Anti-Money Laundering Law, with a focus on real estate transactions

1) Introduction. The specific forms to be filled out and presented to the SAT must be done according to what is specified in the law. The anti-money laundering law was enacted in 2013 but has been evolving, its purpose is to protect the financial system and the national economy, as well as to generate measures and procedures to prevent and stop illegal activities and to avoid the use of resources to finance illegal organizations, hence the obligations that obligated persons have to perform. What is the FATF? It is the Financial Action Task Force. Its purpose is to create standards and promote the implementation of legal measures. It seeks to identify possible violations to the financial system of each country. Legal framework, creation, modifications and regulation. These rules contain which documents have to integrate our file: if copies, originals, simple copies, certified, etc. These rules give precise details of the information, there is a format to register vulnerable activities, its publication was in 2013. But there were changes in subsequent years. Current format for vulnerable activities of buying property. The format takes you by the hand on what information you need to add about both the person and the operation. If it is an individual, or a company. It is important to have filled out the current form, if it is not the current form you may have requirements or precautions. The portal of the SHCP of money laundering, is the portal to upload notices and there is also the legal framework that governs the law and the obligations to be submitted, thresholds, administrative sanctions and verification visits. Money laundering. The definition according to the International Monetary Fund: It is a process by which the illicit source of assets obtained or generated through criminal activities is covered up to simulate the link between the funds and the original activity. The Financial Action Task Force defines it as The processing of the profits derived from criminal activity to disguise their illicit source, allowing criminals to enjoy them without risking their source. 2) Why do I have to file my notices? The integration stage is where people with vulnerable activities enter. You can unknowingly be part of the entire stage of money laundering and acquire responsibility that can become criminal, hence the obligation to care for the operations of vulnerable activities, you must integrate, fill and report the notices. Records must be kept and warnings given; they do not occur in all operations, but they must be assessed when they do. 3) Which are the vulnerable activities? They are the acts, operations and services or the set of the three. That are performed by financial entities (banks and brokerage firms) in accordance with the laws that regulate them in each case. (The whole list of vulnerable activities can be seen in the webinar, click here). Obligations of Vulnerable Activities. 

Registering with the SAT 

Identify customers and users 

Submit notices and reports to the FIU through the SAT. 

Other obligations. To register you must have your RFC and advanced electronic signature. To pay taxes and report obligations derived from the activities you perform. You must identify clients and users and generate a file. It is the accountants who end up specializing in this area. An accountant or lawyer specialized in the area can help you generate these files. Identification and warning thresholds. The identification threshold is given because it is established by law, simply by the fact of carrying out the activity. And the warning threshold is given if you reach a certain amount. If you want to see the complete webinar click here you can also see it: The tables and explanation of the real estate identification thresholds and the sanctions in case of not submitting the notices. Follow us Facebook Instagram YouTube COLDWELL BANKER MÉXICO