SHCP releases final text of regulation on documentation required from migrants to carry out financial transactions
29 abril 2021

MEXICO

On April 26, the Secretary of Finance and Public Credit (SHCP in Spanish) published, through the National Committee for Regulatory Improvement (CONAMER in Spanish), a new version of the draft bill that modifies the General Provisions applicable to credit institutions. The text modifies the requirements for the presentation of different types of identification for Mexican migrant individuals requesting banking services in national territory, and provides for institutional controls on the use of fingerprints. This text is ready to be published in the Official Gazette and enter into force since CONAMER has issued its final opinion on the matter. Such publication could happen in the short term.

The final approved text proposes that:

  • Credit Institutions shall request a valid voting credential, Mexican passport and consular registration from individuals who in person, and not through a representative, request to establish contracts to carry out active operations, services, or that require means of payment.
  • Institutions must carry out a verification of the fingerprint obtained from the natural person presenting the consular registration for financial transactions. In this process, the match of the verification with the records of the Secretary of Foreign Affairs must be 90%.
  • The National Banking and Securities Committee (CNBV in Spanish) may authorise credit institutions to carry out verification actions other than biometric verification of the identification documents presented by the interested parties, provided that the result is reliable to identify the natural person in question.
  • Regarding the use of fingerprints, it is necessary that in order for the institutions to create databases with them and use them for authentication purposes, customers must be registered with a prior verification of their fingerprints with the records of the National Electoral Institute (INE in Spanish) or the Secretary of Foreign Affairs.
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