With the firm purpose of strengthening their capabilities in preventing money laundering (AML) and other illicit activities, Mexican banks will implement a series of measures aimed at combating financial crime and maintaining the stability and soundness of the national financial system.
These actions will be carried out in coordination with Mexican competent authorities to enhance information exchange and ensure alignment with international standards.
For transfers paid in cash to occasional customers, each occasional customer shall be properly identified by presenting valid government-issued identification and providing, at least, one biometric data element. Such cash payments shall be limited to USD 350 per remittance and shall not exceed USD 900 per month per recipient.
Likewise, the ABM will propose that the competent authorities promote equivalent identification, control, and transaction-limit measures for cash remittance payments made by non-bank financial institutions.
Simultaneously with the implementation of these recommendations, the ABM will propose to the competent authorities that these measures be incorporated into statutory or regulatory reforms applicable to the banking sector and the broader financial system, thereby ensuring a level regulatory playing field.
ABM Data: Founded in 1928, it is the leading organization representing banks in Mexico. We represent 54 multiple banking institutions that create 277,000 direct jobs. We have 11,700 branches, 65,000 ATMs, and 58,000 multiple-banking correspondents, with a presence throughout Mexico.
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