Anti Money Laundry Law
On October 17th, 2012 was published in the Official Journal of the Federation the Federal Law to Prevent and Identify of Operations made with Illegally Obtained Resources, which entered into force on July 17th, 2013. However, the regulations and general rules entered into force on September 1st, 2013 where several obligations to companies and industries were established that, within the develop of their duties, do activities considered as vulnerable.
Its targets are mainly:
Protect the financial system and national economy from actions or operations that involve illegally obtained resources.
Avoid destabilizing the economy and avoid crime organizations use resources for their financing.
Encourage a healthy competition.
Law’s article 17th points out what are the vulnerable activities and 23rd article the cases when the fiscal authority must be notified.
| Activity | Identification Threshold | Notice Threshold | ||
| UMA* | M.N.** | UMA* | M.N.** | |
| Betting games, contests and raffles | 325 | $26,195.00 | 645 | $51,987.00 |
| Credit or services cards | 805 | $64,883.00 | 1,285 | $103,571.00 |
| Prepaid cards | 645 | $51,987.00 | 645 | $51,987.00 |
| Travelers checks | Always | Always | 645 | $51,987.00 |
| With or without warranty loans or credits. | Always | Always | 1,605 | $129,363.00 |
| Real estate construction, development or marketing services | Always | Always | 8,025 | $646,815.00 |
| Marketing of precious stones and metals, jewelry and watches | 805 | $64,883.00 | 1,605 | $129,363.00 |
| Auction and trading of artwork | 2,410 | $194,246.00 | 4,815 | $388,089.00 |
| Distribution and trading of all kinds of vehicles (land, sea, air) | 3,210 | $258,726.00 | 6,420 | $517,452.00 |
| Armoring services (vehicles and properties) | 2,410 | $194,246.00 | 4,815 | $388,089.00 |
| Money and securities transportation and custody. | Always | Always | 3,210 | $258,726.00 |
| Personal rights to use properties. | 1,605 | $129,363.00 | 3,210 | $258,726.00 |
| Donations reception from nonprofit organizations. | 1,605 | $129,363.00 | 3,210 | $258,726.00 |
Independent Professional Services Provision.
| Activity | Identification Threshold | Notice threshold |
| Real state purchase and sell or rights transfer over these. | Always | When, in the name and on behalf of a client, a financial transaction is carried out that is related to the aforementioned acts. |
| Administration and handle of resources, securities, or any other of your clients’ assets. | ||
| Handling bank, savings or securities accounts. | ||
| Capital investment organization, or any other kind of resources to establish, operate and manage trading companies. | ||
| Constitution, division, merger, operation, and administration of legal entity or corporate vehicles, including, the trust and the purchase or sale of commercial entities. |
By public trust through public notary
| Activity | Identification threshold | Notice threshold | ||
| UMA* | M.N.** | UMA* | M.N.** | |
| Transfer and royal rights creation over properties. | Always | Always | 16,000 | $1,289,600 |
| Powers granting for administrative actions or irrevocable granted controls. | Always | Always | Always | Always |
| Companies establishing and their patrimonial modification. | Always | Always | 8,025 | $646,815.00 |
| Establishment or modification of ownership transfer trusts or guarantee trusts on properties. | Always | Always | 8,025 | $646,815.00 |
| Granting mutual or credit agreements, with or without guarantee | Always | Always | Always | Always |
The notices and reports filing to the UIF will be made through the SAT no later than the 17th day of the immediate next month of the transaction that started it.
The notices will be sent electronically, in the format the Financial Intelligence Unit establishes. These must have the following:
General information on whom carries out the Vulnerable Activity.
Client’s or user general information or, as the case may be, of the beneficiary owner, as well as information on its main activity.
The general description about the Vulnerable Activity.
Those who do Vulnerable Activities and had not carried out actions or transactions subject of Notice during the corresponding month must send in the official format a report where only be filled the fields related to the identification of whom does the Activity, the corresponding period, as well as the indication that in the corresponding period there were no actions or transactions subject to Notice.
