Based on these findings it was concluded that Mexico is partially meeting expectations in relation to sorting, preparing and validating the information. More specifically, significant issues have been identified, including with respect to sorting, preparing and validating the information to be sent to exchange partners. Mexico should therefore continue its implementation process accordingly, including by addressing the recommendations made.
Recommendations:
Mexico should continue to work with its exchange partners to address the issues raised.
Mexico should review its systems and procedures for sorting, preparing and validating the information to send to its exchange partners, to ensure they meet the requirements of the AEOI Standard.
SR 2.5 Jurisdictions should agree and use, with each exchange partner, transmission methods that meet appropriate minimum standards to ensure the confidentiality and integrity of the data throughout the transmission, including its encryption to a minimum secure standard.
Findings:
In order to put in place an agreed transmission method that meets appropriate minimum standards in confidentiality, integrity of the data and encryption for use with each of its exchange partners, Mexico linked to the CTS.
Based on these findings it was concluded that Mexico is fully meeting expectations in relation to agreeing and using appropriate transmission methods with each of its partners. Mexico is encouraged to continue to ensure the ongoing effectiveness of its implementation.
Recommendations:
No recommendations made.
SR 2.6 Jurisdictions should carry out all exchanges annually within nine months of the end of the calendar year to which the information relates.
Findings:
Feedback from Mexico’s exchange partners did not raise any concerns with respect to timeliness of the exchanges by Mexico and therefore with respect to Mexico’s implementation of this requirement.
Based on these findings it was concluded that Mexico is fully meeting expectations in relation to exchanging the information in a timely manner. Mexico is encouraged to continue to ensure the ongoing effectiveness of its implementation.
Recommendations:
No recommendations made.
SR 2.7 Jurisdictions should send the information in accordance with the agreed transmission methods and encryption standards.
Findings:
Feedback from Mexico’s exchange partners did not raise any concerns with respect to Mexico’s use of the agreed transmission methods and therefore with Mexico’s implementation of this requirement.
Based on these findings it was concluded that Mexico is fully meeting expectations in relation to sending the information in accordance with the agreed transmission methods and encryption standards. Mexico is encouraged to continue to ensure the ongoing effectiveness of its implementation.
Recommendations:
No recommendations made.
SR 2.8 Jurisdictions should have the systems in place to receive information and, once it has been received, should send a status message to the sending jurisdictions in accordance with the CRS Status Message XML Schema and the related User Guide.
Findings:
Five exchange partners highlighted delays in the sending of status messages by Mexico, representing 5% of its partners. This represents a relatively high proportion of partners and has not improved over time. Furthermore, two exchange partners (or 2%) highlighted issues with respect to the contents of the status messages received from Mexico, in particular the error codes used that appeared not to be in line with the CRS Status Message XML Schema User Guide. It was noted that Mexico has updated its system to ensure status messages are sent in a timely manner and to improve the quality of the status messages sent, including the use of error codes for rejections, and is working with its exchange partners to solve the issues raised.
Based on these findings it was concluded that Mexico is partially meeting expectations in relation to the receipt of the information. However, significant issues has been identified, including with respect to the timely sending of status messages. Mexico should continue its implementation process to ensure its effectiveness, including by addressing the recommendations made.
Recommendations:
Mexico should ensure it sends status messages to all of its exchange partners in a timely manner.
Mexico should continue to engage with its exchange partners to address the issues raised.
SR 2.9 Jurisdictions should respond to a notification from an exchange partner as referred to in Section 4 of the Model CAA (which may include Status Messages) in accordance with the timelines set out in the Commentary to Section 4 of the Model CAA. In all other cases, jurisdictions should send corrected, amended or additional information received from a Reporting Financial Institution as soon as possible after it has been received.
Findings:
Mexico is ready to respond to notifications and to provide corrected, amended or additional information in a timely manner and no such concerns were raised by Mexico’s exchange partners and therefore with respect to Mexico’s implementation of these requirements.
Based on these findings it was concluded that Mexico is fully meeting expectations in relation to having the procedures to respond to notifications from exchange partners and the sending of corrected, amended or additional information. Mexico is encouraged to continue to ensure the ongoing effectiveness of its implementation.
Recommendations:
No recommendations made.