Mexico modifies anti-money laundering rules for casinos, real estate, jewelers

Mexico's Ministry of Finance and Public Credit (SHCP) has announced significant modifications to the regulations governing the prevention and identification of illicit financial operations. These changes target activities deemed vulnerable to money laundering by organized crime, including casinos, virtual asset operations, real estate, jewelry stores, art galleries, and dealerships for vehicles, aircraft, and maritime vessels.

The updated regulations, set to take effect in November, introduce a phased implementation to ease compliance. The SHCP stated that these measures will fortify the regulatory framework for entities engaged in non-financial vulnerable activities, thereby consolidating the preventive regime against money laundering. This move reaffirms Mexico's commitment to enhancing its national system for combating illicit financial activities, aligning with international standards set by the Financial Action Task Force (FATF).

A central change is the adoption of a Risk-Based Approach (RBA) as a guiding principle. Under this model, obligated entities must now identify, assess, classify, and document the risks associated with their clients and users. They will also need to monitor their operations, products, services, transaction channels, and geographical areas using methodologies designed to strengthen risk management and better detect potentially illicit transactions.

Furthermore, the new rules bolster customer due diligence measures, including the identification of beneficial owners and Politically Exposed Persons (PEPs). The SHCP emphasized that these enhancements contribute to protecting the integrity of the financial system and strengthening the mechanisms for preventing and combating money laundering, ensuring greater compliance with current legal frameworks and international norms.