Mexico Requires Full KYC for Bitcoin and Crypto Transfers

Mexico's Ministry of Finance and Public Credit (SHCP) has introduced new anti-money laundering rules, requiring full identity verification for every Bitcoin and cryptocurrency transfer in the country by March 1, 2027.

The updated General Rules to the Federal Anti-Money Laundering Law classify virtual asset transactions as 'vulnerable activities,' triggering a cascade of compliance obligations for entities facilitating them.

Digital asset service providers will need to implement a risk-based approach, classifying customers by risk level and conducting enhanced due diligence on higher-risk accounts. They must also identify the ultimate beneficial owners (UBOs) of any entity that holds 25% or more ownership in a transacting party.