identity proofing mexico aml kyc

Mexico has complicated financial sectors and regulations. There are four main regulators that have industry specific oversight responsibility. Those regulators are as follows:

  • Comisión Nacional Bancaria y de Valores (CNBV)—National Banking and Securities Commission
  • Comisión de Seguros y Fianzas (CNSF)—National Insurance and Surety Commission
  • Comisión Nacional de Sistemas de Ahorro para el Retiro (CONSAR)—National Commission for the Pension System
  • Secretaría de Hacienda y Crédito Público (SHCP)—Secretariat of Finance and Public Credit

Mexico applies Know Your Customer (KYC) policies but has been more interested historically in customer and business management rather than anti-money laundering (AML) measures. Local regulations require businesses to rank their customers as either low or high risk. In 2013, new AML rules came into effect in Mexico that cover transactions that take place outside of financial institutions such as donations, construction and property development, and professional services. Further regulations and AML provisions vary based on the industry and regulator.

Mexican identity verification has grown in the past few years. While there has not been a legal requirement for independent verification, copies of identification are generally provided upon account openings. Furthermore, verification of Mexican identities is important for many U.S. businesses. You can contact Trulioo for help with online identity verification in Mexico. We have excellent coverage and datasources, and rank Mexico as a Category 1 Country based on our data coverage and source quality.