Regulatory Alerts2017-06-01 | Circular 12/2017Added
Circular 12/2017 — Modifications to Circular 3/2016
Circular 12/2017 amends Article 13 of Circular 3/2016 to align participant obligations with the rules of the Sistema de Pagos Interbancarios en Dólares (SPID). It adds a prohibition against processing transfers for clients matching sanctions lists without prior verification, and requires participants to prioritize and expedite alerts regarding unusual transactions or inconsistencies. These modifications apply to credit institutions participating in dollar interbank payment systems and take effect upon publication in the Official Journal.