Regulatory Alerts2017-08-01 | Circular 16/2017Added
Circular 16/2017 — Modifications to Circular 3/2012 (Dollar Transfers)
The Bank of Mexico amends Circular 3/2012 to require that electronic dollar transfers between corporate accounts domiciled in Mexico be processed exclusively through authorized electronic payment systems or those administered by the Bank. It also extends the operational hours for the SIAC-BANXICO system, allowing participants to deposit or withdraw funds from 07:45 to 15:10 hours to improve liquidity management in the Dollar Interbank Payment System (SPID). These changes apply to credit institutions and the National Agricultural, Rural, Forestry and Fisheries Development Financial Institution, with the operational hour extensions taking effect on August 11, 2017, and the transfer restrictions taking effect on February 1, 2018.
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