On August 28, 2024, the Ministry of Finance and Public Credit published in the Official Gazette of the Federation the Resolution that amends, adds and repeals several of the general provisions referred to in Article 115 of the Credit Institutions Act (the”Resolution”):
- Identifications:
- New documents are included in order to facilitate the identification process both in person and remotely, to remain valid identification, among other documents: military service record, certificate of consular registration, military identity card, voting credential issued by Mexican consular offices, identification issued abroad other than a passport.
- When the Customer states this, the identification document with an address may serve as proof of address.
- Obligations for Entities:
- It incorporates the additional requirement for Institutions to validate the mobile phone through an alternative mechanism to the one through which it was provided by the Customer.
- Institutions must keep their Clients' digital documents in accordance with the official Mexican standard on digitization and preservation of Data Messages (NOM-151-SCFI).
- In addition, the obligation for Entities to have, and to add to their Compliance Manual, policies, processes and procedures to ensure that accounts opened internally in the Institutions themselves for administrative purposes are not operated by Clients of that Institution or Transactions are carried out by their Clients without a record of such instruction.
- The Customer's identification files must be reviewed by a person other than the official or employee who was involved in their integration.
- Compliance Officer
- Appointment and revocation of the Compliance Officer: Extended to ten business days after the date of appointment or revocation to give notice to the CNBV.
- Annual PLD/FT audit: The auditor who draws up the internal and external audit and who signs the audit report must be certified by the CNBV.
- Mandatory Certification: Compliance Officers are required to have current PLD/FT certification.
- FATF
- To determine the Degree of Risk of customers who make transfers, Entities must consider whether such transactions involve countries or jurisdictions indicated in provision 38.
- Entities must apply reinforced due diligence measures in the provision of correspondence services to Foreign Financial Institutions domiciled and incorporated in countries or jurisdictions indicated in provision 38.
- Entities must refrain from carrying out correspondence transactions with foreign financial institutions or financial institutions or intermediaries that do not have a physical presence in any jurisdiction or that do not have a business center.
- Transitional Provisions
The amendments to the Resolution come into force on August 29, 2024, and Institutions are required to comply with the following obligations within the deadlines indicated below:
- 12 months/some text
- Modify the risk assessment methodology
- So that Compliance Officers have current certification from the CNBV in the field of PLD/FT.
- 18 months/some text
- Amend the Compliance Manual and submit it to the CNBV.
- Update the automated systems established in Provision 51.
