Regulatory Alerts2009-06-26 | Circular 16/2009Added
Circular 16/2009 — Modifies Circular 2019/95
The Bank of Mexico amends sections M.11.11.2 through M.11.11.26 of Circular 2019/95 to establish simplified mobile account rules for multiple banking institutions. The regulation limits deposit balances to a maximum of two thousand investment units (UDIs) per calendar month, restricts account holders to natural persons, and permits account opening using only full name, date of birth, and address. It mandates that electronic fund transfers via mobile phones be processed without delay differentiation between same-bank and interbank transactions, and prohibits commissions on deposits to these mobile accounts.