Regulatory Alerts2018-12-24 | Circular 17/2018Added
Circular 17/2018 — Modification of Circular 13/2017
The Bank of Mexico amends Article 15, Section VIII of Circular 13/2017 to prohibit SPEI participants from opening linked series accounts for clients unless the client demonstrates compliance with specific internal norms. This modification requires participants to ensure that any accounts opened for clients do not allow those clients to offer further accounts to their own users for fund transfers via SPEI, except under verified conditions. The regulation applies to credit institutions and other companies professionally providing fund transfer services. The circular enters into force on the twentieth banking day following its publication in the Official Gazette.