Regulatory Alerts2016-11-03 | Circular 12/2016Added
Circular 12/2016 — Modifies Circular 3/2012
The Bank of Mexico amends Circular 3/2012 to restrict dollar deposit operations to electronic interbank transfers conducted exclusively through authorized or administered payment systems. Credit institutions and the National Agricultural, Rural, Forestry and Fisheries Development Financial Institution must obtain participation authorization in such systems by April 1, 2016, or face prohibitions on opening new accounts. By August 31, 2017, institutions lacking this authorization must close existing dollar deposit accounts and cease receiving additional funds into them. These restrictions apply to demand deposits in dollars with or without checkbooks payable in Mexico.
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