The Mexican Bankers Association (ABM) presented a package of measures to strengthen internal controls and raise prevention standards against money laundering. The initiative was developed four months after the U.S. Treasury's warning to three Mexican financial institutions suspected of money laundering. ABM President Emilio Romano called it "the most important issue of the day." One of the key measures concerns international transfers, which will now only be made between bank account holders. A technological platform will be launched for real-time information exchange between institutions. Additionally, mandatory identification will be required for individuals making cash deposits or withdrawals of 140,000 pesos or more, even if they are not the account holders. This applies immediately to legal entities, and for individuals, it will take effect on June 30, 2027. "We want to raise the standard so that every relevant operation has a clearly identified person in charge," added Mauricio Naranjo, CEO of Grupo Financiero Monex and a member of the ABM. Better practices will also be developed to bring Mexican regulation closer to international standards, especially those of the United States. Romano explained that Mexico will be one of the first countries to have this tool to detect and prevent suspicious operations. "A customer goes through a registration and validation process that ensures we know who is sending or receiving the funds," Romano explained. In the case of legal entities, the provision applies immediately, and for individuals, it will take effect on June 30, 2027. With the acquisition of VectorGlobal, Insigneo dismantles the trio sanctioned by FinCEN. Another relevant action will be the mandatory identification of those who make cash deposits or withdrawals of 140,000 pesos or more, even if they are not the account holders. "We continue to be a robust and reliable system, capable of adapting to global challenges," concluded Romano. ABM also updated its macroeconomic outlook. According to the ABM, bank credit continues to advance and currently represents 37.5% of GDP, after an increase of 1.8 points in the last year. Romano emphasized that despite the economic slowdown and a decline in some segments of consumer and mortgage credit, the Mexican banking sector remains solid with high levels of liquidity and capitalization. He highlighted that growth expectations for 2025 have improved slightly compared to previous months, with an average estimate of 0.7% of GDP, while a stronger recovery of 1.3% is anticipated for 2026.
