New Registration Requirement to Identify the Ultimate Beneficial Owner (UBO) in the Electronic System of Publication for Commercial Companies (PSM)

The reform to the Federal Law for the Prevention and Identification of Transactions with Illicit Proceeds (LFPIORPI) published in the Federal Official Gazette on July 16 of this year created a new chapter requiring all commercial companies to register in the Electronic System of Publications for Commercial Companies (PSM) the information necessary to identify their Ultimate Beneficial Owner(s) (UBO). This obligation arises specifically from Articles 33 Bis and 33 Ter of the LFPIORPI.

Article 33 Bis provides that commercial companies must comply with requests from the competent authorities to clearly determine their UBO and maintain supporting documentation. In addition, in case there is a transfer of equity interests or shares, companies must file the notice of inscription in the corporate ledger through the PSM operated by the Ministry of Economy.

Meanwhile, article 33 Ter, provides that commercial companies must register in the electronic system the information necessary to identify the individual(s) who meet the criteria to be considered UBO, pursuant to the guidelines to be issued by the Ministry of Finance and Public Credit (SHCP).

The PSM has enabled the option to publish UBO identification, even though the General Rules to be issued by the SHCP, are still pending publication.

What must be published in the PSM?

The “information necessary to identify” the individual(s) who qualify as the company’s UBO, includes full name, CURP, RFC (or equivalent), nationality, address, and means of control.

How do you publish in the PSM?

Access to the PSM: the system is available at psm.economia.gob.mx. To publish, a valid e.firma (advanced electronic signature) for both the legal entity and the legal representative is required.

Publication module: once the advanced electronic signatures have been validated, go to the publications section and select the option corresponding to “Beneficiario Controlador”.

Entry and submission: complete the UBO identification fields and attach supporting documentation that proves the chain of control or ownership, as applicable.

Independently, the obligation to publish the notice of inscription of the shareholding structure in the corporate ledger remains in force when there are transfers of shares or equity interests.

Relation with the tax obligation regarding UBO

This obligation does not replace the tax obligation to identify and maintain a file on the UBO set forth in the Federal Tax Code (CFF).

The tax obligation (Article 32-B Ter of the CFF and related provisions) requires obtaining, retaining, and providing the Tax Administration Service (SAT) with the UBO information.

Identifying and publishing information about the UBO in the PSM (Articles 33 Bis and 33 Ter of the LFPIORPI) is an obligation in terms of the antimony laundering law.

These are not the same obligation, even though they are related and share common elements. It is important to consider that the identified UBOs may not coincide, since the definition of control varies from one regime to another.

Penalties

Non-compliance with Articles 33, 33 Bis, and 33 Ter of the LFPIORPI is subject to fines ranging from 2,000 to 10,000 UMAs, equivalent to approximately MXN $226,280.00 (two hundred twenty-six thousand two hundred eighty pesos 00/100) to MXN $1,131,400.00 (one million one hundred thirty-one thousand four hundred pesos 00/100) in 2025.

At Cannizzo, Ortiz y Asociados, S.C., we can advise you on the identification of the UBO and on compliance with tax and anti–money laundering obligations related to this figure. Our team of specialists is available to provide tailored advice and support.

For more information, please contact Karen Ortega at [email protected].

Yours sincerely,

Cannizzo