Regulatory Alerts2011-12-02 | Circular 24/2011Added
Circular 24/2011 — Modifies Circular 17/2010
The Bank of Mexico amends the Rules of the Interbank Electronic Payment System (SPEI) to introduce a definition for "Credit Confirmation" and require receiving participants to generate and send this confirmation to the SPEI within thirty minutes of crediting the beneficiary's account. The amendment also mandates that receiving participants provide beneficiaries with relevant transfer information, including the payment concept, tracking key, and reference number, either through agreed communication mechanisms or at the time of cash payment. These modifications to Circular 17/2010 enter into force on February 24, 2012.
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