Regulatory Alerts2015-03-20 | Circular 7/2015Added
Circular 7/2015 — Modifications to Circular 3/2012 (Payroll Portability)
The Bank of Mexico modifies the payroll portability rules by establishing that account holders may submit transfer requests to either the originating or receiving institution, with the receiving institution managing the request on the holder's behalf. It mandates that originating institutions notify account holders of received requests within five business days and execute transfers starting on the fifth business day after direct submission or the tenth day after submission by the receiving institution. The regulation prohibits fees for these transfers, requires specific documentation formats for in-branch and electronic requests, and sets strict timelines for cancellation orders and record-keeping.
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