Regulatory Alerts2018-12-24 | Circular 18/2018Added
Circular 18/2018 — Amendments to Circular 14/2017 Regarding SPEI Rules on Risk Mitigation
The Bank of Mexico amends the Interbank Electronic Payment System (SPEI) Rules to impose stricter risk mitigation measures for participants handling client accounts associated with virtual asset trading. The amendments require participants to document trust and integrity procedures for staff and third-party IT providers, mandate immediate reporting of irregular events to audit and risk committees, and restrict the opening of linked series of client accounts unless specific identification and contractual requirements are met based on transaction volumes. These changes apply to all SPEI participants and other interested parties acting in that capacity, entering into force on the twentieth banking day following publication.
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