Hacienda puts limits on dollar deposits to curb money laundering

Secretary of Finance Ernesto Cordero and banking commission chairman Guillermo Babatz announced restrictions on deposits of cash dollars to curb money laundering from drug trafficking. “The Mexican banking system is receiving a large quantity of cash dollars, far beyond what could be explained by economic activity. There exists the presumption … that many of these dollars have an illicit origin,” Cordero said.  Individuals will be limited to making dollar cash deposits of US$4,000 per month (if they have a bank account) or US$1,500 per month (if not).  Companies that operate in tourist regions and the border region will be limited to US$7,000 per month in cash deposits. The regulations will also “reinforce measures against money laundering, including the knowledge, identification, and monitoring of [bank] customers, non-customer users of the banks, and their exchange transactions.” The new regulations do not affect dollar sales by financial institutions, or non-cash transactions; they go into effect on June 21 for individuals and in 90 days for companies. (Universal 6/16, NYT 6/16, Hacienda 6/15)

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