Regulatory Alerts2020-06-05 | Circular 24/2020Added
Circular 24/2020 — Modifies Circular 22/2010
The Bank of Mexico amends Circular 22/2010 to require credit institutions offering exempt Basic Payroll and Basic General Public Accounts to allow adolescents aged at least 15 to open these accounts without representative intervention. For employees of state entities under Article 123 of the Constitution, the minimum age is raised to 16. These accounts must include access to mobile, internet, and telephone banking services, and institutions converting existing adolescent accounts must maintain these services for the duration of the basic accounts. The circular enters into force the day after its publication in the Official Gazette.