Mexico City- Alert for risk of money laundering in hundreds of financial institutions

13 Aug

Many non-banks are not regulated, nor supervised, says the Mexican Association of Specialized Financial Institutions.

Alert for risk of money laundering in hundreds of financial institutions

Alert for risk of money laundering in hundreds of financial institutions

The existence of thousands of non-bank financial institutions, one of which is largely without regulation or oversight, makes possible illegal as the laundering of money, considered the Mexican Association of Specialized Financial Institutions ( FMEA).

And, only in the case of multi-purpose finance companies (Sofomes) of 3,676 detected, only 2,755 are registered in the System Registry Provider of Financial Services (Sipres) of the National Commission for the Protection and Defense of Users of Financial Services (Condusef).

The deputy secretary of the FMEA, Carlos Provencio Munoz, said that the real problem is not regulation or regulations in the case of prevention of laundering of money, as they are adequate, but the willingness to comply and, indeed, understand.

“It’s possible this type of illegal laundering of money and can take the case to thousands of such entities, but the issue is not whether it exists or not, the case is that the system has and maintains controls to prevent and where appropriate to report it, “he said in an interview. He said that according to the latest report from the Financial Action Task Force (FATF) in 2008 in the issue of Sofomes was classified as a yellow light bulb as a wash of money, so recently established for this group of entities prevention regulations.

However, the existence of regulations in these states-which are neither monitored nor regulated by the National Banking and Securities Commission (CNBV) (in general) – “will not inhibit the problem because there is one thing the standard now and another thing is that you meet.”

In fact, he said, the issue of shielding is different when it comes to prevention, since the rule “is not to shield, but that inhibits the use of these institutions for laundering money.”

Hence, he stressed that the risk is that such a large number of credit institutions is unmanageable, which was caused by administrative deregulation there, especially in the field of sofomes / sofoles, which allows any person with 50 thousand pesos as of the companies.

“It should be simplified (the regulation) but not eliminated, since this administrative deregulation is proving that the figure was not the most appropriate in view of the risk and the perception we have of this activity,” he said.

In his opinion, we need a comprehensive regulation for regulated specialized credit figure, but acknowledged that the legislation is no panacea, as the scheme compliance and prevention is needed disposal. “The spirit is to prevent and report if there is an unusual case.”

As a matter of Carlos Provencio, should be clear that in the regulations for the Prevention of Money Laundering is not sanctioned by the Committee from being hit by the illegal, but do not have the mechanisms to prevent and / or failing to report the insolvency in an account despite it being detected.

Hence, he reiterated, “in legislation it is quite well, the point is rather the application of that rule.”

However, there is a universe of non-bank financial institutions that are not regulated, but eventually they were and those who have never been regulated, he said.

In this context, he noted that they were/are regulated and has an appreciation and assessment for compliance with the law, are used to follow the regulations.

The other end of those who are a financial institution because they think or have a financial activity or business and never been in a regulated area, have a different perception of compliance, he added.

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Posted by on 08/13/2012 in Crime!, Money Laundering


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