer, on the next business day following the date on which it occurred, whether by determination of the Union, rejection of the assignment, termination of employment, or impossibility, as well as the other information provided for in the stated format, and

III. The full name and surname without abbreviations of the official designated as Compliance Officer in terms of what is established in the 38th Bis of these Provisions, as well as the other information provided for in the stated format, on the next business day following the date on which it occurred.

40th.-

...

I. The provision of courses, at least once a year, which must be directed especially to the members of their respective boards of directors, executives, officials, and employees, including those who work in customer service or resource administration areas, and which shall contemplate, among other aspects, those related to the content of their policy documents, criteria, measures, and procedures referred to in the 53rd of these Provisions, which the Union has developed for the due compliance thereof, as well as regarding the activities, products, and services offered by the Union.

Without prejudice to what is stated in the preceding paragraph, the topics of the training must be coherent with the results of the implementation of the methodology referred to in Chapter II Bis and must be adapted to the responsibilities of the members of their respective boards of directors, executives, officials, and employees.

II. ...

...

42nd.- ...

I. to VIII. ...

IX. Maintain information security schemes for processed information, which guarantee its integrity, availability, auditability, and confidentiality,

IX. Bis. Provide the information that Unions will include in the methodology they must develop in accordance with what is established in the 15th-1 of these Provisions, and

X.

...

52nd.- Unions must maintain control measures that include review by the internal audit area, or by an independent external auditor, to evaluate and rule from January to December of each year, or with respect to the period resulting from the date the Commission grants authorization to the Union in question to December of the respective year, on the effectiveness of compliance with these Provisions, in accordance with the guidelines issued by the Commission for such purposes. The results of such reviews must be presented to the general management and the Union's Committee, as a report, in order to evaluate the operational effectiveness of the implemented measures and to follow up on corrective action programs that may be applicable. In the aforementioned valuation exercise, no member of the Union's Committee may participate.

The information referred to in this Provision must be preserved by the Union for a period of no less than five years, and sent to the Commission, within sixty natural days following the closing of the period to which the review corresponds, in the electronic means indicated by the latter.

53rd.- Each Union must prepare and send to the Commission, through the electronic means indicated by it, a document in which said Union develops its respective customer identification and knowledge policies, as well as the internal criteria, measures, and procedures it must adopt to comply with what is provided in these Provisions, and to manage the Risks to which it is exposed in accordance with the results of the implementation of the methodology referred to in Chapter II Bis of these Provisions.

In its case, in said document, references to those criteria, measures, internal procedures, and other information that, by virtue of what is provided in these Provisions, may be reflected in a document other than the aforementioned, must also be included.

In any of the documents provided for in the preceding paragraph, the methodology referred to in Chapter II Bis of these Provisions must be included. Likewise, the procedure and criterion(s) for the determination of the opening, limitation, and/or termination of a commercial relationship with Clients, which must be congruent with said methodology, must be included.

Unions must send to the Commission the modifications they make to the document referred to in the first paragraph of this Provision, along with a complete copy of the same, within twenty business days following the date that their respective audit committee or Committee approves them, in the terms provided for in fraction I of the 34th of these Provisions.

...

...

...

...

...

...

...

58th.- The Secretariat may interpret, for administrative purposes, the content of these Provisions, as well as determine the scope of their application, whenever requested by Unions, associations, or societies in which they are affiliated, and national authorities that require it for the fulfillment of their functions, for which it will hear the opinion of the Commission.

58th-1.- In order to be able to comply with what is established in these Provisions, Unions will request from the Commission the key to be used to access the electronic system established for such purposes by the Commission, which they must have at the time of commencing operations.

64th.- The Secretariat may authorize, without prejudice to what is established in this chapter, access to certain resources, rights, or assets, as well as acts, Operations, or services, as follows:

I. To Clients who are located within the List of Blocked Persons, in terms of international treaties celebrated by the Mexican State, in terms of resolution 1452 (2002) of the Security Council of the United Nations Organization, and

II. To Unions, regarding the obligations they have with some Client contracted with some Union, among others, in accordance with the guides, guidelines, or best practices made known by the Secretariat for such purposes.

TRANSITIONAL PROVISIONS

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

Second.- The guidelines, interpretations, and criteria issued by the Secretariat or by the Commission, based on what is provided in the Resolution by which the General Provisions referred to in Article 129 of the Credit Unions Law are issued, published in the Official Gazette of the Federation on October 26, 2012, and subsequent Resolutions through which said General Provisions have been added or reformed, will continue to be applicable insofar as they do not oppose what is established in this Resolution.

Third.- Unions to which authorization is granted to constitute and operate as such on a date subsequent to the entry into force of this Resolution, must comply with the obligations contained in these Provisions, in the terms and in accordance with the deadlines set forth below:

I. Ninety natural days counted from the date of authorization, to present to the Commission the document referred to in the 53rd of these Provisions.

II. Sixty business days counted from the date of commencement of their operations to make the designations referred to in the 35th and the 38th of these Provisions, informing the thereof within the mentioned deadline.

Fourth.- Unions that are in operation at the time of the entry into force of this Resolution, will have a period that may not exceed forty-five natural days counted from the entry into force of this Resolution, in order to prepare a work schedule in which they must establish activities, deadlines, and responsibilities, so that at the latest within three hundred sixty natural days following the entry into force of this Resolution, (i) they have updated the automated systems referred to in the 42nd of these Provisions; (ii) they begin to collect the corresponding information in accordance with the obligations established in this Resolution, as well as introduce it into said automated systems, as appropriate, with respect to those Operations that are celebrated from the time said deadline expires; (iii) they present to the Commission the document referred to in the 53rd of these Provisions with the respective modifications, and (iv) comply with the other obligations established in the Resolution in question.

Fifth.- The obligation referred to in the 15th of these Provisions will apply with respect to all Client corporate entities of the Unions, regardless of whether the commercial relationship with them began prior to the entry into force of this Resolution.

Sixth.- Unions will comply with the modifications provided for in the 4th of these Provisions, insofar as including in the Client identification file the proof of address, with respect to those Operations that are celebrated from July 1, 2017.

Seventh.- The Secretariat, prior to the opinion of the Financial Intelligence Unit, will make known to the Unions through the electronic means established by the Commission, the guidelines referred to in fraction VI of the 4th of the Provisions, within ninety natural days following the entry into force of this Resolution.

Eighth.- The Secretariat will make known to the Societies the guides, guidelines, or best practices referred to in fraction II of the 64th of the Provisions, within two hundred forty natural days following the entry into force of this Resolution.

Ninth.- The Commission will make known to the Unions through the electronic means it establishes, the guidelines, guides, and/or best practices referred to in the 15th-5 of the Provisions, within ninety natural days following the entry into force of this Resolution.

Unions will comply with the obligations derived from the implementation of Chapter II Bis of the Provisions, added by this Resolution, at the latest within four hundred fifty natural days counted from the time this Resolution enters into force.

Tenth.- The obligation to communicate to the Secretariat, through the Commission, the modifications to the internal structures referred to in the 37th and 39th of these Provisions reformed by this Resolution, will enter into force from the time the Secretariat makes known the electronic means and the official format issued for such purpose by said Secretariat.

Mexico City, March 21, 2017. - The Secretary of Finance and Public Credit, José Antonio Meade Kuribreña. - Rubric.

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