Resolution amending and adding various general provisions under Article 115 of the Credit Institutions Law

DOF: 09/06/2020

RESOLUTION amending and adding various general provisions under Article 115 of the Credit Institutions Law

A seal bearing the National Coat of Arms, which reads: United Mexican States.- TREASURY.- Ministry of Finance and Public Credit, is placed at the margin.

RESOLUTION AMENDING AND ADDING VARIOUS GENERAL PROVISIONS UNDER ARTICLE 115 OF THE CREDIT INSTITUTIONS LAW

ARTURO HERRERA GUTIÉRREZ, Secretary of Finance and Public Credit, pursuant to Articles 31, fractions VII and XXXII, of the Organic Law of the Federal Public Administration; Articles 115 and 115 Bis of the Credit Institutions Law, exercising the powers conferred upon me by Article 6, fraction XXXIV, of the Internal Regulations of the Ministry of Finance and Public Credit, and having received the prior opinion of the National Banking and Securities Commission issued via letter number 213-2/80392/ 24/2020 dated May 12, 2020; and

CONSIDERING

That in order to continue the National Financial Inclusion Plan and promote the reduction of cash usage, on March 27, 2020, the Decree amending and adding various provisions of the Credit Institutions Law and the Federal Civil Code was published in the Official Gazette of the Federation, with the objective of providing for the opening of bank deposit accounts for adolescents -without the intervention of their representatives, from the age of fifteen completed;

That pursuant to Article 59, last paragraph, in relation to the second transitory article, both of the Decree amending the Credit Institutions Law, this Ministry may modify the general provisions necessary for the implementation of the aforementioned Decree;

That in concordance with the foregoing and in order to promote and facilitate the opening of said accounts, as well as to provide legal certainty to credit institutions, it is necessary to specifically establish the identification and verification requirements for said accounts, as well as to provide that they may be considered low-risk, and that they may only receive deposits by electronic means from (i) government programs and (ii) salaries and wages deposited by their employer;

That likewise, in order for credit institutions to comply with what is provided in the fifth transitory article of the aforementioned Decree, the identification data of the parents or guardians of minors must be established, which must be requested for the opening of the accounts referred to in the third paragraph of Article 59 of the Credit Institutions Law, in order to inform said subjects of the opening of the referred accounts;

That with the aim of prioritizing efforts and resources in the new obligations established in this Resolution, it is deemed convenient to eliminate the obligation for credit institutions to request authorization from the National Banking and Securities Commission regarding the validation procedure of the Unique Population Registry Key for low-risk level 1 and 2 accounts linked to a mobile phone, since said procedure will be established within the Compliance Manual that each credit institution presents to said Commission;

That in accordance with Article 78 of the General Law for Regulatory Improvement and with the aim of complying with the regulatory simplification requirement for the issuance of this Resolution, the savings generated in the "Resolution amending, adding and repealing various General Provisions under Article 124 of the Popular Savings and Popular Credit Law", dictated by the National Commission for Regulatory Improvement in file 05/0007/160119, with an amount of $13,658,008 pesos, will be taken;

That once the opinion of the National Banking and Securities Commission has been heard, I have deemed it appropriate to issue the following:

RESOLUTION AMENDING AND ADDING VARIOUS GENERAL PROVISIONS UNDER ARTICLE 115 OF THE CREDIT INSTITUTIONS LAW

SINGLE ARTICLE.- The 4th, fraction V, second paragraph, number 3; 4th Ter, third paragraph; 7th, second, third and fifth paragraphs, fractions I and II; 11th, second paragraph; 13th, third, fourth, fifth and sixth paragraphs; 14th, first and third paragraphs; 14th Ter and 15th Bis, first paragraph, are AMENDED, and the 14th Bis 2 is ADDED, all of them of the General Provisions under Article 115 of the Credit Institutions Law, to read as follows:

4th.- ...

...

I. to IV. ...

V.

...

a) and b) ...

...

1. and 2. ...

2. In the cases referred to in the 14th Bis, fractions I and II and 14th Bis 2 of these Provisions.

VI. to IX. ...

...

...

...

...

...

...

...

4th Ter.- ...

I. to VII.

...

...

The consent referred to in fraction I, subsection b) of this Provision that Entities obtain from their Clients, may be obtained through Electronic Signature, Advanced Electronic Signature, or in accordance with the general provisions issued for this purpose by the Commission. Such Client consent serves as proof to legally establish the opening of the account, the celebration of the contract, or any Operation carried out with the Entity in a non-presential manner.

...

...

...

7th.- ...

Regarding accounts opened or contracts celebrated in accordance with the 4th Ter of these Provisions, the interview referred to in the previous paragraph may be carried out in a non-presential manner, in terms of these Provisions as well as what is provided by the general provisions issued for this purpose by the Commission.

Regarding the granting of credits or loans, as well as the situations referred to in the 14th Bis and 14th Bis 2 of these Provisions, Entities may sign agreements with third parties for the carrying out of the interview referred to in this Provision, which must be made in the terms established in Articles 46 Bis 1 and 46 Bis 2 of the Law and the general provisions issued by the Commission based on those articles. In all cases, Entities that fall under the situation provided in this paragraph will be responsible for compliance with the obligations, in matters of Client identification and knowledge, established by these Provisions.

...

With respect to level 1 and 2 accounts referred to in the 14th Bis and 14th Bis 2 of these Provisions, Entities may carry out the reception or capture of data remotely, in substitution of the aforementioned interview, provided that the Entity in question verifies the authenticity of the Client's data, for which they must adhere to the following procedure:

I.

Entities, either directly or through a third party, must conduct a query to the National Population Registry in order to integrate the Unique Population Registry Key of the Client and validate that the data regarding full name, gender, state of birth, and date of birth provided remotely by the same, coincide with the records existing in the databases of said Registry, and

II.

Additionally, in the case of accounts that are linked to a mobile phone or another equivalent communication device, Entities must validate the mobile phone number provided, through the procedure that Entities establish for this purpose in their Compliance Manual.

...

11th.- ...

In the cases referred to in the 14th Bis and 14th Bis 2 of these Provisions, Entities must verify the Beneficiary's data at the moment they present themselves to exercise their rights, in the terms in which the account in question was opened.

13th.- ...

...

In the situations referred to in the first and second paragraphs of this Provision, and with the exception of level 2 accounts referred to in the 14th Bis and 14th Bis 2 of these Provisions, workers' files may be integrated only with the data and copies of their identifications.

In the case that level 3 accounts referred to in the 14th Bis and level 2 accounts indicated in the 14th Bis 2 of these Provisions are used for payroll payments, Entities must additionally adhere to what is established in the cited 14th Bis and 14th Bis 2, and to what is stated in this Provision.

Entities may apply what is established in this Provision in cases of demand bank deposit accounts without checks, as well as savings accounts, opened for the dispersion of funds derived from the application of government support programs, for the benefit of certain sectors of the population, as well as in level 2 and 3 accounts referred to in the 14th Bis and 14th Bis 2 of these Provisions.

In the situations referred to in this Provision, Entities must contractually agree with the persons who, in their substitution, integrate and conserve the identification files of Clients, mechanisms for the Entities themselves to: (i) verify, randomly, that said files are integrated in accordance with what is stated in these Provisions, and (ii) conserve the identification file of those workers or personnel to whom an account was opened for payroll payment, once they cease to provide their services to the requesting Client. Additionally, Entities may contractually agree with the persons referred to in this paragraph, when applicable, that the latter inform one of the parents or guardians of the persons referred to in the 14th Bis 2 of these Provisions of the account opening, for which Entities must agree on mechanisms for the Entities themselves to have a confirmation record that the aforementioned was made known. Entities will be responsible at all times for compliance with the obligations, in matters of Client identification, established by these Provisions, to which effect, they must establish in their Compliance Manual the mechanisms they will adopt to comply with what is stated in this paragraph.

14th.- For the case of products and services other than those provided in the 14th Bis and 14th Bis 2 of these Provisions, which are considered by Entities as low Risk, they may integrate the respective identification files of their Clients, subject to what is established in this Provision, only with the data indicated in fractions I, II or III of the 4th of these Provisions, as appropriate according to the type of Client in question, as well as with the data of the Client's personal identification and, if applicable, that of their representative, which must be one of those contemplated in subsection b), number i., of fraction I of the 4th of these Provisions and which Entities are obliged to request to be presented as a prior requirement to open the respective account.

...

In the event that the transactional level of any of the products or services referred to in the first paragraph of this Provision exceeds the maximum amount established by the Entity for them to be considered as low Risk, such Entity must proceed to integrate the identification file of the respective Client with all the information and documentation that corresponds, in terms of what is provided in the 4th of these Provisions, as well as comply with the various obligations established therein.

...

14th Bis 2.- Regarding demand deposit accounts in national currency that Entities open for the natural persons referred to in Article 59, third paragraph, of the Law, they must be classified as level 2 accounts and their operation will be limited to credits up to the equivalent in national currency to three thousand Units of Investment per Client, during the course of a calendar month.

Such accounts will be considered low Risk and may be contracted in a presential or remote manner in terms of the 7th of these Provisions, with the following identification requirements:

a)

They must contain the following data recorded:

i.

Paternal surname, maternal surname, and name(s) without abbreviations;

ii.

Date of birth;

iii.

Gender;

iv.

State of birth;

v.

Address, which must be composed of the elements referred to in the 4th of these Provisions;

vi.

Phone number(s), if applicable;

vii.

Email, if applicable;

viii.

Government program to which they are affiliated, if applicable.

b)

Regarding accounts for the receipt of salaries and wages, Entities must additionally collect, in addition to the data indicated in the previous subsection a), a payroll payment receipt or a copy of the employment contract, or a letter stating the employment relationship issued by the employer.

In the case of remote openings, Entities must collect, in accordance with the penultimate and antepenultimate paragraphs of the 4th Ter of these Provisions, the digital version of any of the documents referred to in this subsection.

Additionally, Entities must request from the persons referred to in Article 59, third paragraph of the Law, the data regarding the full name without abbreviations of one of their parents or guardians and, if applicable, any of the following data of these latter:

i.

Address, which must be composed of the elements referred to in the 4th of these Provisions;

ii.

Phone number(s), or

iii.

Email.

The foregoing, in order to inform one of said parents or guardians about the opening of the respective account in terms of what Entities establish for this purpose in their Compliance Manual.

Entities, when applicable, must verify that their Client is a beneficiary of the respective government program with the public institution responsible for dispersing the resources thereof.

Bank deposit accounts for money, other than those indicated in the first paragraph of this Provision, that Entities open for the natural persons referred to in Article 59, third paragraph of the Law, will be governed under the same terms of this Provision.

14th Ter.- The limits, conditions, and characteristics established in these Provisions for the accounts referred to in the 14th Bis of the same, may be applicable to securities administration, investment, credit, and microcredit accounts. In the case of credits and microcredits, the maximum limits will apply to the credit line or amount granted to Clients and will only be applicable to natural persons.

15th Bis.- Regarding accounts opened or contracts celebrated by natural persons who act (i) on their own account, (ii) in their capacity as co-owners, or (iii) in the name and representation of third parties, in terms of the 4th and 14th Bis, fraction III of these Provisions, Entities must verify the data and, if applicable, documents that their possible Clients provide them to prove their identity.

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TRANSITORY PROVISIONS

First.- This Resolution will enter into force the day following its publication in the Official Gazette of the Federation.

Second.- The guidelines, interpretations, and criteria issued by the Ministry or by the Commission, based on what is provided in the Resolution of April 20, 2009, and subsequent Resolutions through which the General Provisions under Article 115 of the Credit Institutions Law have been added or amended, will continue to be applicable insofar as they do not oppose what is established in this Resolution.

Third.- Entities must comply with the obligations contained in this Resolution, in the terms and in accordance with the deadlines indicated below:

I. Four months counted from the entry into force of this Resolution to modify the Compliance Manual and present it to the Commission.

II. Twelve months counted from the date of entry into force of this Resolution, to modify the methodology referred to in Chapter II Bis.

III. Twelve months counted from the date of entry into force of this Resolution, to update the automated systems referred to in the 51st of the Provisions.

Mexico City, May 26, 2020. - The Secretary of Finance and Public Credit, Arturo Herrera Gutiérrez. - Signature.

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