Regulatory Alerts2015-08-31 | Circular 13/2015Added
Circular 13/2015 — Modification to Circular 17/2010 (SPEI Rules)
Banco de Mexico modifies the SPEI Rules to require participating credit institutions to provide detailed transfer information and internet links to digital settlement documents, and to impose payment obligations for missed deadlines. The circular introduces a new message format for delayed returns of uncredited transfers and strengthens contingency procedures for prolonged service interruptions. It establishes specific timeframes for crediting transfers, mandates the provision of transaction details to clients within 15 days or via account statements, and sets financial penalties of 290 pesos or double the calculated interest amount for late returns or transfers.
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