MEXICO Law and Practice Contributed by: Lizette Neme, Andrea López-Malo, Shannon Reilly, Rodolfo Flores and Dunia Salum, Áurea Partners
There are two main outsourcing regimes. • Third-party service providers: these may include services such as operations support, database and systems management, or cloud computing infra - structure. • Commission agents: these act on behalf of and for the account of the regulated entity to provide regulated services directly to end users. They are typically subject to limits on the amount of money they can handle and the specific services they are allowed to provide. In both cases, regulated entities must comply with outsourcing requirements. Generally, this involves obtaining prior authorisation from the regulator (except if engaging with another regulated entity); however, depending on the nature of the services and the spe - cific entity type, certain activities may only require a formal notice (prior notification) to the authority. These obligations apply to all core operational outsourcing, except in limited cases explicitly exempted under the applicable regulation. Additionally, outsourced services must comply with strict regulatory requirements, particularly concerning: • business continuity and contingency planning; • technological and information security; • oversight and auditability; and • clear accountability and responsibility retained by the regulated entity. 2.9 Gatekeeper Liability Fintech entities in Mexico are liable as gatekeepers for activities on their platforms, in areas such as AML/ CFT compliance, fraud prevention, platform misuse by users and third-party partnerships. They can face direct penalties ranging from fines to licence revoca - tion, or suspension of activities. 2.10 Significant Enforcement Actions Regulatory breaches may lead to administrative or criminal sanctions, such as monetary fines and impris - onment. Sanctions imposed by financial authorities are not necessarily final; they can be challenged or appealed before a judicial court.
Key enforcement trends and recent significant actions by the CNBV and other authorities include the follow - ing. • AML/CFT enforcement: in mid-2025, the CNBV imposed record-breaking fines totalling approxi - mately MXN185 million across three major institu - tions: CiBanco (Bank), Intercam Banco (Bank) and Vector Casa de Bolsa (Brokerage Firm), for (i) sys - temic failures in reporting international transfers, (ii) accepting cash in US dollars above regulatory limits, (iii) deficiencies in money laundering preven - tion systems and transaction monitoring, and (iv) reporting lapses and failures in disclosing manda - tory information. These actions were triggered by an international investigation by the US Treasury (FinCEN), leading the CNBV to order temporary managerial interventions to replace the boards of these institutions and ensure operational integrity. To protect the financial system, the CNBV and SHCP oversaw an orderly dismantling for their operations. As a result, none of these entities survived: (a) Intercam was acquired by Kapital Bank; (b) CIBanco sold off its fiduciary division and its vehicle loan portafolio before its banking licence was revoked and subsequently entered into liquidation; and (c) Vector’s assets were transferred to Finamex, another brokerage firm, as part of an orderly exit from the market, followed by the revoca - tion of its authorisation to operate as a broker - age firm. • Prudential compliance and capitalisation: in December 2024, the CNBV revoked the operating licence of the SOFIPO “Financiera Auxi” after 15 months of failing to meet minimum capitalisation requirements. This underscores that “continuous compliance” is as critical as the initial authorisa - tion. • Market concentration and antitrust: in July 2025, the antitrust commission concluded an investiga - tion targeting 21 banks and fintechs for alleged price-fixing merchant fees and manipulating costs for interest-free monthly instalments. Following the publication of the Federal Economic Competition
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