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Lax AML controls plague Mexico's financial services sector

Jaclyn Jaeger | February 6, 2018

Financial institutions in Mexico did not make the honor roll this year in the country’s latest report card on anti-money laundering and counter-terrorism financing efforts, which addressed serious weaknesses in the way banks assess and manage such risks.

The recently released 236-page “Mutual Evaluation Report” on Mexico was conducted by the Financial Action Task Force (FATF), an independent, inter-governmental body that develops and promotes policies to protect the global financial system against money laundering and terrorist financing. For the first time since 2008, FATF assessed Mexico’s overall level of compliance with the FATF’s 40 anti-money laundering and counter-terrorism financing (AML/CTF) recommendations, recognized globally as a gold standard.


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