Compliance – Peace of Mind

The objective of the Federal Law on Prevention and Identification of Operations with Resources of Illicit Origin (LFPIORPI – Ley Federal de Prevención e Identificación de Operaciones con Recursos de Procedencia Ilícita), is to protect the financial system and the national economy, establishing measures and procedures to prevent and detect acts or operations that involve resources of illicit origin. This Law was created to regulate Vulnerable Activities and to comply with FATF Recommendation 28, which states that countries must have regulatory and supervisory measures for DNFBPs (Designated Non-Financial Businesses and Professions). Mexico complies with this Recommendation and has published the LFPIORPI with the objective of establishing regulation to prevent, detect, combat, and denounce money laundering.

Who is affected by this Law:

In addition to financial institutions, both entities and individuals who regularly and/or professionally perform the following activities:

Russell Bedford offers practical and personalized support to propose real solutions, as well as to provide our expertise and appropriate tools to ensure compliance with your obligations.

We provide our expertise on the support, design, and development of methodologies, policies, and procedures regarding the prevention of money laundering. Our services focus on consulting, both for the Financial and Non-Financial Sector, in the following topics:

Financial Sector:

• Audit and preparation of reports on AML/CFT
• Legal and implementation advisory services for the creation of the AML/CFT area
• Technology Systems Audit that complies with regulatory requirements
• Development of a Know Your Customer and identification program
• Comprehensive training program
• Development of policies manual, criteria, measures, and internal procedures on AML/CFT
• Preparation of identification and Know Your Customer questionnaires
• Implementation of the Risk-Based Approach
• Advisory services on the quality of the reports on relevant, unusual, and concerning internal transactions, submitted to the CNBV
• Follow-up before the CNBV to clarify observations during the implementation and development of the AML/CFT area

Non-Financial Sector:

• Diagnosis, audit, and opinion on compliance with AML requirements
• Advisory services on legal and procedures implementation for the creation of the AML area
• Management outsourcing of vulnerable activities in AML
• Advisory services on the adequate compilation of files
• Advisory services, including the analysis of amounts, on notices sent to the SAT
• Development of a manual on AML
• Development, implementation, and presentation before the SAT program for auto-regulation
• Comprehensive training program