Mexico: Report on the Observance of Standards and Codes: FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism

International Monetary Fund

No 2005/436, IMF Staff Country Reports from International Monetary Fund

Abstract: This report assesses the Observance of Standards and Codes on the Financial Action Task Force (FATF) Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) for Mexico. The report highlights that Mexico has removed specific exemptions to customer identification obligations, implemented online reporting forms and a new automated transmission process for reporting transactions to the financial intelligence unit. Financial institutions with a reporting obligation (reporting institutions) now require occasional customers performing transactions equivalent to or exceeding US$3,000 in value to be identified so that the transactions can be aggregated daily.

Keywords: ISCR; CR; identification procedure; customer identification; criminal offence; confiscation proceeding; customer contract; default judgment; identification obligation; money laundering offence; sending financial institution; default judgment procedure; customer transaction; criminal justice; customer identification file; Anti-money laundering and combating the financing of terrorism (AML/CFT); Terrorism financing; Money laundering; Legal support in revenue administration (search for similar items in EconPapers)
Pages: 26
Date: 2005-12-27
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