TIJUANA.- To avoid illicit acts in currency exchange locations, new security measures are being taken at the federal level regarding monetary transactions. But they will probably just motivate Mexican residents to take their pesos north of the border and exchange them for dollars, where no ID is required
Yolanda Caballero, writing for "Frontera" brings the news that yesterday, through the Official Journal of the Federation (all laws go into effect once published there) the news about exchanging pesos for dollars was released as followed:
"Official identification must be presented for transactions higher than a dollar and currency exchange locations are obligated to send this information to the Federal Government" indicated José Manuel Ripa Wehber, CANACO representative before the National Banking and Securities Commission (NBSC).
This will be effective starting January 1st, 2015.
It is foreseen that this will be a hard blow for currency exchange given that is probable that many clients choose to make said movements in San Ysidro, due to the fact that this protocol is required starting at one thousand dollars.
Regarding individual transactions that exceed 3,000 dollar, its equivalent in pesos, or the foreign currency; currency exchange locations should gather the following information:
Full name
Gender
Day of birth
Federal birth entity
Country of birth
Occupation
Adress
Phone numbers
Unique Population Registry Code (CURP)
Federal Taxpayer Registry (RFC)
Electronic Signature
All of this should be shown alongside official identification.
Cost for keeping records of all this information will also go up for money exchange businesses, as much as 30%, the local business agency said.
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