Regulatory Alerts2009-11-03 | Circular 26/2009Added
Circular 26/2009 — Modifies Circular 2019/95
The Bank of Mexico amends sections M.11.11.2 through M.11.11.26 of Circular 2019/95 to establish the regulatory framework for mobile bank accounts offered by multiple banking institutions. The rules define three account types—unlimited, low-risk, and low-transactional—with specific deposit and withdrawal limits, documentation requirements, and permitted transaction methods. Institutions are prohibited from charging commissions on deposits, interbank fees on transfers, or differentiating fees based on the beneficiary's institution, and must process all transfers with equal speed. Implementation requires institutions to notify the Bank of Mexico at least ten business days before launching these accounts.