Regulatory Alerts2016-11-03 | Circular 11/2016Added
Circular 11/2016 — Modifications to the SPID Rules (Transitional Regime and Peso Accounts)
This circular modifies the Rules of the Interbank Payments System in Dollars (SPID) to establish a transitional regime allowing credit institutions to collect customer information and develop risk models in compliance with new requirements. It authorizes Mexican legal entities holding peso accounts to send dollar transfers via SPID after their bank executes the corresponding foreign exchange operation, subject to the same information requirements as dollar account holders. The document amends numerous rules regarding definitions, operational flows, verification procedures, operator registration, and IT security policies, while introducing a new Annex 2 and repealing specific provisions from Circular 4/2016.