In the midst of the United States Department of Treasury against two banks and a stock market for alleged money laundering, the Bank of Mexico (Banxico) said Friday that the country’s financial system maintains its strength and ruled out a contagion to other entities.
“We did not expect or occur any contagion or systemic risk because of this fact (…) there is a solid, well -regulated, well -capitalized financial system and has shown its resilience in these circumstances,” said the governor of Banxico, Victoria Rodríguez Ceja in a press conference.
The Galia Borja subgovernor said that “Mexico has a very robust regulation” and stressed that, although strict surveillance is always maintained in the financial sector, based on the treasure signs, banks “are being extremely careful with the fulfillment of all this regulation” and the client’s knowledge processes and money laundering prevention.
For his part, subgovernor Gabriel Cuadra agreed that “Mexico has a robust regulatory framework and a resilient financial system, well capitalized, with adequate levels of liquidity.”
Omar Mejía, also a member of the Governing Board of the Mexican Central Bank, added that the coordination between authorities was key to avoiding greater effects.
The Bank of Mexico also pointed out that the measures taken by the National Banking and Securities Commission, such as the temporary intervention of the indicated entities and the sale of their fiduciary businesses, aimed to protect customers and workers.
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The governor of Banxico recalled that the institutions involved have a low participation in the financial system and that their situation “does not represent a systemic risk.”
He added that the sales of assets and capital injections announced seek to preserve customer resources and that the Bank of Mexico will continue to supervise the transition along with other financial authorities.
At the close, the members of Banxico emphasized that the Mexican regulatory framework is aligned with the standards of the International Financial Action Group (GAFI) and that they will continue to collaborate with the national and international authorities to guarantee stability.
Before, Fitch Ratings warned that although the risks of contagion derived from these investigations are gradually dissipated, money laundering will continue to be a permanent concern for the Mexican financial system.
With EFE information.
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