Regulatory Alerts2016-03-11 | Circular 5/2016Added
Circular 5/2016 — Modifications to Circular 3/2012 (Demand Accounts in Dollars)
The Bank of Mexico mandates that credit institutions offering US dollar demand accounts to corporate clients must enable at least dollar deposits and withdrawals via a national electronic dollar payment system. It establishes new accounts within the Bank of Mexico for SPID participants, specifically the SPID Account and the SPID Funding Account, to manage interbank liquidity. The circular defines operational rules, including transaction hours, fee structures, interest rates, and balance limits for these accounts, while introducing new articles and definitions to regulate these operations.
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