Mexico: Report on the Observance of Standards and Codes: FATF Recommendations for Anti-Money Laundering and Combating the Financing of Terrorism
Volume/Issue:
Volume 2005
Issue 436
Publication date: December 2005
ISBN: 9781451825664
$20.00
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Topics covered in this book
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Public Finance , 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
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Summary
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.
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