On June 21, the General Provisions regulating the Self- Regularization Program (the "Regularization Program") entered into force. It applies to obligated parties that are in breach of their obligations under articles 17 and 18 of the Mexican Anti-Money Laundering Law for the period of July 1, 2013, to December 31, 2018. The deadline to submit the application for adherence to the Regularization Program is August 15, 2019.
The Regularization Program must be completed within six months of August 3, 2019, according to the General Provisions.
These Provisions include the rules that must be complied with prior authorization from the Tax Authority ("SAT", per its Spanish acronym), as long as the obligated parties are up to date with their 2019 obligations.
This request must include the following:
- The description of the irregularities or breaches to the Mexican Anti-Money Laundering Law.
- The detail of the circumstances that led to said irregularities or breaches.
- Description of the actions that are to be adopted to correct the breach.
- Proof that participants do not fall under any inadmissibility provisions.
Originally published July 2, 2019
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