**Irregular Currency Exchange Centers Operate with Rented Permits in Tijuana**
In Tijuana, there is a growing concern over currency exchange centers operating with rented permits from the National Banking and Securities Commission (CNBV), which fail to comply with anti-money laundering regulations. Olivaldo Paz, Vice President of the National Chamber of Commerce, Service, and Tourism (Canaco-Servytur), highlighted that while some individuals acquire CNBV permits, they do not actively use them and instead lease them out. These establishments, set up with full security specifications, engage in dollar buying and selling illegally.
Paz noted that while these irregular businesses impact legitimate money exchange operators who adhere to the rules, formal complaints are infrequent due to the sensitive nature of the issue. He emphasized the necessity for authorities to step in and enforce the regulations. Legal establishments that follow CNBV guidelines are restricted to $10,000 in daily transactions and are required to obtain information from customers. In contrast, the irregular centers allow larger transactions with no questions asked.
During a media briefing on October 25, 2024, Paz mentioned that there’s no longer external pressure on exchange centers to maintain specific currency rates, as happened four years prior during a series of attacks on such businesses. He referenced a past incident of arson in Playas and the Zona RÃo area, suggesting it was related to extortion, although he believes these instances are now isolated.
**Additional Developments in Tijuana Banking Regulations**
Recent reports have emerged highlighting ongoing issues at the border crossing from the United States to Mexico. As of September 2024, travelers continue to face charges when crossing from San Ysidro into Tijuana, sparking discussions about the transparency and validity of these fees.
Meanwhile, the peso continues to face challenges, with the dollar reaching up to 20.60 MXN at banks as of September. Authorities are also dealing with a series of drug-smuggling operations, including a recent case where crystal meth was discovered hidden within furniture. This operation was flagged on August 24, 2024, underscoring ongoing efforts to curb illicit activities that often accompany financial irregularities in border regions.
These developments draw attention to the multifaceted issues impacting Tijuana’s financial and economic landscape, emphasizing the need for stringent regulation and oversight to prevent illegal activities like money laundering and smuggling.