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With 28+ years of experience,

Banker’s Academy

is the leading global provider of training solutions to the financial community. We specialize in BSA/AML, Compliance Officer, HR Professional, Teller and Branch Manager Training. We’re proud to have partnered with over 2,500 clients worldwide in various financial services industries, with a focus on banks, credit unions, and money service businesses. Let us help you reach your target audience with an innovative, results-driven educational experience.

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Anti Money Laundering (AML) By Country: Mexico

Anti Money Laundering (AML) in Mexico

Mexico
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Money laundering in Mexico is a significant problem. Although Mexico has taken a number of steps to improve its Anti-Money Laundering (AML) system, according to U.S. law enforcement officials, Mexico remains one of the most challenging money laundering jurisdictions, especially with regard to the investigation of money laundering activities involving the cross-border smuggling of bulk currency from drug transactions. Significant amounts of narcotics-related proceeds are continuously smuggled out of the country. In addition, such proceeds can still be introduced into the financial system through Mexican banks or casas de cambio, or repatriated across the border without record of the true owner of the funds. Corruption is also a concern. In recent years, various Mexican officials, including former officials from the Mexico City government, have come under investigation for alleged money laundering activities.

The Government of Mexico (GOM) continues efforts to implement an Anti-Money Laundering (AML) program according to international standards such as those of the Financial Action Task Force (FATF), which Mexico joined in June 2000. Money laundering related to all serious crimes was criminalized in 1996 under Article 400 of the Federal Penal Code, and is punishable by imprisonment of five to fifteen years and a fine. Penalties are increased when a government official in charge of the prevention, investigation, or prosecution of money laundering commits the offense.

Mexico's financial intelligence unit (FIU) was established in 2004 to prevent and combat money laundering and terrorist financing.

The Economy of Mexico

Mexico has a free market economy in the trillion dollar class. It contains a mixture of modern and outmoded industry and agriculture, increasingly dominated by the private sector. Recent administrations have expanded competition in seaports, railroads, telecommunications, electricity generation, natural gas distribution, and airports. Trade with the US and Canada has tripled since the implementation of North American Free Trade Agreement (NAFTA) in 1994. Mexico has 12 free trade agreements with over 40 countries including, Guatemala, Honduras, El Salvador, the European Free Trade Area, and Japan, putting more than 90% of trade under free trade agreements.

Banking in Mexico

Banco de Mexico is Mexico's Central Bank.

The banking regulator in Mexico is the National Banking and Securities Commission (CNBV).

Mexico has commercial banks, bonding institutions, credit unions and money exchange houses.

Mexican Currency

The Mexican currency is the peso. There are 100 Mexican cents to every peso. Mexican notes are printed in 20, 50, 100, 200, 500 and 1,000 pesos. The most commonly used banknotes are the 50, 100 and 200 pesos.

Mexican coins come in denominations of 5, 10, 20 and 50 cent pieces. It is unusual to see a 50 cent piece.

Other Key Statistics of Mexico

Time Zone: (UTC-8 to -6) .

Location: Middle America, bordering the Caribbean Sea and the Gulf of Mexico, between Belize and the US, and bordering the North Pacific Ocean, between Guatemala and the US.

Population: 118,395,054 (2014 estimate.)

Capital: Mexico City.

Languages Spoken: Spanish.

 

A Free Overview Of Anti Money Laundering (AML) For Mexico.