Did you know that leasing can be classified as a vulnerable activity for money laundering?
The Federal Law for the Prevention and Identification of Operations with Resources of Illicit Origin (LFPIORPI), regulates the activities that are likely to be used for money laundering and terrorist financing.
Within the catalog of activities, article 17, section XV of the LFPIORPI, states that the constitution of personal rights of use or enjoyment of real estate is a vulnerable activity; however, not all leases, by themselves, have this character, because according to the same precept to be considered of this nature, they must be for a monthly amount equal to or greater than 1,605 times the value of the UMA, which are around $154,433.10 pesos, this to be within the identification threshold and $308,866.20 for the notice threshold, considering that the UMA is $96.22 pesos in this 2022
Therefore, not all lessors have the obligation to register their lease as a vulnerable activity, nor comply with the obligations in terms of money laundering prevention; Only those whose monthly income exceeds the indicated threshold have this duty.
If they are in the cases of vulnerable activity, people must comply, among others, with the following obligations:
- Identify your client or user, and if applicable, the controlling beneficiary.
- Submit notices on the 17th of each month.
- Appoint a representative of the obligations (in the case of legal entities)
- Protect and prevent the destruction and concealment of information supporting operations.
- Provide the necessary facilities in case of verification, and
- Prepare a manual of policies and procedures for the verification and updating of data provided by customers.
Currently, the Anti-Money Laundering Law contemplates more than 20 direct and indirect obligations to adequately comply with the Prevention regime, which help to mitigate risks and non-compliance opens the possibility of being credited with some type of administrative sanction, such as It can be the exorbitant fines that range from $17 thousand to $5.8 million pesos for each omission, or from 10% to 100% of the total value of the operation subject to this regime.
Lic. Javier Estrada V.
Gloria Ponce de León & Hernández