Regulatory Alerts2016-11-11 | Circular 13/2016Added
Circular 13/2016 — Modifications to Circulares 3/2016 and 4/2016 (SPID Reforms)
This circular mandates that credit institutions offering foreign currency deposit accounts to domestic legal entities must comply with new SPID compliance requirements (fractions XII Ter and XII Quater of Circular 3/2016) starting May 31, 2017. It also exempts individuals previously designated as SPID compliance officers under Circular 11/2016 from the additional requirements introduced by that circular, allowing them to retain their status without further action. Additionally, the second paragraph of the transitional article of Circular 11/2016 is repealed. The circular enters into force on the next banking day following its publication in the Official Gazette.