Regulatory Alerts2018-07-27 | Circular 11/2018Added
Circular 11/2018 — Modifications to Circular 14/2017
Bank of Mexico modifies the Rules of the Interbank Electronic Payments System (SPEI) to impose enhanced risk mitigation measures on participants, specifically requiring intensified prevention of risks related to unauthorized fund transfers and acquisitions of virtual assets without full client identification. The circular mandates additional information security requirements, including the designation of an Information Security Officer, the implementation of specific security incident response measures, and stricter documentation and identification protocols for clients offering virtual asset exchange services. It also establishes new obligations for receiving participants regarding transaction validation, monitoring alerts, and restrictions on issuing transfer orders for third-party accounts, with phased compliance deadlines ranging from one to sixty banking days following publication.