Regulatory Alerts2017-07-03 | Circular 13/2017Added
Circular 13/2017 — Payment Systems Administered by the Bank of Mexico and Funds Transfer Services
The Bank of Mexico establishes the general provisions governing the procedure for interested parties to become participants in payment systems administered by the Bank of Mexico, specifically the SPEI and SPID, and defines their obligations. The regulation requires prior written authorization from the Bank of Mexico and admission by the Administrator, mandating the submission of documentation proving compliance with technical, operational, and risk management standards. It further regulates the contracting of third-party services, imposing strict requirements for authorization, contract terms, and liability, including specific provisions for foreign-based third parties and the participant's ultimate responsibility for third-party actions.
More like this from BANXICO
We email you every new BANXICO publication the day it's published.