Business Services Industry
Mexican Banks Follow 'Know Your Client' Rules.
Internet Securities, January, 2002
MEXICO CITY, Jan 22, 2002
Since January 1, Mexico's financial institutions must ask for a series of new prerequisites from people wishing to open a new account, with the goal reducing banks' involvement with illegal activities, reported Mexico City daily Reforma. Theses new steps, part of the "Know Your Client" program, are now obligatory for banks, as outlined in the government's daily gazette in November 2000. "The know-your-client program is a common practice in most developed countries, and is one of the recommendations made by the International Financial Action Group of the Organization for Economic Cooperation and Development (OECD)," said Mexican Bankers Association (ABM) President Hector Rangel Domene.
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