Regulatory Alerts2019-07-09 | Circular 10/2019Added
Circular 10/2019 — Modification of Circular 13/2017
The Bank of Mexico amends the definition of "Receiving Entities" in Circular 13/2017 to clarify that these are institutions receiving funds resulting from same-day interbank transfers or internal account transfers. It mandates that for transfers or transfers totaling 50,000 pesos or more, receiving entities must restrict cash withdrawals, check certification, and other disposals until the next banking day following execution, unless the client has explicitly authorized same-day availability. This restriction also applies to multiple transfers received on the same day that sum to 50,000 pesos or more. The circular entered into force on the date of its publication in the Official Gazette.
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