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
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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