Circular 19/2007 — Modifies Circular 2019/95

CIRCULAR 19/2007
Mexico, D.F., December 20, 2007.
TO THE MULTIPLE BANKING INSTITUTIONS:
SUBJECT: MODIFICATIONS TO CIRCULAR 2019/95.

The Bank of Mexico, based on articles 28 of the Political Constitution of the United Mexican States, sixth and seventh paragraphs; 24 and 26 of the Bank of Mexico Law; 22 of the Law for Transparency and Ordering of Financial Services, as well as articles 8° third and fourth paragraphs, 10, 17 fraction I and 20 fraction IV, which establish the attribution to issue provisions of the Central Banking Provisions Directorate and the Operational Systems and Payments Directorate, respectively, all of the Internal Regulations of the Bank of Mexico, published in the Official Journal of the Federation on September 30, 1994, whose last modification was published in said Official Journal on April 26, 2007; with the object of protecting the interests of the public and considering that multiple banking institutions, through the Mexican Bank Association, A.C., have established new standards for checks and that with them greater security is given; has resolved to modify the first paragraph of section M.11.11.15.1, as well as repeal sections M.92.4, M.92.41., M.92.42., M.92.43. and M.92.44., all of Circular 2019/95, to remain in the following terms:

M.11. BANK DEPOSITS OF MONEY.
M.11.11.1 Demand deposits.

“M.11.11.15.1 Checks.
The skeletons for the issuance of checks that institutions deliver to their account holders must comply with the specifications for the automated process established in the following standards: i) "MCH1.1 Specifications of the format and content of the magnetic character band"; ii) "MCH2.1 Specifications of the printing of the magnetic characters"; iii) “MCH3.2 Specifications of the Security Measures to be used for the preparation of the Check”, and iv) “MCH4.2 Design of the front and back of the check”, elaborated by said institutions through the Mexican Bank Association A.C. …”

M.92. PASSIVE OPERATIONS.

2

“M.92.4 Repealed.
M.92.41. Repealed.
M.92.42. Repealed.
M.92.43. Repealed.
M.92.44. Repealed.”

TRANSITORY PROVISIONS
FIRST.- This Circular shall enter into force on December 26, 2007.
SECOND.- Checks issued from April 30, 2009, that do not comply with the specifications established in the standards mentioned in section M.11.11.15.1, may only be received by the drawee institution for payment in cash or crediting to an account held by the institution itself. THIRD.- Institutions must inform their account holders of what is stipulated in the aforementioned section M.11.11.15.1, as well as what is established in the previous transitory provision, in order to be able to timely request skeletons for the issuance of checks that comply with the standards established in said section.