On October 18th, the Provisions for audits that evaluate compliance on the prevention of money laundering and terrorism financing (“Provisions”) were published in the Official Gazette of the Federation.
The Provisions establish the regulatory framework for financial and credit institutions (“Supervised Subjects”) to comply with the obligation to detect and prevent money laundering and terrorism financing operations. To that end, they provide the minimum requirements that Supervised Subjects must observe regarding the following:
- The appointment of the auditor, whether an individual or entity.
- The preparation and contents of the audit report (planning, work program, review results, regulatory compliance, relevant or alarming information, corrective actions, and recommendations).
- The submission of the report to the National Banking and Securities Commission (formalities and documentary support to be submitted).
The purpose of the report is to provide Supervised Subjects with the necessary information to adopt measures for preventing money laundering and the financing of terrorism. It should be prepared annually and cover all transactions from January to December.
Sergio De La Rocha