| Amendments to the General Law on Auxiliary Credit Organizations and Activities [Reforma a la Ley General de Organizaciones y Actividades Auxiliares del Crédito]
(Diario Oficial de la Federación, August 3, 2011; in force the following day) |
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| Two new auxiliary organizations are regulated here: “centros cambiarios” [currency exchange firms] and “centros transmisores de dinero” [money transfer centers]. Currency exchange firms are entities that exchange foreign currency and metal in amounts that do not exceed ten thousand dollars per day per customer. They must operate by on the spot delivery of cash or checks without electronic transfer of funds. They must be organized as corporations (sociedad anónima), be registered with and authorized by the National Banking and Securities Commission (CNBV for the initials in Spanish). In the past authorization was not required for such transactions. Their corporate name must include the words centro cambiario. Money transfer centers are entities that receive funds from any place within Mexico for transfer to given persons abroad or within Mexico; they must be set up as corporations (sociedad anónima) and be registered with and be authorized by the CNBV. Surveillance of these businesses is vested in the CNBV and it may exercise this authority once 240 calendar days have elapsed following publication of these amendments. |
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