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Financial Intelligence Unit's Interpretation On Outsourcing Services

Author:Mr Daniel Del Rio and Rodolfo Barreda Alvarado
Profession:Basham, Ringe y Correa, S.C.

Recently, the Mexican Financial Intelligence Unit ("UIF" for its acronym in Spanish), of the Treasury Ministry issued an interpretation regarding Outsourcing services. The UIF considered Outsourcing Services as a Vulnerable Activity under the Federal Act to Prevent and Identify Illegally-Funded Transactions ("Act")

According to the referred interpretation, the render of independent professional services, on behalf and in representation of the client, for the administration and/or management of resources of the contracted service, is considered as Vulnerable Activity pursuant the Act.

As been considered as Vulnerable Activity, the operations of companies providing Outsourcing services, shall be subject of identification and report/notice, as established in the Act; highlighting that the identification as well as the report of the activities, shall be perform without exemptions, since there is...

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