Publication of new general orientation criteria under the reform of the Federal Law for the Prevention and Identification of Illicit Resource Operations (by its spanish acronym LFPIORPI)

In accordance with the published information on the Anti-money laundering website, in the sections “Criteria for reform” and “FAQs and criteria” contain guidance and informative responses to provide a better understanding of the regulatory expectations regarding the topic for preventing transactions involving funds of illicit origin, within the context of the recent LFPIORPI reform. The published criteria includes several important aspects, the most relevant are:

• The LFPIORPI Regulations and the General Rules are still in force until they are updated.
• For purposes of registration as a Vulnerable Activity for trusts, any other legal structures or companies that perform customs clearance must comply with the provisions of the Ministry of Finance by publishing the corresponding form that allows for their proper identification. This means that compliance with this obligation is currently pending.
• Real estate developer can perform two vulnerable activities: those involving the purchase and sale of a property, and receiving and using funds to carry out a specific real estate development. Each of these activities requires registration. Likewise, the notices and reports that real estate developers must submit considering Annex 5-B of the Resolution amending the various that issue the official formats for notices and reports submitted by those carrying out vulnerable activities. This resolution was published on 16 December 2016.
• The purchase of land, sea or air vehicles is considered a Vulnerable Activity when the sale is made to employees as part of a standard corporate practice, provided that it is done regularly, i.e. more than twice a year.
• The new thresholds provided in Article 17, and the 10-year retention period for information and documentation by those who carry out Vulnerable Activities, came into effect on July 17, 2025.
• For corporate clients, in addition to request a certificate of identification for their Unique Beneficiary Owner (UBO), it is mandatory to request documentation that allows them in accordance with general rules until they are updated.
• The obligations established in paragraphs VII to XI of Article 18 of the LFPIORPI (related to automated mechanisms, risk-based approach, personnel selection processes, annual training, and independent internal and external audit issues) will come into force in accordance with the new general rules referred in the LFPIORPI, which are pending publication, and the new minimum requirements for compliance.

For more information or advisory services on this topic, Hogan Lovells’ team is available to provide support in any aspect related to its implementation.

Authored by Federico De Noriega O., Guillermo Larrea, Juan Quinzanos, Jose Carlos Altamirano C., and Dulce S. Vega.