Regulatory Alerts2013-12-06 | Circular 2/2013Added
Circular 2/2013 — Modifications to Circular 3/2012
The Bank of Mexico modifies Article 17 of Circular 3/2012 to mandate that credit institutions and the Rural Financial Institution process electronic fund transfers identified by the last ten digits of a mobile phone number associated with the beneficiary's account. The regulation requires institutions to associate these digits with accounts within one banking day, inform clients of the three-digit SPEI participant code or registered denomination required for transfer instructions, and notify clients of associations or disassociations. It establishes specific procedures for routing transfers between institutions via mobile device clearing houses or the SPEI system and mandates that institutions accept transfer orders using CLABE, debit card reference digits, or the associated mobile number digits.
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