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    Legal briefing

    Reforms to the Anti-Money Laundering Regime: What It Means for Your Business

    02/12/2024

    The proposed reforms to Mexico’s anti-money laundering and counter-terrorism financing (AML/CTF) framework aim to align the country with stricter international standards, introducing significant changes for entities engaged in vulnerable activities. These adjustments will have far-reaching implications for businesses, from stricter controls to enhanced penalties.

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    Alma Armenta Mora, Rafael Fuentes Cataño

    The Senate is reviewing a proposed reform to the Federal Law for the Prevention and Identification of Transactions Involving Illicit Proceeds (LFPIORPI) and the Federal Penal Code (CPF). Key changes include the introduction of annual training and audit programs, automated systems, and a risk-based approach. Sanctions are also being strengthened, with expanded powers granted to the Ministry of Finance (SHCP) to temporarily suspend activities. Additionally, new obligations concerning Politically Exposed Persons (PEPs) and the prevention of terrorism financing are being introduced.

    At Pérez-Llorca México, we are prepared to assist you in complying with these new regulations and adapting your processes to meet international standards.

    Consult the full content of the Legal Briefing here.

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