They will protect transactions with virtual currencies

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In early August, banks and other financial institutions that participate in the interbank electronic payment system (ISPS) and provide remittance services must strengthen security measures with virtual assets, ordered the Bank of Mexico ( Banxico)

The announcement is made after the July 7 alert was triggered by the cyberattack attempt against Bitso, a technology platform specializing in cryptocurrency transactions.

Announcing New Requirements To participate in the SPEI, strengthen policies and controls on remittances, he said the anti-money laundering law will have to apply to virtual assets.

In two circulars, he has decreed that they will have to identify, among their clients, matters other than financial entities that offer, in the usual and professional manner, exchanges or purchases-sales of assets virtual.

We will have to respect what is established in Article 17, Section XVI, of the Federal Law for the Prevention and Identification of Transactions with Resources of Illegal Origin, which establishes, between other, "means to keep, store or transfer assets of banks different from those recognized by the Bank of Mexico under the Financial Technology Institutions Regulatory Act. "

In the case of clients operating with virtual assets, banks can only keep the corresponding accounts: sight deposit, opened in credit institutions, popular financial corporations, Community financial companies, cooperative savings and credit societies, for which the SPEI Participant collects the same documents and identification data as the general provisions for Level 4 accounts offered by these institutions.

It is important to open these accounts to customers who, in turn, can offer their users the sending or receiving of remittances via the SPEI.

As well as in the law anti-money laundering, where a standards compliance officer to prevent and identify illicit activities and the financing of terrorism, now banks and other participants in the SPEI and remittances must have an information security officer.