Circular 1/2025 — Modifications to Circular 13/2017 (Third-Party Contract Clauses)

Friday, February 21, 2025 OFFICIAL GAZETTE 1
BANCO DE MEXICO
CIRCULAR 1/2025 addressed to Credit Institutions and other companies that professionally provide the service of fund transfers, regarding Modifications to Circular 13/2017 (Clauses to the Third-Party Contract).

A logo appears at the margin, stating: Bank of Mexico.

CIRCULAR 1/2025
TO CREDIT INSTITUTIONS AND OTHER
COMPANIES THAT PROFESSIONALLY PROVIDE THE SERVICE OF FUND TRANSFERS:
SUBJECT: MODIFICATIONS TO CIRCULAR 13/2017
(THIRD-PARTY CONTRACT CLAUSES)

The Bank of Mexico, with the purpose of continuing to promote the sound development of the financial system, protect the interests of the public, and foster the proper functioning of payment systems, has resolved to strengthen and clarify the elements required to obtain authorization for contracting third parties, as well as to provide greater clarity regarding the various obligatory elements.

For the above, based on Articles 28, paragraphs seventh and eighth, of the Political Constitution of the United Mexican States; 2, 3, fraction I, 24, and 35 Bis of the Bank of Mexico Law; 10 and 19 of the Payment Systems Law; 22 of the Law for Transparency and Ordering of Financial Services; 4, first paragraph, 8, fourth and eighth paragraphs, 10, first paragraph, 12 Bis, first paragraph, in relation to 20 Quater, fraction IV, and 17, fraction I, of the Internal Regulations of the Bank of Mexico, which grant it the authority to issue provisions through the General Directorate of Payment Systems and Market Infrastructures and the Directorate of Central Banking Provisions, respectively; Second, fractions X and XVII, of the Agreement on the Affiliation of the Administrative Units of the Bank of Mexico, has resolved to modify the 2nd Bis, first paragraph, 8a., fraction I, subsection g), as well as to add the definition “UDIS” to the 2nd, the last paragraph to the 8a., and the last paragraph to the 10a., of the “General provisions applicable to credit institutions and other companies that professionally provide the service of fund transfers, as well as to participants in payment systems administered by the Bank of Mexico and to other interested parties wishing to act as participants in said systems”, contained in Circular 13/2017, to read as follows:

GENERAL PROVISIONS APPLICABLE TO CREDIT INSTITUTIONS AND OTHER COMPANIES THAT PROFESSIONALLY PROVIDE THE SERVICE OF FUND TRANSFERS, AS WELL AS TO PARTICIPANTS IN PAYMENT SYSTEMS ADMINISTERED BY THE BANK OF MEXICO AND TO OTHER INTERESTED PARTIES WISHING TO ACT AS PARTICIPANTS IN SAID SYSTEMS

“2nd. Definitions.- For the purposes of these Provisions, the following shall be understood:
I. to XIII. …
XIV. UDIS: the units of account, whose value in national currency is published by the Bank of Mexico in the Official Gazette of the Federation in accordance with Articles Third of the “Decree by which obligations that may be denominated in investment units are established and reform and add various provisions of the Fiscal Code of the Federation and of the Income Tax Law” published in the Official Gazette of the Federation on April 1, 1995, and 20 Ter of the Fiscal Code of the Federation.
…”

“2nd Bis Disposition of resources.- Receiving Entities, with respect to those fund transfers or transfers executed in favor of their clients, for amounts equal to or greater than six thousand UDIS, as well as, in their case, several transfers or transfers received on the same day that, resulting from the sum that is recommended to said Receiving Entities to carry out, equate to or exceed said amount,

2 OFFICIAL GAZETTE Friday, February 21, 2025 shall allow those clients, as beneficiaries of such transfers or transfers, to, solely from the next Banking Business Day following that on which the transfer or transfer in question was executed, dispose of the corresponding resources, for those same amounts, through the delivery of cash, in national currency or, in their case, in the foreign currency resulting from a currency exchange operation carried out with said resources, or of gold or silver pieces or coins in fine metals derived from the sale carried out with said resources, or of cashier’s checks issued, in their case, by said Receiving Entities, including the delivery of cash for the payment of checks drawn, in their case, against the corresponding accounts of said clients. Additionally, Receiving Entities that offer demand deposit accounts with checkbooks in which, in turn, they make deposits of resources corresponding to transfers or transfers for the amounts referred to, shall refrain from certifying, on the same day that the aforementioned deposits were made, checks drawn against said accounts for those same amounts, as well as, in their case, carrying out those other operations or actions that the Administrator notifies through the communication systems agreed upon for the payment system in question. As an exception to what is provided in this paragraph, Receiving Entities may deliver, in cash, cashier’s checks, or gold and silver pieces and coins aforementioned, the amounts corresponding to the fund transfers or transfers provided for in this Rule, as well as certify checks or carry out the other actions indicated by the Administrator, on the same day of their crediting, provided that said Receiving Entities expressly authorize their clients individually, subject to compliance with the procedures they establish regarding this, which include the verification of the requirements they establish for these effects, based on the characteristics of the clients in question and their observed operational capacity. For the purposes of what is provided in this paragraph, Receiving Entities shall consider the official value of the UDI corresponding to the first day of January of each calendar year. …”

“8a. Provision of services by third parties.- … …
I. …
a) to f) … g) Establish the prohibition for the third party to assign the rights covered by the contract, or to subcontract the provision of the services it provides to the Participant or the interested party;
II. to VIII. …
The authorization obtained by the Participant or the interested party under this Provision shall be personal and non-transferable.”

“10a. Documentation accrediting compliance with the Provisions regarding the contracting of third parties.- … … Prior and written authorization from the Bank of Mexico shall not be required for those modifications to the contract or legal instrument that the Participant has celebrated with the third party, relating to tariffs, domicile, or contact data of the persons representing the parties to the contract.”

TRANSITORY PROVISIONS
FIRST.- The provisions of this Circular shall enter into force on March 24, 2025.
SECOND.- Participants or interested parties who, as of the date of publication of this Circular, have obtained authorization from the Bank of Mexico for the contracting of third parties under the 8th of the General provisions applicable to credit institutions and other companies that professionally provide the service of fund transfers, as well as to participants in payment systems administered by the Bank of Mexico and to other interested parties wishing to act as participants in said systems, issued through Circular 13/2017 of the Bank of Mexico, by September 26, 2025, at the latest, must submit to the Directorate of Operation and Continuity of Payment Systems and Market Infrastructures of the Bank of Mexico, their application for authorization in order to incorporate the modifications provided for in this Circular, in relation to the 8th, fraction I, subsection g) of the aforementioned Provisions.

Mexico City, February 13, 2025.- BANK OF MEXICO: General Director of Payment Systems and Market Infrastructures, Othón Martino Moreno González.- Rubric.- Director of Central Banking Provisions, María Teresa Muñoz Arámburu.- Rubric.

Friday, February 21, 2025 OFFICIAL GAZETTE 3
For any inquiries regarding the content of this Circular, the Bank of Mexico is at your disposal through the Directorate of Authorizations and Sanctions of Central Banking at telephone (55) 5237-2000 extension 3200.