Introduction
With the amendments to the General Law of Organizations and Auxiliary Activities of Credit (LGOAAC) recently published in the Official Gazette dated August 3, 2011, you must comply with certain mandatory requirements to be able to operate as individuals dedicated to following: a) The buying and selling currencies and professional standard, b) the habitual and professional operations of credit, financial leasing or factoring, and c) the transfer of funds.
In this context, this paper specifically focuses on talking Exchange Center, Multi Purpose Financial Companies, unregulated entities (SOFOM ENR) and Money Transmitters
Within the mandatory requirements for operation, are the following:
- Organized under the General Corporations Law (LGSM) (Article 81-B) LGOAAC. Individuals disappear (PF) that are operating business as usual in buying and selling currencies.
- Legal Persons (PM) already exist and which have a prior authorization from the SAT make any modifications in the statutes of the company to adapt its social object corresponding to them according to type of activity that is their operation (Article 81 -B). As an example we mention that if a PM is dedicated to the transmission of funds, the bylaws must be reflected and eliminate anything that is not applicable (Article 81-A Bis).
- Prohibited the use of words either partial or complete, however, buying and selling currency transmission of money or something that was registered in the name or corporate name of all those that do not give PM compliance with the above (Article 7 of LGOAAC).
- Inspection and supervision of societies mentioned being under the tutelage of the National Banking and Securities Commission (CNBV) clarifying that this is subject only to do with the strict observance of Article 95 Bis of the General Provisions (DCG) that this will result. (Everything mentioned in this article).
- Obligation to allow inspection visits to the CNBV considers relevant.
- Make available all information related to transactions by obligated in this paper and are referred to in Article 95 bis of the LGOAAC for inspection visits indicated in the previous section.
- Do not perform operations reserved for auxiliary credit organizations and currency exchange. As an example we mention that the equivalent received under a purchase and sale of foreign currency by a non-Exchange Centre may be through electronic transfer.
- In the case of exchange centers that have the authorization from the CNBV should add in their corporate name the expression "exchange center." For their part, money transmitters must include in any advertising and / or announcement, the reference that it is a "Money Transmitter"
- The ENR SOFOMES be subject to the supervision of the CNBV in accordance with Article 56 of the LGOAAC
- The Centers Foreign Exchange and Money Transmitters SOFOMES, ENR, must comply with the law on the subject related to the prevention, detection and reporting of transactions with funds of illicit origin. (Avoid the situations described in Articles 139, 148-bis and 400-bis of the Federal Penal Code)
Powers of authority
- Inspection and surveillance operations only referred to Article 95-bis of the LGOAAC and what derives from it.
- Order modifications to what we consider relevant to the close of business, depending on the severity of the problem.
- Impose penalties ranging from 200 to 100.000 days of general daily minimum wage in force in the City
- Recovery of related monthly inspection and supervision by the CNBV to entities.
Deadlines
The powers of supervision set forth in this Article shall be of the CNBV after the 240 calendar days from the day following its publication in the Official Gazette, meanwhile will remain faculty will be SAT.
The new record should be obligated to the SAT within 240 calendar days, the expiration of such period the respective paperwork with the Securities will
The PM who already have a prior authorization to operate as Centers Foreign Exchange and Money Transmitters SOFOMES, ENR, will have a period of 90 calendar days to conduct the appropriate modifications and the filing of its notice with the appropriate changes.
Conclusion
Although they seem to be very simple paperwork and a lot of the time for fitness, the reality is that you should take special care in their development since not see any of them or even who is inadequately developed is a matter sufficient for the authority of a negative response in search of the authorization to operate under any of the previous figures. On the other hand, it is recommended that the respective procedures are promptly and not the end of the timescale.
In obtaining the authorization mentioned in this article are the sole responsibility of the obligor to give due effect to the requirements to be met each and every one of the operations performed by them and which are specified in Article 95 Bis, just to keep his license in place and operating.
On the other hand, the obligors should not forget that even as they comply with these provisions, does not guarantee to have or maintain bank accounts in credit institutions as these are issued directly by them and the authority does not this power to force banks to maintain current accounts and / or opening new accounts in banks who has always considered a high risk business.
In the end this looks like a daunting task for the subjects required and the authority itself because on one side getting your license is in effect and operation depend largely on what they do or do not do the obligors and other hand, the inspection and supervision of the authority will grow substantially as the database which currently will be increased significantly.
COPYRIGHT. SERGIO ESCALANTE.
