Mexico banking: Rules of the game
Mexico’s banks hope to benefit from the country’s fast-tracking of new global regulations
By Ivan Castano
Mexico is toughening up its banking regulations, leading the
way in Latin America with both Basel III and the US's Foreign
Account Tax Compliance Act (FATCA). The new rules show little
sign of hurting banks' high profits - and may help improve
confidence in a sector dented by last year's money laundering
Mexico is one of just three countries globally to have
ratified the US Foreign Account Tax Compliance Act (FATCA),
which aims to increase US tax revenues by finding citizens'
money held overseas. The US and Mexico agreed in November to
share bank account information from both countries'
Mexico is also the first Latin American country to introduce
Basel III rules. The global framework, established by the Bank
for International Settlements, is designed to strengthen banks
with higher capital and stricter liquidity requirements. Mexico
brought in the capital rules in January, in line...
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