## Unregulated Currency Exchange Centers Operate in Tijuana
In Tijuana, numerous unregulated currency exchange centers are operating by leasing permits from the National Banking and Securities Commission (CNBV). These operations are reportedly non-compliant with anti-money laundering regulations. Olivaldo Paz, Vice President of the National Chamber of Commerce, Services, and Tourism (Canaco-Servytur), has highlighted that individuals obtain these permits but do not use them as intended; instead, they lease them out. “They open shops with all the security specifications and proceed to buy and sell dollars,” explained Paz.
Such activities pose a challenge to formally-operating currency exchangers who adhere to regulations. However, these irregular establishments go largely unreported because “nobody wants to get involved in such delicate issues,” said Paz, urging authorities to enforce the law.
Legal currency exchange establishments are limited to daily operations of $10,000, while irregular centers can transact larger sums without inquiries, creating unfair competition. Paz has assured that there has been a decline in pressure on exchange centers to maintain specific exchange rates, unlike four years ago when they were targeted in multiple attacks.
The most recent incidents, such as arson attacks in the Boulevard area and Playa, were reportedly related to extortion, although such practices are no longer widespread.
### Related Insights on Currency Exchange and Regulation in Tijuana
In Tijuana, the presence of unregulated currency exchange centers continues to be a topic of concern for local businesses. These operations often circumvent the regulations set by the CNBV, allowing for larger transactions without adhering to proper documentation and procedures, which can facilitate money laundering activities.
Recent discourse suggests that while authorities have curtailed some pressure on maintaining fixed exchange rates at the centers, challenges remain, especially with regards to combating illegal operations. The local government and industry representatives emphasize the need for thorough enforcement of regulations to ensure fairness and compliance in the marketplace.
The ongoing battle against unregulated centers is compounded by the influence of organized crime in the region, adding another layer of complexity to law enforcement efforts. Authorities are called upon to intensify their oversight and crackdown on such illicit operations to protect the integrity of lawful businesses and the community at large.
As discussions continue, the importance of collaboration between government entities, local businesses, and law enforcement is highlighted as key to maintaining a transparent and fair economic environment in Tijuana, particularly within the currency exchange sector.