Regulatory Alerts2019-03-21 | DOF 5554779Added
Resolution reforming, adding and repealing various General Provisions applicable to Multiple-Object Financial Societies
The Secretariat of Finance and Public Credit amends the General Provisions for Multiple-Object Financial Societies to align with Financial Action Task Force (FATF) recommendations, specifically prohibiting simplified customer identification when money laundering or terrorist financing is suspected. The resolution mandates the assessment of risks associated with new technologies and the identification of politically exposed persons, while introducing definitions for novel models and electronic compliance methods. It also removes the obligation to submit training reports, allowing entities to focus resources on these new preventive measures.