Regulatory Alerts2019-03-20 | DOF 5554686Added
Resolution reforming, adding, and repealing various General Provisions under Article 124 of the Popular Savings and Credit Law
The Secretariat of Finance and Public Credit amends the General Provisions for popular financial societies, community financial societies, and rural financial integration organisms to align with Financial Action Task Force (FATF) recommendations. The resolution prohibits simplified identification measures when money laundering or terrorist financing is suspected, mandates enhanced due diligence for politically exposed persons, and requires precise identification of originators and beneficiaries in electronic fund transfers regardless of amount. It also introduces obligations for entities to evaluate risks associated with new financial technologies, permits the use of electronic means for customer due diligence, and removes the requirement to submit training reports.