Regulatory Alerts2019-03-07 | Circular 3/2019Added
Circular 3/2019 — Modifies Circular 14/2017
Bank of Mexico amends the Interbank Electronic Payments System (SPEI) Rules to impose additional risk mitigation measures on participants regarding accounts for clients who habitually provide virtual asset exchange or sales services. Participants must implement enhanced validation controls, including identity verification via voter credentials and fingerprint matching for transaction volumes between 3,000 and 8,000 UDIS, and advanced electronic signatures for volumes exceeding 8,000 UDIS. The circular also mandates specific monitoring alerts for contingencies and restricts the opening of linked client accounts to prevent unauthorized fund transfers, with the rules entering into force 60 days after publication.