Regulatory Alerts2018-10-01 | Circular 14/2018Added
Circular 14/2018 — Modifications to Circular 3/2012 (Debit Card Protection)
The Bank of Mexico modifies Circular 3/2012 to establish uniform security and protection standards for debit card users, requiring two-factor authentication for transactions and prohibiting institutions from blocking debit card processing based on the access medium. The regulation mandates that institutions allow account holders to report lost or stolen cards and dispute charges via personal or electronic channels, while restricting the ability to block transactions to risk-based analysis or explicit customer instructions. It also defines debit cards and cardholders, updates account charge provisions, and introduces new articles governing card characteristics, usage, and payment acceptance services for credit institutions and the National Agricultural, Rural, Forestry and Fisheries Development Financial Institution.