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Mexico’s Dollar Deposit Restrictions Will Drive Illicit Cash to U.S., Central America
By Brian Monroe
printNew rules restricting U.S. dollar deposits at Mexican banks could end up pushing billions in illicit cash through U.S. and Latin American financial institutions, say compliance professionals. Under the measures, individual and corporate customers of Mexican banks will be prohibited from depositing more than USD $4,000 in cash per month, and non-accountholders will be limited to USD $300 in cash deposits per day and USD $1,500 per month. Mexican officials announced the rules on June 15 and expect to enforce the regulations for businesses in September. Should the rules, which are intended to stem the flow of narcotics trafficking funds...
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