Background on Key Figures and Relevance
Emilio Romano, the President of the Association of Banks of Mexico (ABM), has announced that Mexican banks will voluntarily reinforce their anti-money laundering (AML) and combat illicit activities measures. This move comes after controversies surrounding CIBanco and Intercam, two Mexican banks accused of money laundering by the US Department of Treasury.
New Measures to Enhance AML and Illicit Activity Prevention
Romano explained that these new, robust measures go beyond regulatory frameworks to ensure the stability and integrity of Mexico’s banking system. Some key recommendations include:
- International Transfers: Only allow international transfers between verified account holders, with immediate implementation for legal entities and by June 30, 2027, for natural persons. This ensures proper identification of those sending and receiving international transfers through a thorough customer due diligence process.
- Cash Deposits and Withdrawals: Starting July 1, 2026, any cash deposit or withdrawal exceeding 140,000 Mexican pesos must be identified using official identification and at least one biometric data point. This measure aims to prevent illicit activities and promote digitalization of the economy.
Additionally, banks will reference all concentration accounts and report suspicious activities to stay informed about money laundering trends. They will also collaborate with the Financial Intelligence Unit (UIF) and share information on specific cases regularly.
Bridging the Gap with the US and Other Objectives
Romano mentioned that another objective is to close the gap between Mexican and US regulations, particularly in AML matters. Banks will develop best practices for governance in AML prevention and report suspicious activity types to stay updated on money laundering trends.
Furthermore, banks will join a technological platform for real-time information exchange to tackle emerging threats promptly. This collaboration will position Mexican banks at the forefront, both domestically and internationally.
Emphasis on Strengthening Existing Controls
Romano emphasized that these actions are not about implementing new controls but reinforcing existing ones continuously. This proactive approach ensures Mexican banks remain at the forefront in addressing money laundering and financing illicit activities.
Current Status of CIBanco and Intercam
Romano clarified that CIBanco has ceased operations due to license revocation, while Intercam continues operating but on a reduced scale. Although some of its assets were transferred to Capital Bank, Intercam remains active, serving clients without the intervention that was previously imposed.
