Anti-Money Laundering & Investigations and Compliance

New anti-money laundering (AML) regulations are scheduled to be launched in early March 2019 to allow for the voluntary remediation of AML compliance violations in Mexico. The new Federal Administration has made it clear that it will use AML enforcement as one of its main tools against organized crime and corruption.
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New anti-money laundering (AML) regulations are scheduled to be launched in early March 2019 to allow for the voluntary remediation of AML compliance violations in Mexico. The new Federal Administration has made it clear that it will use AML enforcement as one of its main tools against organized crime and corruption. Hence, the relevance of the new envisioned AML regulations for individuals and companies that are subject to the AML legal framework and are interested in moving forward with their compliance on a clean slate.

New legislation passed by the Mexican Congress allows companies outside the financial sector that are subject to the Federal Anti-Money Laundering Law (Ley Federal Para la Prevención e Identificación de Operaciones con Recursos de Procedencia Ilícita) (the “AML Law”), to remediate violations occurred between July 1, 2013 and December 31, 2018 (the “Rectificable Period”).

Transitory Article Fourteenth of the Income Law of the Federation (Ley de Ingresos de la Federación) for Fiscal Year 2019 - published on December 28, 2018- lays out the general framework for self-recti cation programs that can result in no-action letters or even the condonation of nes which would otherwise assessable for AML violations rectified.

This self-recti cation bene t -which in the past was only available to regulated nancial institutions - will now be available to those non- nancial sectors/activities regulated by the AML Law. Some of the business activities that must be in compliance with the AML Law include real estate development for sale; real estate leases; non- nancial credit and payment cards; vouchers and reward certificates; sales of cars and other vehicles; rendering of professional services; and casinos.

Self-rectification programs will need to be approved by the Mexican Tax Administration Service (Servicio de Administración Tributaria) (“SAT”) to be efective. The SAT must publish the regulations deliniating the procedures for implementing self-correction programs by March 1, 2019.

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