#Mexico #Mexico City #financial crime #Anti-Money Laundering #Mexican Banking Association

Strengthening Anti-Money Laundering Efforts in Mexico

On November 4, 2025, the Mexican Banking Association (ABM) announced important initiatives aimed at enhancing the country’s framework for preventing money laundering (AML) and combating the financing of illicit activities (CFIA). This comprehensive plan will see banks in Mexico adopt stronger measures to combat financial crime while ensuring compliance with international standards. The ABM’s recommendations are designed to align with U.S. regulations and serve as a robust response to ongoing financial challenges faced by the banking sector.

Best Practices Development

One of the initial steps outlined by the ABM is the development of Best Practices specifically for AML and CFIA. These guidelines are intended to help close the existing regulatory gaps between Mexican and U.S. systems of financial compliance. Banks are expected to incorporate these practices into their internal Compliance Manuals, providing a clearer framework for identifying and mitigating risks associated with money laundering activities.

Commitment to Sanctions Compliance

In a reaffirmation of their dedication to maintaining a high standard of compliance, the ABM emphasized the continued implementation of the Economic Sanctions Best Practices established in 2023. All member banks are being called to align their sanctions compliance programs with international standards, ensuring uniformity in how sanctions are applied across the banking sector.

Typology Reports

The ABM is committed to equipping banks with the necessary tools to identify suspicious transactions. To this end, they will periodically release typology reports that delve into AML and CFIA matters. By providing insights on common discrepancies, these reports intend to enhance relationships between banks and competent authorities, facilitating better reporting of unusual or suspicious activity.

Recommendations for Wire Transfers

The ABM has put forth specific recommendations regarding international wire transfers. They advise that such transactions should be executed or received only from registered account holders. This measure will serve to safeguard against potential fraudulent activities while ensuring that all transactions can be tracked and verified.

Cash Payments Regulations

The guidelines extend to cash payments as well. Effective June 30, 2027, any cash transfers made by individual customers must be limited to dealings with identified account holders. Customers making cash payments will need to present valid government-issued IDs along with biometric data, and cash payments will be capped at USD 350 per remittance and USD 900 per month per recipient.

Identifying Large Cash Withdrawals and Deposits

To further bolster security, banks are advised to track individuals depositing or withdrawing cash amounts equal to or greater than MXN 140,000 starting July 1, 2026. Additionally, deposits into concentration accounts will also need to be referenced to improve tracking.

Information-Sharing Platform

The ABM has set a deadline of December 30, 2025, for a select group of banks to integrate into a new Information-Sharing Platform. This initiative is expected to become operational by July 30, 2026, and will facilitate enhanced data sharing regarding AML practices and challenges.

Collaborative Efforts with Authorities

To strengthen regulatory frameworks, the ABM has initiated regular meetings with the Financial Intelligence Unit (UIF) focused on various operational aspects, including regulatory updates and emerging priorities. They aim to expand these discussions to other governmental authorities, enhancing cooperation in the fight against financial crime.

International Collaboration

Furthermore, the ABM is prioritizing consistent engagement with international financial authorities that have a stake in AML and CFIA matters. This ongoing dialogue is expected to lead to valuable collaborations that can fortify Mexico's stance against financial crime on a global scale.

Conclusion

With the implementation of these recommendations and the commitment to statutory reforms, the ABM is taking decisive steps to ensure that Mexican banks operate within a strong regulatory environment that prioritizes financial integrity. As the financial landscape continues to evolve, these measures are crucial for maintaining public confidence and securing the national financial system against illicit threats. Founded in 1928, the ABM represents a significant portion of Mexico’s banking sector, with 54 member institutions and a footprint that includes 11,700 branches and 65,000 ATMs across the country.