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Exceptions to Mexico’s Deposit Restrictions Could Ease Money Laundering
By Colby Adams
printExemptions for Mexican hotels and other businesses from Mexico's limits on U.S. dollar deposits can be readily exploited by narco-traffickers and money launderers, say compliance professionals. Mexico limited U.S. dollar deposits at banks in September in an effort to better shield the institutions from the proceeds of illegal drugs sold in the United States. The policy shift established a $4,000 per month limit for customers of most banks in the country, though financial institutions in 83 designated tourist and border zones can accept as much as $14,000 per month under the rules. But the regulations also provided for a little...
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