The modifications in financial regulations in Mexico are demanding banks to place greater emphasis on preventing the financing of terrorism and the need to adjust the corresponding controls. Javier Honorio López López, an expert in anti-money laundering, pointed out that this process not only requires time but also the implementation of training and adjustments in manuals, among other aspects.
The Financial Action Task Force (FATF) has planned a mission to Mexico, which increases pressure on financial entities to comply with anti-terrorism laws. Alondra De La Garza Erives, an analyst in anti-money laundering and counter-terrorism financing, highlights that while the current regulations do not need modifications, it is crucial to pay attention to the destination of resources in general, as most of the attention tends to focus on money laundering.
The FATF has made recommendations on this topic in the past, which has prompted legislative modifications, such as the provisions for the prevention of money laundering and terrorism financing in credit institutions last year. The designation of Mexican cartels as terrorist organizations by the Trump administration is leading the financial sector to implement internal measures against terrorism financing more rapidly, as this sector is deemed to be in a vulnerable position in this regard.
Trump's declaration has raised concerns among banks about possible stricter controls that they may require, which also places entities such as brokerage firms and Sofipos, which operate under similar regulations, in a risky position, as they still need to strengthen their prevention systems. Although the governor of Banxico, Victoria Rodríguez, has stated that the financial system has solid regulation that does not need adjustments, experts warn that the challenge lies in combatting terrorism financing, a topic that concerns various sectors, not just the financial one.
