Mexico’s Finance Ministry to Finalize Afore AML Rules by August

Mexico’s Finance Ministry (SHCP) plans to finalize new anti-money laundering (AML) regulations for retirement fund administrators (Afores) by the end of August, the government announced at the 2025 Afore Fair held in Mexico City’s Zócalo.

Héctor Santana Suárez, head of the Insurance, Pensions and Social Security unit at SHCP, explained that the updated rules will align with international standards established by the Financial Action Task Force (FATF). The development process involves collaboration with the Mexican Association of Afores (Amafore), the National Commission of the Retirement Savings System (Consar), and other relevant stakeholders.

“These enhanced regulations incorporate FATF recommendations and aim to protect the system from international market risks,” Santana said.

Julio César Cervantes, President, Consar, described the initiative as a reinforcement of existing AML controls designed to improve regulatory oversight. “This update strengthens current regulations to achieve better governance,” he noted.

Amafore president Guillermo Zamarripa emphasized that the revisions modernize previously outdated policies. He also clarified that the new rules are unrelated to recent US Treasury Department concerns about CI Banco, Intercam, and Vector Casa de Bolsa, which were flagged in June for suspected links to money laundering associated with opioid trafficking.

Cervantes highlighted the low risk of money laundering in the retirement savings system (SAR) due to its structure. Contributions are primarily made through formal employer payments via the Mexican Social Security Institute (IMSS), with workers verified through biometric and photographic data in a centralized digital system.

“We are the most secure sector when it comes to money laundering,” Cervantes affirmed.

Zamarripa, however, pointed out that voluntary savings accounts could carry greater risk. “That is where we need to monitor the origin and nature of deposits. Nevertheless, it is a small segment, as only 8% of Afore holders report making voluntary contributions,” he said.