Regulatory Alerts2019-07-22 | DOF 5566219Added
Resolution reforming, adding, and repealing various general provisions under Article 212 of the Securities Market Law
This resolution amends the general provisions governing brokerage houses to align with Financial Action Task Force (FATF) recommendations, specifically strengthening anti-money laundering and counter-terrorist financing frameworks. It introduces new definitions for novel models and beneficial owners, mandates the prohibition of simplified identification measures when money laundering or terrorist financing is suspected, and requires enhanced due diligence for politically exposed persons. The rules also enforce stricter identification requirements for electronic fund transfers, obligate risk assessments for financial services via new technologies, and recognize the legal validity of electronic means for compliance obligations.