Introduction and Key Participants
The Feria de las Afores 2025, a free event held at the Zócalo in Mexico City from August 1 to 5, was officially launched on Friday. The event aims to inform and assist the public regarding retirement savings accounts, known as “Afores.” Key participants include Héctor Santana Suárez, head of the Securities, Pensions, and Social Security Unit at Mexico’s Ministry of Finance (SHCP), Julio César Cervantes, president of the National Commission for the Savings System for Retirement (CONSAR), and Guillermo Zamarripa, president of the Mexican Association of Afores (AMAFORE).
New Anti-Money Laundering Regulations
Héctor Santana Suárez highlighted during the inauguration that new regulations concerning money laundering for the Sistema de Ahorro para el Retiro (SAR) will be finalized by late August. These regulations will be strengthened and incorporate recommendations from the Group of Action Financial (GAFi), an international organization that sets standards to combat money laundering.
Collaborative Efforts
Santana Suárez mentioned that these new regulations were developed in collaboration with CONSAR and AMAFORE. Julio César Cervantes, president of CONSAR, emphasized that Mexico’s SAR is robust, with nearly 2 trillion pesos invested in national companies, fostering job growth and economic development.
Warnings Against Fraudulent Activities
Julio César Cervantes cautioned the public against falling prey to “coyotes” or unauthorized intermediaries offering fraudulent services like unemployment retirement benefits in exchange for illegal fees. He urged individuals to conduct any Afore-related transactions through official channels, either via Afores or governmental entities.
Afores’ Challenge and the Feria de las Afores
Guillermo Zamarripa, president of AMAFORE, acknowledged that Afores must improve their connection with account holders and provide adequate information to enable better decision-making regarding retirement savings accounts. According to the National Survey of Financial Inclusion (ENIF), only 8% of account holders engage in voluntary savings, with over 92% either unable or unwilling to save.
Feria de las Afores Details
The Feria de las Afores will feature modules from the 10 Afores and various institutions like IMSS, ISSSTE, INFONAVIT, and CONSAR. These entities will assist attendees in addressing their concerns, updating personal information, checking account balances, or switching Afores if necessary. The event will also host expert talks and discussions on Afores, retirement, pensions, and the SAR system.
Key Questions and Answers
- What is the Feria de las Afores? It’s a free event in Mexico City from August 1 to 5, providing information and assistance on retirement savings accounts (Afores).
- Who are the key participants? Héctor Santana Suárez (SHCP), Julio César Cervantes (CONSAR), and Guillermo Zamarripa (AMAFORE).
- What are the new regulations? Strengthened money laundering regulations for SAR, incorporating GAFi recommendations.
- What warnings have been issued? Against fraudulent intermediaries offering illegal retirement benefits.
- What is the challenge for Afores? To improve connections with account holders and provide better information.
- What can attendees expect at the Feria? Assistance with account-related concerns, expert talks, and updates on the SAR system.
