In more detail
The SAT has increased measures to promote good practices, strengthen education, supervision and guidance to taxpayers that carry out vulnerable activities with the intention of preventing and identifying acts or operations linked to resources of illicit origin through the "Guidance Letter Program" and an important raise on the AML audits.
Entities and individuals engaged in the following activities ("vulnerable activities"), among others, are subject to the AML Law.
- Loans or credits granted by non-financial institutions (including intercompany loan agreements).
- Real estate construction or development services.
- Transfer and custody of money or securities.
- Real Estate Leasing Activities (including intercompany leasing agreements).
- Commercialization or distribution of air, sea or land vehicles.
- Rendering independent professional services (without an employment relationship), in which the following activities are carried out:
- Purchase and sale of real estate or the transfer of rights over it.
- Administration and management of resources, securities or any other assets of its customers.
- Bank, savings or securities account management.
- Set up capital contributions or any other type of resources for the incorporation, operation and administration of commercial companies.
- Incorporation, spin-off, merger, operation and administration of legal entities or corporate vehicles, including the trust and the purchase or sale of commercial entities.
- Non-profit organizations receiving donations.
- Non-Regulated activities relate to Virtual Assets.
Finally, please note that a new bill was submitted to the Senate on October 2024 that includes additional vulnerable activities and an important increase in the sanctions applicable for non-complying the AML obligations, among other important modifications.
At Baker McKenzie we have an experienced team of lawyers and professionals to support you with the compliance of obligations in terms of vulnerable activities in accordance with applicable legislation.
If you would like any further advice regarding any of the topics described above, as well as to resolve any other inquiry you may have, please do not hesitate to contact us.
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