Regulatory Alerts2022-12-13 | Circular 18/2022Added · Updated
Circular 18/2022 — Modifications to Circular 4/2022 (Transitional Rules)
The Bank of Mexico amends the fifth transitional provision of Circular 4/2022 to defer the effective date of specific obligations regarding electronic fund transfers to February 23, 2023. This modification applies to credit institutions, regulated multiple-object financial societies with equity links to credit institutions, and the National Agricultural, Rural, Forestry and Fisheries Development Financial Institution. The deferred rules require participating institutions to identify beneficiaries in same-day electronic transfers using only the ten digits of the account holder's mobile phone number. The circular enters into force on the next banking business day following its publication in the Official Gazette.
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