Regulatory Alerts2017-03-23 | DOF 5477322Added
Resolution reforming, adding and repealing general provisions under Articles 71 and 72 of the Law for Regulating the Activities of Savings and Loan Cooperative Societies
This resolution amends the General Provisions under Articles 71 and 72 of the Law for Regulating the Activities of Savings and Loan Cooperative Societies to implement a Risk-Based Approach for anti-money laundering and counter-terrorist financing compliance. It introduces new definitions for risk grades and mitigants, mandates the identification of beneficial owners exercising control over legal entities, and updates valid identification documents and address verification methods. The resolution also modifies thresholds for relevant operations, clarifies reporting deadlines for unusual transactions, and allows for the interim appointment of compliance officers.