Mexico City. The Ministry of Finance and Public Credit (SHCP) is preparing an initiative to reform the legal framework of currency exchange centers, seeking to strengthen the purchase and sale of foreign currency in cash that takes place at counters, reported Ángel Cabrera Mendoza, coordinator of banking and securities for the agency.
Participating in the 22nd Convention of the National Association of Currency Exchange Centers, he explained that in order to detect the regulatory needs of these financial entities, a working group will be opened with the National Association of Currency Exchange Centers and Money Transmitters, an organization founded in 1996.
“We know that there is a significant appetite in the sector to begin to review the regulatory framework, especially the Law on Credit Auxiliary Organizations and Activities, with the aim of improving the capabilities and competencies of currency exchange centers and money transmitters.
The sector is regulated by the General Law on Auxiliary Credit Organizations and Activities in articles 81-A, 81-A Bis, 81-B and 95-Bis, as well as by the General Provisions relating to the registration of currency exchange centers and money transmitters, and the General Provisions on the prevention of Operations with Illicit Proceeds and financing of terrorism, for which they report operations to the Financial Intelligence Unit of the SHCP.
The National Banking and Securities Commission (CNBV) has registered around 700 currency exchange centers in the country, although specialists estimate that there is an unregulated sector, especially on Mexico’s northern border.
“To integrate a successful initiative, we need to find a very important balance between strengthening the competition of our financial institutions and achieving a public policy benefit for users that translates into achieving a more efficient and balanced financial system,” Cabrera said.
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– 2024-09-01 05:28:29
