【Sinaloa, Mex】Real Estate Companies Urged to Comply with Anti-Money Laundering Law

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Editor’s Note

This article highlights a significant compliance gap in Sinaloa’s real estate sector, where only 250 of 800 companies have appointed the required anti-money laundering officer. It underscores the ongoing challenges in enforcing financial regulations.

Llaman a empresas del sector inmobiliario a cumplir con la ley antilavado
Compliance Officer Requirement

Sinaloa has 800 companies dedicated to the construction and sale of real estate, but only 250 of them have a “Compliance Officer,” as required by the anti-money laundering law published in 2013.

Consultant’s Warning

Carmen Yolanda Díaz Galindo, a Consultant for the Prevention of Money Laundering in Mazatlán, highlighted the importance of companies having this certified officer to prevent illicit money laundering procedures.

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“For companies in the real estate sector, jewelry sellers, prepaid cards, casinos, among others, they must comply with the stipulations of this law, as failure to do so could result in fines ranging from 20,000 pesos to 6 million pesos, and even 5 to 15 years of imprisonment in case a money laundering problem arises in the company.”
Certification Process

Díaz Galindo said that this advisor can become certified through the call issued by the Financial Intelligence Unit, which will be released next August 20th. The requirements include: a high school certificate, CURP, RFC, covering the exam costs, and working in these types of vulnerable activities.

Duties of the Compliance Officer
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She explained that among the activities the “Compliance Officer” must perform is maintaining a client file to verify the origin of the money received from the sale of these products.

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⏰ Published on: August 09, 2022