Mexico’s Banks Look to Tighten AML Controls after U.S. Crackdown

Mexico’s banking lobby is urging lenders to adopt tougher rules on illicit finance that go beyond current law, after U.S. authorities moved to sever three Mexican firms from the American financial system for allegedly laundering money for fentanyl traffickers, according to Bloomberg.

Emilio Romano, president of the Asociación de Bancos de México (ABM), said the industry’s 11-point blueprint is designed to “close the gap” with U.S. standards and would strengthen controls on international transfers, remittances and large cash movements.

The plan also aims to stand up a real-time information-sharing platform to detect money laundering, with an initial group of banks enrolled by the end of 2025 and the system operational by late July 2026, Bloombergreported.

“This puts us at the forefront, not only in Mexico, but internationally,” Romano said at a press conference cited by the news outlet.

The initiative follows a June action by the U.S. Treasury Department’s Financial Crimes Enforcement Network, which used new authority under last year’s Fend Off Fentanyl Act to order that three Mexican firms be cut off from the U.S. financial system.

Those unprecedented orders effectively crippled the companies before they took effect this month and prompted Mexican lenders to purge clients and tighten screening to avoid becoming the next target, Bloomberg said.

ABM’s recommendations include limiting international transfers by legal entities to verified accountholders, with the same restriction applying to individuals by June 2027. For remittances paid out in cash, users would need to show identification that includes at least one biometric marker, while payouts would be capped at $350 per transfer and $900 per month per recipient.

Cash deposits and withdrawals above 140,000 pesos (about $7,600) would face stricter controls by July 2026. Romano framed the transfer limits as an extension of “know your customer” procedures that ensure senders and recipients are fully identified, according to Bloomberg.

ABM also plans to circulate typology reports so banks can spot and escalate suspicious patterns more consistently across the sector, Bloomberg reported.