Mexico’s Financial Intelligence Unit (FIU) just recently released the results of its 2nd National Risk Assessment. The report highlighted that the danger of money laundering in the banking sector far exceeds the problems experienced by the fintech business.
According to El Economista, the so-called “G7 banking” group – HSBC, Santander, BBVA, Banorte, Citibanamex, Scotiabank, and Inbursa – register considerably more money laundering in the country of Mexico than Blockchain companies. Exchange companies, brokerage firms, and banking institutional suppliers are likewise included in the “high risk” category provided by the report.
Although the fintech sector is still a possible propagator of both funding of terrorism and money laundering, the 2020 UIF report did not give a risk category to the sector.
During a virtual conference in August, authorities from the UNIF mentioned that crypto does present a threat for illegal activities, and noted that the entity still thinks about the technology to be an “emerging risk.”
It is worth keeping in mind that Mexico’s blockchain and financial technology markets have almost doubled in size over just 2 years, according to information provided by FIU.