Mexico's Ministry of Finance and Public Credit published general rules implementing reforms to the anti-money laundering framework for persons conducting designated vulnerable activities. The rules establish a risk-based approach under which obliged persons must identify, assess, classify and document risks associated with their customers or users, transactions, products, services, operating channels and geographic areas. The framework strengthens customer due diligence, beneficial owner and politically exposed person identification, internal controls, recordkeeping and reporting. It also introduces proportional compliance based on the risk level of each vulnerable activity and requires the ministry to direct supervision and verification toward sectors and activities with greater exposure to money laundering. The rules will enter into force gradually to allow obliged persons to update internal processes and develop the capabilities needed to comply.

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