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U.S.-Mexico Data Memo to Lead to More AML Enforcement on Both Sides of Border
By Colby Adams
printAn agreement formalizing cooperation between a Mexican financial regulator and a U.S. overseer of money services businesses and banks is likely to result in more enforcement actions in both countries. In October, the U.S. Financial Crimes Enforcement Network (FinCEN) and Mexico's National Banking and Securities Commission (CNBV), signed a memorandum of understanding (MOU) to exchange anti-money laundering (AML) supervisory data and coordinate their regulation of money services businesses (MSBs). Though FinCEN communicates with 139 financial intelligence units (FIUs) globally, without the MOU it could not directly turn over or receive information from the CNBV, Mexico's primary regulator of centros cambiarios...
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