Administracion financiera

Supervision of Money Transmitters

WHAT IS TAX ADMINISTRATION SERVICE (SAT)?

The Tax Administration Service is a desconcentrated agency of the Ministry of Finance and Public Credit, authorized to supervise, and impose sanctions to the Money Transmitters

OBJECTIVE The supervision and inspection of the Money Transmitters has the purpose to PREVENT:

MONEY LAUNDERING

TERRORISMFINANCING

LEGAL FRAMEWORK
On January 28th, 2004, Article 95-Bis was incorporated to the General Law of Organisations and Auxiliary Activities of Credit which empowers the Tax Administration Service to supervise and inspect the fullfiment of the law and furthermore the compliance of the general provisions On May 14th, 2004, the Ministry of Finance and Public Credit (SHCP) implemented generalprovisions to regulate the Money Transmitters

DEFINITION General: The person that in exchange of a comission, profit or benefit receives in his offices, by cable, fax or electronic transfers, resurces in national or foreign currency, to be sent to another point of the national territory or abroad, to be delivered to the designated beneficiary

DEFINITION Spreader: The person that having received byany means resources in national or foreign currency gives the money to another person who with he has a contract relationship for her to deliver the money to the designated beneficiary

DEFINITION

Payer: The person that having a contract relationship with the spreader receives from him, by any means, the resources to deliver them to the designated beneficiary

PROCEDURES SUBMITED TO THETAX ADMINISTRATION SERVICE (SAT) The obligated subjects have the responsability to:

Notice of activities that the Money Transmitters perform within the next fifteen working days after they begin transactions

INFORMATION DOES THE ACTIVITIES NOTICE MUST CONTAIN 1. Name of the Corporation of the Obligated Subject 2. Owner’s name or of the main shareholders 3. Residence of the branches of theObligated Subject 4. Manager’s or agent’s name 5. Federal Taxpayer Record 6. The list of activities that the Obligated Subject performs

PROCEDURES SUBMITED TO THE TAX ADMINISTRATION SERVICE
•Present a document that contains the criteria, rules and procedures of the identification policies and knowledge of the client and its modifications

•Submit the reports of relevant, unusual and worryingtransactions

RELEVANT TRANSACTIONS REPORT
DEFINITION DUE DATE

Transaction which is agreed Must be reported in no in Monetary Instruments, for longer than ten business an equal or higher sum to days after the close of the equivalent in national transactions of the last currency of three thousand month of the corresponding U.S. dollars trimester

UNUSUAL TRANSACTIONS REPORT
DEFINITIONDUE DATE
The activity, conduct or behavior does not agree with Must be reported in no the client record or the longer than thirty calendar activity informed by the days counted from the client, or all usual moment the transaction has transactional pattern behavior, in terms of the been detected by the system, total sum, frequency, type or process or the obligated subject’s employee nature of thementioned transaction, without existing reasonable justification for such behavior

WORRYING TRANSACTIONS REPORT
DEFINITION DUE DATE
The activity or behavior of Must be reported in no the respective executives, functionaries and agents of longer than thirty calendar days counted from the the Obligated Subjects that for its features could violate moment the transaction has been detected by theor damage the compliance system, process or the of the established measures in Law and in the obligated subject employee applicable general legal provisions of the law

PROCEDURES SUBMITED TO THE TAX ADMINISTRATION SERVICE (SAT) •Notice when relevant transactions are not performed •Notice the designation or substitution of the person that will have the power and obligations included in the...