October 18, 2018

Filing of Annual Audit Report on Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) for the 2018 fiscal year.

March 1st, 2019, is the deadline to submit the Annual Audit Report on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) for the 2018 fiscal year.

As part of the obligations to be complied by Mexican financial entities, such entities need to submit before the Ministry of Finance (SHCP), the Audit Report evaluating and assessing their level of compliance with their obligations on Anti-Money Laundering / Combating the Financing of Terrorism (AML/CFT).

Such Audit Report on AML/CFT must be submitted to the government body supervising the entity or institution, within the first 60 (sixty) calendar days of each year, through the official electronic channels. The last day for filing the report is March 1st, 2019. In this regard, it should also be noted that as of June 29th, 2018, it is mandatory that the Audit Report be made by an auditor Certified by the National Banking and Securities Commission (CNBV) on AML/CFT.

In addition, according with the Guidelines for the preparation of the Audit Report to assess compliance with general provisions regarding AML/CFT, the entities and institutions that are required to submit the aforementioned Audit Report are the following:

The general bonded warehouses (almacenes generales de depósito), the currency exchange centers (centros cambiarios), the National Agricultural, Rural, Forestry and Fisheries Development Financial Institution (Financiera Nacional de Desarrollo Agropecuario, Rural, Forestal y Pesquero), the savings and loan cooperative companies (sociedades cooperativas de ahorro y préstamo) with a level of operation from I to IV, the multiple purpose financial companies (sociedades financieras de objeto múltiple), the money transmitters (transmisores de dinero), credit unions (uniones de crédito), credit institutions (instituciones de crédito), brokerage houses (casas de bolsa), currency exchange houses (casas de cambio), mutual fund operators (sociedades operadoras de fondos de inversión), distributors of shares of mutual funds (distribuidoras de acciones de fondos de inversión), popular financial corporations (sociedades financieras populares), community financial corporations (sociedades financieras comunitarias) with a level of operation from I to IV, rural financial integration organizations (organismos de integración financiera rural), as well as Fintech institutions (instituciones de tecnología financiera).

SOLCARGO has a team of professionals certified by the CNBV on AML/CFT, which advises its clients in a wide array of AML/CFT matters, including undertaking the audits to assess their level of compliance to submit the reports before the supervisory bodies.

If you have any questions or need assistance on AML/CFT matters, please contact Luis López Linaldi (luis.lopez@solcargo.mx) or Andrés Navarro Venebra (andres.navarro@solcargo.mx).

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