Over 30 Companies Adopt Self-Regulation Strategy to Combat Financial Crimes
In a global environment increasingly scrutinized for financial integrity, Mexican payment aggregators have taken a stand. More than 30 affiliated firms, responsible for over 90% of processed transactions, have embraced a self-regulation strategy aligned with international AML/CFT standards.
Background on Key Players and Relevance
The Association of Payment Media Aggregators (Asamep) spearheaded the initiative, creating a Best Practices Guide for AML/CFT. This guide aims to elevate the collective standard of the sector, fostering a proactive compliance culture based on transparency, shared responsibility, and integrity.
This move comes amidst international emphasis on adopting such practices. In 2025, the US Department of State designated six Mexican drug trafficking groups as transnational terrorist organizations, prompting unprecedented actions by the Financial Crimes Enforcement Network (FinCEN) against Mexican financial and non-financial institutions. These measures highlighted international authorities’ willingness to impose severe restrictions when identifying relevant money laundering or terrorist financing risks.
Impact on Payment Aggregators
The new environment has significantly increased operational, regulatory, and reputational risks for aggregators. Their role as facilitators of millions of daily transactions positions them strategically, but also obligates them to strengthen their prevention controls against increasingly sophisticated threats.
Key Aspects of the Initiative
The aggregator firms are not subject to AML/CFT regulations applicable to banking or other regulated sectors, nor are they required to have formal compliance officers. This underscores the voluntary and preventive nature of this gremial initiative.
The strategy encourages an all-encompassing approach, covering customer and merchant onboarding (KYC), restrictive list verification, risk-based methodologies, transaction monitoring, and continuous training. The approach is supported by real-case-built typologies.
By raising awareness on AML/CFT practices among aggregators, the likelihood of high-risk customers or merchants using these platforms for illicit activities is reduced. This protects the payment network’s integrity and ensures technology innovation develops within a secure, reliable, and sustainable environment.
Key Questions and Answers
- What is the main focus of this initiative? The primary goal is to establish a common reference framework for payment aggregators in Mexico, enhancing the collective standard and fostering a proactive compliance culture.
- Who is leading this initiative? The Association of Payment Media Aggregators (Asamep) is spearheading the creation and implementation of the Best Practices Guide for AML/CFT.
- Why is this initiative important? The increasing global scrutiny of financial integrity, coupled with international actions against money laundering and terrorist financing, has made this initiative crucial for Mexican payment aggregators.
- What specific actions does the initiative promote? The initiative encourages an all-encompassing approach to AML/CFT, including KYC procedures, risk-based methodologies, transaction monitoring, and continuous training.
- How does this initiative benefit the payment ecosystem? By raising awareness and implementing robust AML/CFT practices, the initiative reduces the risk of illicit activities on payment platforms, protects the network’s integrity, and ensures a secure environment for technological innovation.
