Introduction
The Mexican Banking Association (ABM) has announced the implementation of enhanced practices for identifying operations related to Anti-Money Laundering (AML) and other illicit activities, focusing on deposits and withdrawals.
This move aims to fight financial crime and maintain the stability and soundness of Mexico’s national financial system, in compliance with the “Best Practices for Compliance Programs on Economic Sanctions” agreement issued in 2023.
New Supervision Measures
Starting July 1, 2026, individuals making cash deposits or withdrawals exceeding 140,000 Mexican pesos will be required to provide identification. Furthermore, all deposits into concentrator accounts at banks and financial institutions must be referenced.
By December 30, a select group of banks will join the ABM-selected Information Exchange Platform. This system is expected to be operational by July 30, 2026, with the initial banks participating.
International Transfers and Remittances
For international transfers conducted or received by individuals, the ABM recommends that such operations be carried out exclusively between account holders starting June 30, 2027. If cash payments are involved, users must present a valid official ID and register at least one biometric data.
Payments will be capped at a maximum of $350 per remittance and no more than $900 per month per recipient. The ABM also proposes that non-banking institutions handling cash remittances be subject to the same identification, control, and amount limits.
Progress in AML Operation Identification
The ABM has stated that regular meetings with the Mexican Financial Intelligence Unit (UIF) will continue to address topics such as the Blocked Persons List, operational matters, international organization coordination, and emerging issues. The ABM also plans to promote working encounters with relevant foreign financial authorities, particularly those responsible for AML matters.
Key Questions and Answers
- What is the main purpose of these new measures? The primary goal is to combat financial crime and ensure the stability of Mexico’s national financial system.
- When do these changes take effect? The identification requirement for large cash deposits and withdrawals starts July 1, 2026. International transfer restrictions begin June 30, 2027.
- What are the payment limits for remittances? The maximum amount per remittance is $350, with a monthly cap of $900 per recipient.
- Who is the Mexican Financial Intelligence Unit (UIF)? The UIF is a government agency responsible for collecting and analyzing financial intelligence to detect and prevent money laundering, terrorist financing, and other related threats to the integrity of Mexico’s financial system.
- What is the Information Exchange Platform? This platform is a system that enables banks and financial institutions to share information securely, helping to detect and prevent money laundering and other illicit activities.
