Regulatory Alerts2020-06-05 | Circular 23/2020Added
Circular 23/2020 — Modifies Circular 3/2012
The Bank of Mexico amends Circular 3/2012 to authorize credit institutions to open deposit accounts for adolescents aged 15 and older without guardian intervention, subject to a monthly deposit limit of 3,000 UDIS and restrictions on deposit sources to government subsidies, payroll benefits, or transfers from the same holder. Additionally, the regulation temporarily increases the provisional monthly credit deposit limit for Level 2 accounts to 15,000 UDIS until December 31, 2020, after which it reverts to 6,000 UDIS for government subsidy sources. Institutions must report to the Bank of Mexico if they choose not to offer these adolescent accounts and must notify holders of account closure if no deposits are made for six consecutive months with a zero balance.
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