Rules issued by the National Banking and Securities Commission ("CNBV") require fintech companies to appoint a compliance officer to establish  procedures to prevent money laundering and the financing of terrorism. This compliance officer must be an employee of the fintech company and must be certified by the CNBV. This certification must be renewed every 5 years.

The compliance officer is also responsible for preparing a compliance manual containing the “know your customer” policies, and procedures prevent money laundering and financing of terrorism. Fintech companies must submit said manual with the CNBV.

The compliance officer must comply with the following requirements:

  • Hold a position within the three immediate hierarchies inferior to the chief executive officer of the company.
  • Be independent of the company’s sales team or any other division responsible for managing or promoting the company’s products.
  • Not have any internal audit responsibilities within the company.
  • The certification of the CNBV.

The purpose of this new requirement is to strength the regulatory framework that prevents money laundering and the financing of terrorism, as well that fintech companies be used to carry out operations with  illegally-sourced funds.