Regulatory Alerts2019-03-20 | DOF 5554684Added
Resolution reforming, adding, and repealing various General Provisions applicable to exchange centers under Article 95 Bis of the General Law of Credit Auxiliary Organizations and Activities
This resolution amends the General Provisions applicable to exchange centers to align with Financial Action Task Force (FATF) recommendations, specifically introducing stricter identification requirements and risk assessment obligations. It mandates that exchange centers prohibit simplified identification measures when money laundering or terrorist financing is suspected and requires the suspension of identification processes in specific cases to prevent crimes. The update also requires centers to determine if users' beneficial owners are politically exposed persons, evaluate risks associated with new financial technologies, and removes the obligation to submit training reports while maintaining the requirement for such training.