Regulatory Alerts2022-03-18 | Circular 3/2022Added · Updated
Circular 3/2022 — Modifications to Circular 13/2017 (Indirect Participation and Miscellaneous Topics)
The Bank of Mexico modifies Circular 13/2017 to establish the regulatory framework for indirect participation in payment systems, specifically the SPEI, and to set requirements for system infrastructure expansion. It defines "Banking Business Days" and "Debit Message," and mandates that receiving entities allow clients to withdraw funds equal to or exceeding 50,000 pesos in cash or equivalent instruments starting the next banking day after execution. The circular also imposes obligations on SPEI participants regarding third-party service providers, security officers, and the use of specific software for processing debit messages, while allowing exceptions for small-volume internal transfers.
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