Introduction and Background
A decade after its implementation, the anti-money laundering (AML) certification by Mexico’s National Banking and Securities Commission (CNBV) continues to have a high failure rate, with only three out of ten candidates passing the exam. Despite this, the certification has bolstered the understanding of financial sector obligations and now faces the challenge of adapting to better incorporate the focus on terrorism financing.
Who is CNBV?
The Comisión Nacional Bancaria y de Valores (CNBV) is Mexico’s primary banking and securities regulator, responsible for overseeing financial institutions to ensure compliance with AML regulations and other legal requirements.
Relevance of the Certification
The CNBV’s AML certification is crucial for financial professionals, as it demonstrates their competency in identifying and mitigating money laundering risks. This certification is essential for maintaining open bank accounts and ensuring the integrity of financial systems.
Current State of CNBV’s AML Certification
Since 2015, the CNBV has conducted 22 evaluations involving 19,699 participants. Out of these, only 6,504 candidates have passed, resulting in a 33% success rate.
Expert Opinions
Elimelec Moreno, president of the Asociación Nacional de Oficiales y Encargados de Cumplimiento Certificados (Asonoc), acknowledges that the CNBV’s certification has significantly improved AML understanding across the financial sector.
“Officers of compliance are now much more evolved in alert detection, norma interpretation, and maintaining blocked persons lists.”
Elimelec Moreno, Asonoc President
Jessica Núñez highlights the business aspect of AML certification, particularly relevant for Sociedades de Información (sofomes) seeking to maintain bank accounts.
Future Changes and Challenges
The recent designation of Mexican drug cartels as terrorist organizations by the United States has shifted the compliance paradigm for Mexican financial institutions. These entities must now prioritize vigilance against terrorism financing to safeguard their operations and reputation.
Re-focusing the Evaluation
Experts suggest that the evaluation must shift its emphasis to better address terrorism financing while providing clearer guidelines on assessment methods and information provided by the regulatory authority, especially in the upcoming National Risk Assessment.
Certification Cost and Renewal
The CNBV AML certification has a five-year validity, with the option to renew. Currently, there are 2,941 active certifications, of which 1,791 are renewals. The examination cost has increased over time, from 10,850 pesos in the beginning to an estimated 17,309 pesos for 2025.
Key Questions and Answers
- What is the CNBV? The Comisión Nacional Bancaria y de Valores (CNBV) is Mexico’s primary banking and securities regulator.
- Why is the CNBV’s AML certification important? The certification demonstrates financial professionals’ competency in identifying and mitigating money laundering risks, ensuring the integrity of financial systems.
- What is the current success rate for CNBV’s AML certification? Only 33% of candidates have passed the exam since 2015.
- How has the CNBV’s certification impacted the financial sector? The certification has significantly improved AML understanding and compliance across the financial sector.
- What challenges does the CNBV’s AML certification face? The evaluation must adapt to better address terrorism financing and provide clearer guidelines on assessment methods.
- What is the current cost and validity of the CNBV’s AML certification? The examination cost has increased from 10,850 pesos to an estimated 17,309 pesos for 2025. The certification has a five-year validity with renewal options.
