Regulatory Alerts2016-11-03 | Circular 10/2016Added
Circular 10/2016 — Modifies Circular 3/2016 (SPID Reforms)
The Bank of Mexico amends the General Provisions applicable to credit institutions participating in the Dollar Interbank Payment System (SPID) to align with updates to the SPID Rules. The modifications redefine "Credit Institutions," "Transfer Order," and "SPID," and introduce new obligations for participants, including mandatory compliance officers for illicit activity risks and prohibitions on self-directed transfers, internal account transfers for beneficiaries, and processing alerts without prior review. These changes apply to credit institutions offering foreign currency deposit accounts to legal entities with residence in Mexican territory and take effect on the next banking business day following publication.