Regulatory Alerts2022-12-13 | Circular 15/2022Added · Updated
Circular 15/2022 — Modifications to Circular 14/2017 (Miscellaneous Topics)
The Bank of Mexico modifies the Interbank Electronic Payments System (SPEI) Rules to strengthen the regulatory framework for indirect participation services, CoDi transfer orders, and remittance processing. The amendments define Low-Value Transfer Orders up to 1,500 UDIS, establish obligations for indirect participants regarding CoDi message acceptance and software certification, and prohibit processing funds for third parties unless related to remittance services. Additionally, the rules authorize the use of only the ten digits of a mobile phone number as a beneficiary identifier and set termination thresholds for indirect participants exceeding 500,000 accounts, 3 million transfers, or 4.5 billion UDIS in volume.
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