TITLE: Mexico's Banco de México Publishes Pecuniary Sanctions Against Credit Information Societies and Multiple-Purpose Financial Entities
BODY:
Banco de México (Banxico) published information on pecuniary sanctions imposed under the Law Regulating Credit Information Societies (Ley para regular las Sociedades de Información Crediticia) against credit information societies, multiple-purpose financial entities, and unregulated entities.
The publication fulfils Banxico's obligations under Articles 6 (paragraph four, section A, subsection I) and 28 (paragraphs six and seven) of the Mexican Constitution, as well as Article 56 (paragraphs three and four) of the Law Regulating Credit Information Societies. The sanctions are imposed in accordance with Articles 62, 63, and 64 of the Supervision Rules, Self-Correction Programs, and Sanctioning Procedures (Reglas de Supervisión, Programas de Autocorrección y del Procedimiento Sancionador).
The published information distinguishes between pecuniary sanctions and non-pecuniary sanctions. Pecuniary sanctions represent financial penalties imposed on regulated and unregulated entities for violations of applicable legal and regulatory requirements. The disclosure of final sanctions serves to enhance transparency and accountability within Mexico's credit information system and broader financial services sector. This publication enables stakeholders, including regulated entities, market participants, and the public, to access information on enforcement actions taken by Banxico. The sanctions framework applies to credit information societies, multiple-purpose financial entities (Sociedades Financieras de Objeto Múltiple), and unregulated entities operating within the credit information space.
The information remains available on Banxico's official website, where it is updated to reflect newly imposed final sanctions.
REFERENCES:
Banco de México. Sanciones Pecuniarias. Available at: https://www.banxico.org.mx