Regulatory Alerts2019-03-21 | DOF 5554780Added
Resolution reforming, adding, and repealing various General Provisions under Articles 71 and 72 of the Law for Regulating the Activities of Savings and Loan Cooperative Societies
The Secretary of Finance and Public Credit amends the General Provisions for Savings and Loan Cooperative Societies to align with Financial Action Task Force (FATF) recommendations, specifically introducing prohibitions on simplified due diligence when money laundering or terrorist financing is suspected, and requiring enhanced identification for electronic fund transfers regardless of amount. The resolution mandates the evaluation of risks associated with new financial technologies, recognizes the legal validity of electronic compliance methods, and updates definitions and identification requirements for clients, beneficial owners, and politically exposed persons. It also repeals the obligation to submit training reports while maintaining the requirement for such training.