Regulatory Alerts2018-05-17 | Circular 5/2018Added
Circular 5/2018 — Modification of Circular 14/2017
The Bank of Mexico adds a final paragraph to Article 19, Fraction I of the Rules of the Interbank Electronic Payments System (SPEI), allowing receiving participants to request authorization to extend crediting deadlines for transfers of 50,000 pesos or more, or successive transfers reaching that amount, for a maximum period of six months if additional internal validations are required. Participants requesting this authorization must demonstrate that they are in the process of automating these validations within the timeframes specified in the rule. This modification aims to strengthen risk control mechanisms and security for SPEI participants and users. The circular enters into force on the date of its publication in the Official Gazette.
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