Provisions Applicable To Multiple Purpose Financial Institutions Regarding The Provision Of Financial Services Through New Technologies

On March 21, 2019, the General Provisions referred to in article 115 of the Credit Institutions Act, in relation to 87-d and95-bis of the General Law for Ancillary Organizations, applicable to the Multiple Purpose Financial Institutions, were published in the Official Federal Gazette. Henceforth referred to indistinctly, as the "Provision" or the "Provisions". ¹

The central theme of these Provisions refers to the possibility of providing financial services through new technologies, provided for in the Law to Regulate Financial Technology Institutions and its secondary provisions. This is so that the Multiple Purpose Financial Institutions, henceforth indistinctly, "SOFOM" or "SOFOMs", as they are known in Spanish, may comply with their obligations regarding the prevention of money laundering and financing of terrorism through electronic means.