Introduction to Fintech and PLD-FT
The fintech sector in Mexico has consistently been at the forefront of Prevention of Money Laundering and Financing of Terrorism (PLD-FT) due to its technology-driven business model. Claudia Núñez, the newly appointed director of Asociación Fintech México, emphasizes that recent challenges faced by CIBanco, Intercam, and Vector will not trigger an “effect domino” within the fintech sector.
Claudia Núñez’s Perspective
As the director general of Asociación Fintech México, which includes prominent fintech startups in Mexico, Núñez highlights that the association has signed national and international agreements governing PLD-FT. She believes that the current situation involving three financial institutions accused by the US Treasury of enabling money laundering related to fentanyl trafficking will not cause a ripple effect in the fintech sector.
Collaboration with Authorities
In an interview with El Economista, Núñez expressed that the fintech sector aims to continue collaborating with national and international authorities, as well as other organizations monitoring these issues. She acknowledges that PLD-FT is an ever-evolving challenge, with new threats and attack attempts constantly emerging.
Technology as an Ally
Núñez stressed that the fintech sector supports legality, transparency, and security. They leverage technology to monitor accounts, identify risks, and report suspicious activities to authorities when necessary.
Fintech Landscape in Mexico
According to Finnovista’s latest radar, Mexico has around 1,000 fintech companies. Only those regulated and supervised by the authority fall under the categories of Instituciones de Fondos de Pago Electrónicos (IFPE) and Financiamiento Colectivo (crowdfunding) as per the Ley Fintech.
Regulatory Oversight
Núñez explained that authorities are responsible for supervising and ensuring PLD-FT compliance among unregulated fintech companies. She clarified that, as an association, there are no pending issues to guarantee compliance.
Commitment to PLD-FT
The general spirit of the fintech sector is to keep contributing and utilizing technology, ensuring all necessary protocols are followed using available technology and tools to avoid participating in money laundering and terrorism financing.
No Specific Regulatory Requests
Núñez mentioned that, so far, there have been no specific requests from regulators regarding PLD-FT following the situation involving CIBanco, Intercam, and Vector.
Key Questions and Answers
- Q: How has the fintech sector maintained its PLD-FT position? A: The fintech sector has consistently leveraged technology to monitor accounts, identify risks, and report suspicious activities to authorities.
- Q: What is the fintech sector’s stance on recent regulatory challenges? A: The fintech sector aims to continue collaborating with authorities and adapt to evolving PLD-FT challenges using technology.
- Q: How many fintech companies are there in Mexico, and how are they regulated? A: There are approximately 1,000 fintech companies in Mexico, with around 100 regulated and supervised by the authority under specific categories.
- Q: What is the fintech sector’s commitment to PLD-FT? A: The fintech sector is dedicated to ensuring legality, transparency, and security by utilizing technology and following necessary protocols.
- Q: Have regulators made any specific requests regarding PLD-FT in the fintech sector? A: No specific requests have been made by regulators regarding PLD-FT in the fintech sector following recent challenges.
