Resolution amending the general provisions referred to in Article 115 of the Credit Institutions Law

DOF: 07/05/2021

RESOLUTION amending the general provisions referred to in 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 THE GENERAL PROVISIONS REFERRED TO IN ARTICLE 115 OF THE CREDIT INSTITUTIONS LAW

ARTURO HERRERA GUTIÉRREZ, Secretary of Finance and Public Credit, pursuant to the provisions of Articles 31, sections VII and XXXII, of the Organic Law of the Federal Public Administration; Articles 115 and 115 Bis of the Credit Institutions Law, in exercise of the powers conferred upon me by Article 6, section 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/ 10038947/14/2021 dated April 14, 2021; and

CONSIDERING

That in the period from 2010 to 2020, according to information from the Bank of Mexico, remittances from the United States of America to our country have increased by an average of 6.7 percent annually, rising from 21,303.88 million dollars in 2010 to 40,606.60 million dollars in 2020.

That on March 11, 2020, the World Health Organization declared the disease caused by the SARS-CoV2 virus (COVID-19) as a pandemic, calling on countries to: (i) adopt urgent and aggressive measures to contain the spread of the virus, (ii) implement an approach based on the participation of the entire government and society, around a comprehensive strategy aimed at preventing infections, saving lives, and minimizing their effects, and (iii) find a delicate balance between health protection, minimizing social and economic disruptions, and respecting human rights.

That, coinciding with the economic impact caused by COVID-19 in Mexico and the world, amidst the health emergency, our country observed an increase in the flow of remittances from our nationals residing in the United States of America; this registered an increase of 11.44 percent in 2020 compared to 2019, which is higher than the annual average of the last nine years, which stood at 6.24 percent; this represented an economic benefit for many Mexican families to cope with mobility measures due to the COVID-19 pandemic.

That there is social demand from our migrant nationals residing in the United States of America, as well as their families, for alternatives to perform cash dollar exchange operations and to obtain better exchange conditions for their remittances, without undermining measures regarding the prevention of operations with funds of illicit origin and financing of terrorism.

That based on the foregoing, this Ministry has resolved to enable municipalities or boroughs where remittance amounts are relevant to the economy of the families residing there, so that credit institutions may receive US dollars in cash from the United States of America for the purpose of carrying out purchase operations, receipt of deposits, receipt of payment for credits or services, or transfers or fund placements, taking into account the risks of operations with funds of illicit origin and financing of terrorism for their determination.

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

RESOLUTION AMENDING THE GENERAL PROVISIONS REFERRED TO IN ARTICLE 115 OF THE CREDIT INSTITUTIONS LAW

SINGLE ARTICLE.- The second paragraph, section I of 33rd Bis, and the third paragraph of 33rd Quater of the General Provisions referred to in Article 115 of the Credit Institutions Law are AMENDED, to read as follows:

33rd Bis.- ...

...

I.

Corporate clients whose establishments are located in municipalities or boroughs where it is economically justified that they be recipients of US dollars in cash, based on the high flow of foreign individuals and the significant revenue spill from these individuals relative to the economic activity of the respective municipality or borough, in municipalities whose main populations are located within the twenty-kilometer parallel strip along the northern international border line of the country or in the states of Baja California or Baja California Sur, or in municipalities or boroughs where it is determined that per capita remittance amounts are high compared to those of other municipalities or boroughs and where the absolute value amounts of such remittances are relevant with respect to the total remittances received by our country, in which case Entities may only receive US dollars in cash up to a combined amount per Client, accumulated over the course of a calendar month, of fourteen thousand US dollars.

Entities may only receive the currency referred to in this section in branches located in the aforementioned municipalities, boroughs, and states.

The Ministry will make known to the Entities, through the electronic system referred to in 69th-1 of these Provisions, the list of municipalities and boroughs referred to in the first paragraph of this section.

II. to IV. ...

...

33rd Quater.- ...

I. to III. ...

...

Likewise, Entities may only carry out the operations referred to in this provision through commissioned agents whose establishments are located in the municipalities or boroughs referred to in section I of 33rd Bis of these Provisions, with the exception of those indicated in section II of this Provision, which may be carried out regardless of their location.

...

TRANSITIONAL PROVISIONS

First.- This Resolution shall 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 the provisions of the Resolution of April 20, 2009, and subsequent Resolutions through which the General Provisions referred to in Article 115 of the Credit Institutions Law have been added or amended, shall remain applicable insofar as they do not conflict with what is established in this Resolution.

Mexico City, April 28, 2021.- The Secretary of Finance and Public Credit, Arturo Herrera Gutiérrez.- Signature.

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