Regulatory Alerts2025-02-20 | Circular 1/2025Added
Circular 1/2025 — Modifications to Circular 13/2017 (Third-Party Contract Clauses)
The Bank of Mexico modifies Circular 13/2017 by defining UDIS, requiring receiving entities to make funds available in cash or equivalent instruments starting the next banking day for transfers of 6,000 UDIS or more, mandating that third-party service contracts prohibit assignment or subcontracting, and exempting minor contract modifications from prior written authorization. These changes apply to credit institutions and other companies professionally providing fund transfer services, with an effective date of March 24, 2025, and a compliance deadline of September 26, 2025, for existing third-party authorizations.
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