Strengthening Collaboration with BID to Combat Money Laundering and Terrorism Financing
The Union of Mexican Financial Institutions (Unifimex) has announced its commitment to reinforce efforts against money laundering and terrorism financing through targeted training for executives and compliance officers from various financial institutions, in collaboration with the Inter-American Development Bank (BID).
Contextual Background
This announcement comes amidst a complex international backdrop, with the recent approval in the United States of the Fentanyl Eradication and Narcotics Discouragement Act (FEND), which expands sanctions against traffickers and manufacturers of this substance. Additionally, there is an increased risk associated with illicit funding.
Evolving Money Laundering Techniques
Money laundering evolves daily; we must adapt too. Soraya Pérez Munguía, Unifimex’s CEO, stated, “Unifimex, as our name suggests, stands with Mexican financial institutions and is committed to creating responsible solutions to protect users and strengthen trust in Mexico.”
As part of this initiative, Unifimex signed a collaboration agreement with the National Commission of Units of Intelligence Against Money Laundering (Conauiald), headed by Neri Toshiro León Sauza.
Key Aspects of the Collaboration
- Institutional information exchange with state intelligence units
- Analysis of typologies and trends
- Joint training programs
- Research projects on compliance matters
- Creation of a public-private alert mechanism and red flags
Unifimex emphasized that these actions reaffirm their commitment to the recommendations of the Group of Action on Money Laundering (GAFI). The partnership with BID aims to further strengthen sectoral training through the Public-Private Specialized Associations for the Prevention of Asset Laundering and Terrorism Financing initiative.
Unifimex’s Significance in the Mexican Financial Landscape
Unifimex highlighted that its member entities play a crucial role in the Mexican financial system, accounting for over 90% of personal loans, 75% of remittances, and 30% of the sector’s physical infrastructure. Member institutions include Banco Azteca, Gentera, Afirme, Consubanco, and Círculo de Crédito. With this reach, Unifimex aims to establish itself as a key player in safeguarding users from illicit practices.
Key Questions and Answers
- What is Unifimex? The Union of Mexican Financial Institutions (Unifimex) is an association representing key players in the Mexican financial sector, including Banco Azteca, Gentera, Afirme, Consubanco, and Círculo de Crédito.
- Why is Unifimex taking these actions? Unifimex aims to strengthen its commitment to combating money laundering and terrorism financing, in line with the recommendations of the Group of Action on Money Laundering (GAFI).
- Who is collaborating with Unifimex? The Inter-American Development Bank (BID) is partnering with Unifimex to enhance sectoral training through the Public-Private Specialized Associations for the Prevention of Asset Laundering and Terrorism Financing initiative.
- What are the key aspects of the collaboration? The collaboration includes information exchange, trend analysis, joint training programs, research projects on compliance matters, and the creation of a public-private alert mechanism.
- Why is this collaboration important? This partnership aims to protect users from illicit practices and strengthen trust in the Mexican financial system.
