Wal-Mart Faces AML Challenges in Opening Bank Branches in Mexico

By Brian Monroe and Carla Valero

Wal-Mart Stores Inc.'s Mexican unit will face unique compliance challenges when it opens the doors to bank branches in that country as early as next month. Wal-Mart de Mexico SA said October 2 that Mexico's National Banking and Securities Commission gave the retail giant approval to begin banking operations. The company received the initial go ahead to organize a bank in November 2006. In its infancy the bank, called Banco Wal-Mart de Mexico Adelante, will have difficulty distinguishing high-risk customers from low risk, because many will have little to no credit history, compliance professionals say. This will present some challenges...