• Publication

Risk Control regarding Money Laundering Prevention and Actions from the National Banking and Securities Commission

Date: 2020/04/09

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In virtue of: “the Agreement that establishes the preventive measures that must be implemented regarding the mitigation and control of health risks caused by the SARS-CoV2 (COVID-19) virus”1, the Financial Intelligence Unit (FIU) [in Spanish: la Unidad de Inteligencia Financiera] (UIF), together with the Tax Administration Service [in Spanish: el Servicio de Administración Tributaria] (SAT), announced through the FIU website that those individuals who carry out vulnerable activities under the terms of Article 17 of the Federal Law for the Prevention and Identification of Operations with Illegal Proceeds [in Spanish: la Ley Federal para la Prevención e Identificación de Operaciones con Recursos de Procedencia Ilícita] (LFPIORPI), and those who are in charge of compliance with the following2, must:

a) Document all procedures that could incur a delay in the submission of the anticipated notices with respect to Article 18 of the Federal Law for the Prevention and Identification of Operations with Illegal Proceeds (LFPIORPI), and in which case, authorization may be requested from the Tax Administration Service to implement a self-regularization program for actions and operations performed as of March 01, 2020, and until certain preventive measures have been concluded by the government.

b) If you have information regarding irregularities related to the health contingency caused by the COVID-19 virus, please send an e-mail to contacto_uif@hacienda.gob.mx.

Furthermore, the National Banking and Securities Commission [in Spanish: la Comisión Nacional Bancaria y de Valores (CNBV), announced on April 01, 2020, special accounting measures applicable to3:

Credit institutions;

Credit unions;

Financial Cooperative Institutions [in Spanish: Sociedades Financieras Populares (SOFIPO); and

• Cooperative Savings and Loan Societies [in Spanish: Sociedades Cooperativas de Ahorro y Préstamo (SOCAP).

This results from coordinated work with institutions that are members of the financial system that take measures to help alleviate the economic effects related to the health contingency caused by the COVID-19 virus.

References

1 https://www.dof.gob.mx/nota_detalle.php?codigo=5590339&fecha=24/03/2020
2 https://uif.gob.mx/work/models/uif/imp/ComunicadoCOVID19.pdf
3 https://www.gob.mx/cnbv/articulos/criterios-contables-especiales?idiom=es