Mexico’s Fintech Law now published and live
Mexico’s Fintech Law, which has been touted for over a year, came into effect on 10 September, setting the standards for Latin American countries.
According to the president of the National Banking and Securities Commission (CNBV), Bernardo González, the legislation was published in the Federal Official Gazette.
At the 12th national convention of Multiple Financial Institutions in Mexico (ASOFOM), he said that this law would affect crowdfunding, online payments, and cryptocurrency companies. It’s worth pointing out that the official emphasised the flexibility in the legislation.
Companies wishing to enter the regulatory framework can now start doing so, in a 6-12 month process.
Anti-money laundering (AML) reports will be handled through Mexico’s Ministry of Finance’s new Financial Intelligence Unit, comments Sandro Garcia Rojas, assistant manager of Preventive Processes Supervision at the CNBV.
This law has drawn from regulation in other countries and guided by international committees such as the Financial Action Task Force (FATF).
The law was originally presented by President Enrique Pena Nieto in March. It has been focusing largely on cybersecurity and fraud issues.
For more details on the development of this law, make sure you read our past story on it.