Mexico is a risky area for money laundering and other crimes. The Mexican government has identified money laundering and other crimes and aimed to prevent them. Mexico's official AML law came into force in 2013. This law aims to prevent illegal income and protect the national economy. This law also plays an effective role in preventing crimes such as drug trafficking, fraud, corruption, and tax evasion. Mexico is taking active steps in combating financial crime with FATF and European Union-compatible AML policies. Mexico has also developed an Anti-Fuel Theft Policy as part of combating fuel theft.
AML Regulators in Mexico
Comisión Nacional Bancaria y de Valores
CNBV, also is known as National Banking and Securities Commission, regulates and controls the AML & CFT obligations of banks and all other financial institutions. CNBV aims to protect the financial system from financial crimes.
Procuraduría General de la República (PGR)
The PGR is Mexico's Attorney General's Office. PGR's duties include investigation and prosecution of money laundering and terrorist financing.
Unidad de Inteligencia Financiera (UIF)
UIF is the Financial Intelligence Unit in Mexico. The Mexican Financial Intelligence Unit collects the necessary information regarding money laundering risks and reports to high-level units. The Financial Intelligence Unit checks for suspicious transactions and initiates legal action if it detects an illegal transaction.
Who Has to Comply with AML regulations?
Mexico's AML law applies to businesses, branches, and offices in Mexico. Banking, financial services, gambling, and the construction industry in Mexico have to comply with AML laws. Companies in these industries must establish AML policy and AML control mechanisms. Regulators audit companies under obligation.
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