Argentina and Mexico bolster fintech oversight
Latin American regulators are stepping up supervision of the fintech industry, with Argentina seeking traceability in wallet transactions while Mexico takes steps to monitor the sector more effectively.
The Central Bank of Argentina
“Traceability within a PSP [payment service provider] has
Financial entities as well as PSPs that provide digital wallet services will have to draw on mechanisms to detect suspicious or unusual user activity.
In Mexico, meanwhile, the National Banking and Securities Commission (CNBV) published new operating regulation and created new departments to specifically supervise fintechs.
“Firstly, they are bringing financial technology institutions under regulatory supervision and oversight,” said Jorge Luis Reyes, a compliance lawyer at Dock, a payment technology firm.
“A general directorate for fintech supervision has been created within the commission’s structure” and “explicit recognition has been given to the Inter-Institutional Committee,” he added.
The Inter-Institutional Committee is made up of six members, with two representatives each the Finance Ministry, Banco de México and the CNBV.
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Over and out