Regulatory Alerts2011-06-17 | Circular 14/2011Added
Circular 14/2011 — Modifies Circular 2019/95
The Bank of Mexico amends Circular 2019/95 to establish four operational levels for national currency deposit accounts, defining specific deposit limits based on UDIS (Level 1: 750 UDIS monthly/1,000 UDIS balance; Level 2: 3,000 UDIS; Level 3: 10,000 UDIS; Level 4: no limit) and restricting access methods accordingly. The regulation mandates that Level 1 accounts be limited to individuals with debit-only access excluding mobile devices, while requiring electronic fund transfers to be free of inter-institutional commissions and allowing payment purpose information. It also repeals several previous numerals and grants a transition period until February 15, 2013, for maintaining existing low-limit accounts under specific conditions.