Mexico has the second largest financial system in Latin America. The Comisión Nacional Bancaria y de Valores (CNBV) authorises banks, securities firms and fintech institutions. The Banco de México writes payment and virtual asset rules and must give its opinion or consent on key authorisations. The 2018 Ley Fintech created licences for electronic payment fund institutions and crowdfunding platforms.
Risk flagStandard
FATFNot listed
EU AML high-risk listNot listed
EU tax listNot listed
Licence regimes7
CurrencyMXN
S&P ratingBBB
Next election6 June 2027
Mexico is not on the FATF grey or black lists after the 19 June 2026 plenary (no October 2026 plenary outcome yet). It is not on the EU high-risk third country list (Delegated Regulation (EU) 2016/1675 as last amended by Delegated Regulations (EU) 2026/46 and 2026/83, in force 29 January 2026). It is in neither Annex I nor Annex II of the EU tax list revised by Council conclusions of 9 October 2026. Checked 13 October 2026.
Morena (National Regeneration Movement), Ecologist Green Party of Mexico (PVEM), Labor Party (PT)
Last election
General (presidential and congressional), 2 June 2024
Next election
Federal midterm (Chamber of Deputies) with 17 governorships, 6 June 2027. INE opened the federal electoral process on 10 September 2026. All 500 deputies are elected. The president serves a single 6-year term to 2030.
Legislature
Congress of the Union: bicameral; Chamber of Deputies 500 seats, Senate 128 seats. The Morena, PVEM and PT coalition holds a qualified majority in the Chamber of Deputies.
Legal system
Civil law
Economy and finance
Population
133.4m (2025)
GDP
USD 1.8tn (2025)
GDP per person
USD 13,759 (2025)
Currency
Mexican peso (MXN), free float
Central bank
Banco de México (Banxico)
Credit rating
S&P BBB (negative) · Moody's Baa3 (stable) · Fitch BBB- (stable) (as of May 2026)
Latin America's second largest economy, built on export manufacturing tied to North American supply chains. Banks are supervised by the National Banking and Securities Commission (CNBV), and Banxico runs monetary policy.
Bank
Autorización para organizarse y operar como institución de banca múltiple (commercial bank authorisation)
Minimum capital90 million UDIs for a bank whose statutes allow all operations in art. 46 of the law (LIC art. 19; CUB art. 2, I and IV). A bank limited to the operations listed in CUB art. 2, II needs 54 million UDIs. No bank may have less than 40% of the full amount (LIC art. 19). Capital must be paid in by the last business day of each year, at the UDI value of 31 December of the previous year.
TimelineNot published
AuthorityComisión Nacional Bancaria y de Valores, with the favourable opinion of the Banco de México
90 million UDIs for a bank whose statutes allow all operations in art. 46 of the law (LIC art. 19; CUB art. 2, I and IV). A bank limited to the operations listed in CUB art. 2, II needs 54 million UDIs. No bank may have less than 40% of the full amount (LIC art. 19). Capital must be paid in by the last business day of each year, at the UDI value of 31 December of the previous year.
Law
Ley de Instituciones de Crédito, arts. 8, 9, 10, 19 and 46 Bis; Disposiciones de carácter general aplicables a las instituciones de crédito (Circular Única de Bancos), art. 2
Passporting
No passporting regime.
Key requirements
Mexican sociedad anónima of fixed capital with its domicile in Mexico (art. 9)
Shareholder list with source of funds, three years of financial statements and proof of good repute (art. 10, II)
Business plan with a financial viability study and security measures (art. 10, IV)
Deposit of 10% of the minimum capital in favour of the Federal Treasury (art. 10, V)
No dividends in the first three financial years unless capital is well above the requirement (art. 10, IV f)
Separate CNBV authorisation to start operations after inspection visits (art. 46 Bis)
Filial de institución financiera del exterior (subsidiary bank of a foreign financial institution)
Minimum capitalSame minimum as a domestic bank: 90 million UDIs for all operations, or 54 million UDIs for the restricted set of operations (LIC art. 19; CUB art. 2)
TimelineNot published
AuthorityComisión Nacional Bancaria y de Valores, after hearing the Banco de México
Same minimum as a domestic bank: 90 million UDIs for all operations, or 54 million UDIs for the restricted set of operations (LIC art. 19; CUB art. 2)
Law
Ley de Instituciones de Crédito, arts. 45-A to 45-G
Passporting
No passporting regime.
Key requirements
Parent must be a financial institution from a country with a treaty or agreement with Mexico that allows subsidiaries (art. 45-A)
Parent must carry out the same type of operations in its home country (art. 45-E)
Series F shares must represent at least 51% of the capital (art. 45-G)
Same requirements as a domestic bank plus the subsidiary rules of the Secretaría de Hacienda (arts. 45-B and 45-F)
Institución de fondos de pago electrónico (IFPE, electronic payment fund institution)
Minimum capital500,000 UDIs for an IFPE that operates in pesos only (art. 6). 700,000 UDIs if it is also authorised for virtual assets, foreign currency, acting as a clearing house for payment networks, or derivatives on virtual assets (art. 7).
TimelineAuthorisations that need the Comité Interinstitucional must be decided within 180 days (Ley Fintech art. 6). The authority may extend this by up to half at the applicant's request.
AuthorityComisión Nacional Bancaria y de Valores, with the agreement of the Comité Interinstitucional (SHCP, Banco de México and CNBV)
500,000 UDIs for an IFPE that operates in pesos only (art. 6). 700,000 UDIs if it is also authorised for virtual assets, foreign currency, acting as a clearing house for payment networks, or derivatives on virtual assets (art. 7).
Law
Ley para Regular las Instituciones de Tecnología Financiera (Ley Fintech), arts. 6, 11, 22 to 29 and 35 to 40; Disposiciones de carácter general aplicables a las instituciones de tecnología financiera, arts. 6 to 9
Passporting
No passporting regime.
Key requirements
Mexican sociedad anónima with its domicile in Mexico (art. 36)
Business plan, client fund segregation policy, IT security and AML policies (art. 39)
Shareholder and director information showing good repute and sound credit history (art. 39, XI and XII)
Proof of readiness at least 30 business days before starting; CNBV and Banco de México may inspect (art. 40)
No interest or returns may be paid to clients on their balances (art. 29)
Cash deposits capped at 10,000 UDIs per client per month and cash withdrawals at 1,500 UDIs per day (DCG art. 9)
Institución de financiamiento colectivo (IFC, crowdfunding institution)
Minimum capital500,000 UDIs for an IFC authorised for one type of operation in pesos (art. 6). 700,000 UDIs for two or more types, or for operations in virtual assets or foreign currency (art. 7).
TimelineDecision within 180 days where the Comité Interinstitucional must agree (Ley Fintech art. 6)
AuthorityComisión Nacional Bancaria y de Valores, with the agreement of the Comité Interinstitucional
500,000 UDIs for an IFC authorised for one type of operation in pesos (art. 6). 700,000 UDIs for two or more types, or for operations in virtual assets or foreign currency (art. 7).
Law
Ley Fintech, arts. 6, 15, 16 and 35 to 40; Disposiciones de carácter general aplicables a las instituciones de tecnología financiera, arts. 6 to 8
Passporting
No passporting regime.
Key requirements
Three operation types: debt, equity, and co-ownership or royalties crowdfunding (art. 16)
Operations are in pesos unless the Banco de México allows foreign currency or virtual assets (art. 16)
Securities offered may not be registered in the Registro Nacional de Valores (art. 16)
Incentive alignment scheme must be described in the application (art. 39, XV)
Same corporate, governance and AML requirements as other fintech institutions (arts. 36 and 39)
Intercambio de activos virtuales como actividad vulnerable (virtual asset exchange and custody as a vulnerable activity)
Minimum capitalNot published
TimelineNot published
AuthoritySecretaría de Hacienda y Crédito Público (AML registration and notices); Banco de México (virtual asset operations of banks and fintech institutions)
Law
Ley Federal para la Prevención e Identificación de Operaciones con Recursos de Procedencia Ilícita, arts. 17, XVI and 18 (as reformed by decree published 16 July 2025); Ley Fintech, arts. 30 to 34; Banco de México Circular 4/2019, rule 3
Passporting
No passporting regime.
Key requirements
There is no licence for virtual asset service providers
Non-financial firms that exchange, custody or transfer virtual assets for clients carry out a vulnerable activity (art. 17, XVI)
This includes operations with Mexican citizens carried out from another jurisdiction (art. 17, XVI)
They must register in the Padrón of vulnerable activities through the official portal (art. 18, IV Bis)
They must identify every client and keep records for at least ten years (art. 18)
Notices are due for client operations of 210 times the daily UMA or more, or fees of 4 times the daily UMA or more (art. 17, XVI)
Banks and fintech institutions may use virtual assets only for internal operations, with prior Banco de México approval (Circular 4/2019, rule 3)
Banco de México will not authorise banks or fintech institutions to offer exchange, transfer or custody of virtual assets directly to clients (Circular 4/2019, rule 3)
Autorización para organizarse y operar como casa de bolsa (securities broker-dealer authorisation)
Minimum capitalPaid-in capital of 3 million UDIs for firms limited to advisory, placement and similar services that do not execute trades (art. 10, I). 9 million UDIs for most other services (art. 10, II). 12.5 million UDIs for securities lending and the services in LMV art. 171, IV to VI (art. 10, III).
TimelineNot published
AuthorityComisión Nacional Bancaria y de Valores
Paid-in capital of 3 million UDIs for firms limited to advisory, placement and similar services that do not execute trades (art. 10, I). 9 million UDIs for most other services (art. 10, II). 12.5 million UDIs for securities lending and the services in LMV art. 171, IV to VI (art. 10, III).
Law
Ley del Mercado de Valores, arts. 113 to 117; Disposiciones de carácter general aplicables a las casas de bolsa, art. 10
Passporting
No passporting regime.
Key requirements
Sociedad anónima with the words casa de bolsa in its name and its domicile in Mexico (art. 115, I)
Shareholder list with source of funds and details of directors and managers (art. 115, II)
Business plan with IT security, viability study and internal control (art. 115, III)
Code of conduct with conflict of interest policies (art. 115, IV)
Deposit of 10% of the minimum capital in favour of the Federal Treasury (art. 115, V)
Proof of capital, fit managers and infrastructure at least 30 business days before starting (art. 116)
Comisión Nacional Bancaria y de Valores (CNBV) · websitebanks, E-money institutions, Investment firms
Banco de México (Banxico) · websitebanks, E-money institutions, Virtual asset service providers (VASPs)
Secretaría de Hacienda y Crédito Público (SHCP) · websiteVirtual asset service providers (VASPs)
Capital amounts in Mexico are set in Unidades de Inversión (UDIs). The UDI is an inflation-indexed unit of account published by the Banco de México. It is not a currency. Amounts are stored in UDIs under the ISO code MXV, and no peso figure is given. For banks, fintech institutions and broker-dealers, the minimum must be paid in by the last business day of each year at the UDI value of 31 December of the previous year. The Ley de Instituciones de Crédito and the Ley del Mercado de Valores set no deadline for the CNBV to decide on a bank or broker-dealer authorisation, so those timelines are null. No CNBV application fee was confirmed from official sources, so fee fields are null. Virtual assets: the Ley Fintech lets the Banco de México decide which virtual assets fintech institutions may use. Under Circular 4/2019 the Banco de México allows only internal operations, not client services. In June 2021 the Banco de México, the SHCP and the CNBV stated that financial institutions are not authorised to offer virtual asset operations to the public. The July 2025 AML reform gave the SHCP twelve months to update its general rules; whether those rules have been published was not checked. Sociedades financieras populares, casas de cambio, transmisores de dinero, fund managers, insurance and gaming permits under the Ley Federal de Juegos y Sorteos were not covered in this check.
General information
About Mexico
Natural Earth boundaries. Map is indicative.
Status
Sovereign state
Capital
Mexico City
Area
1,964,375 km²
Official languages
Spanish, More than 68 Indigenous languages, including Nahuatl
Time zone
UTC-06:00 (Mexico City, no daylight saving time since October 2022; Baja California and some northern border municipalities follow US clock changes)
Main exports
Computers and machinery
Cars, trucks and auto parts
Electrical and electronic equipment
Optical, technical and medical instruments
Crude oil and mineral fuels
Main export partners
United States
Canada
China
Germany
South Korea
Sources for the country information(19)
Country information checked 13 October 2026. Licensing data updated 13 October 2026. Information only, not legal advice; requirements change. Regulatory notice.
