namedate of birthnationalityaddress
namedate of birthnationalitytax codetelephone numberaddressemail
corporate namenationalityCode of taxpayer registration (RFC)Serial number of Advanced Electronic Signature Proof of addressTelephone numberDate of constitutionE-mailEconomic activity or social activity
Cédula de identidad ciudadana
Mexico, in E-Commerce and The Law of Digital Signatures
There are different laws that apply to the financial sector and the issue date of each General Provisions – please contact Martin or Sophie
for further details.
Comisión Nacional Bancaria y de Valores (CNBV, National Banking and Securities Commission)
Regulated Institutions
N/A
Comisión Nacional de Seguros y Fianzas (CNSF, National Insurance and Surety Institution) Regulated Institutions
N/A
N/A
The Ministry of Finance and Public Credit (Secretaria de Hacienda y Credito Publico, SHPC), via the Official Journal of the Federation publishes practical guidance to firms regarding AML requirements and best practices for AML prevention. Ministry of Finance and Public Credit (Secretaria de Hacienda y Credito Publico, SHPC) The SHCP has a section of FAQ´s aimed at fomenting a culture of AML prevention in financial institutions as well as non-financial institutions. National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores, CNBV) Taking into account that the prevention of crime starts with educating and diffusing a culture of prevention, the CNBV created the present section with the purpose of educating the public in a practical way, about different aspects related to AML/CFT.
Yes
The financial sector has historically applied KYC policies, but under an internal controls approach rather than for the purpose of anti-money laundering prevention.
Mexico was initially evaluated by the GAFI in 2008, since then GAFI and GAFISUD have issued monitoring reports in 2009, 2010, 2011 and 2012.
Yes
Each of the different entities that are subject to AML general provisions as mentioned in answer 3 consider different transaction thresholds, depending on the type of products and services that they each provide.
In the case of individuals:
a) Full name b) Date of Birth c) Nationality d) Employment Information e) Code of Taxpayer registration f) Serial number of Advanced Electronic Signature g) Proof of address h) Telephone number i) E-mail
In the case of corporations:
a) Corporate name
b) Economic activity or social activity
c) Nationality
d) Code of taxpayer registration (RFC)
e) Serial number of Advanced Electronic Signature
f) Proof of address
g) Telephone number
h) E-mail
i) Date of constitution
Requirements for the identification of the beneficiary may vary depending on the type of client and the institution that requires them, but in general they include: a) Full name b) Date of birth c) Proof of address d) Same documents required by client e) If a document presents scraps or has been repaired the entity should ask for this other information: 2 bank references or commercial references that contain the aforementioned data.
a) Client personal interview b) Visits to clients address c) Criteria to classify the risk a client represents. d) Transactions made with dollars from the United States of America (Credit Institutes and foreign exchange houses) e) Currency Operation Reports of transactions made in United States of America Dollars (Credit Institutes and foreign exchange houses) f) Reports of international transfers of funds (Credit Institutes and foreign exchange houses) g) Exchange of information between entities h) Know Your Customer and/or User Policies
The Ministry of Finance and Public Credit (Secretaría de Hacienda y Crédito Público, SHPC), provides the public with a list of criteria for
determining whether a customer should be considered as politically exposed.
Mexican regulation does not require that enhanced due diligence be performed for correspondent banking relationships. Each entity establishes its own criteria and mechanisms of control and prevention. Generally entities that respond to a foreign corporate base have stricter AML controls
Yes, according to AML General Provisions.
Depending on the amount of the transaction, some institutions require additional information to support that transaction.
Secretaría de Hacienda y Crédito Público (SHCP) via the respective regulatory bodies
In most financial entities, there are thresholds for relevant operations, cash transaction, international fund transfers and US dollar transactions above which a suspicious activity report must be filed. For further details, please contact Martin or Sophie In addition, a transaction is to be considered suspicious in the follow circumstances: a) When a manager, officer, employee or agent of the entity, maintains a standard of living well above that would correspond, according to the earnings of the person in question. b) When, without reasonable cause a director, officer, employee or agent of the entity has repeatedly participated in operations that have been reported as unusual transactions. c) When, without reasonable cause there is a gap between the functions that a manager, officer, employee or agent should do, and the activity the person in question actually carries out.
In most financial entities, there are thresholds for relevant operations, cash transaction, international fund transfers and US dollar transactions, below which a suspicious activity report does not need to be filed. For further information, please contact Martin or Sophie.
Yes, according to AML General Provision
Yes. Entities must have automated systems which must have the following functions: a) Maintain and update data to allow consultation of the records. b) Generate, encode, encrypt and securely transmit to the secretary, through the commission, information on significant transactions reports, unusual operation, and international transfers. c) Classify types of operations or financial products offered by entities to their customers or users. d) Detect and monitor the operations performed by a client or by the same user from those indicated. e) Run warning systems that contribute to the detection and monitoring of suspicious activity analysis. f) Group on a consolidated basis of the different contracts to the same client. g) Maintain historical records of possible worrisome internal operations and Unusual Operations. h) Serve as a means for the agency staff so they can report to internal areas that they determine, in a safe, confidential and auditable way. i) Maintain security schemes of information processed. j) Run an alert system on operations that intend to carry out with people linked to terrorism or its financing, or other illegal activities.
Yes, according to General provisions
No
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
CNBV
N/A
additional innformation
The National Electorate Institute ("Insituto Nacional Electoral" (INE)) issues a Voting card (Credencial para votar) for Mexican citizens when they become 18 years old. The card is compulsory in order to participate in Federal level elections, and is the de facto ID for most legal transactions.
No
Yes
Yes
SHCP
Yes
No
Digital signatures may be required for the certification of official documents and for documents related to tax obligations.
Mexico’s laws generally permit parties to state their consent though electronic means.
Summary of law
Mexico is considered a two-tier jurisdiction because it gives digital signatures the same status as handwritten signatures but also recognizes simple electronic signatures as legal and enforceable. Countries that follow this model give companies the opportunity to select different forms of signatures and customize their business processes based on the form that is most convenient and appropriate for each use case.
Mexico amended several laws, including the Code of Commerce, Federal Civil Code and Federal Code on Civil Procedures, to permit the use of electronic signatures and advanced electronic signatures. Under this system, advanced electronic signatures are preferred, but parties are generally free to determine the form of acceptance for an agreement.
There are different standards for each type of financial institution. Some AML regulations became effective in the last two years, mainly to regulate the activity of the Multiple Purpose Financial Societies (SOFOMs) and Credit Unions. In addition, in October 2012 Mexican authorities issued the new Federal Law for the Prevention and Identification of Operations with Illegal Resources to regulate Designated non-Financial Businesses and Professions. Prior to 2011 SOFOMs were not subject to AML regulations. In the case of the Credit Unions, they previously were subject to the general provisions of The General Organizations with Auxiliary Credit Activity.
Secretaría de Hacienda y Crédito Público (SHCP, Secretary of Finance and Public Credit) Actividades vulnerable
There is not an official risk approach model established by the authority, but the general provisions require the entity to integrate a model
based on parameters which classifies their clients depending on the risk they represent, establishing at least two levels of risk: low and high
risk customers.
Copies of identification documentation are provided at the initial stage of the commercial relationship, at the time the Client File is created.
While there is no legal requirement around independent verification or authentication of identification documentation, some institutions are
implementing authenticity measures, some of which include black lights and special training courses for detecting false Ids.0
N/A
N/A