Resolution modifying the Resolution that modifies the general provisions applicable to credit institutions, published on August 29, 2017

DOF: 09/04/2020

RESOLUTION modifying the Resolution that modifies the general provisions applicable to credit institutions, published on August 29, 2017

A seal with the National Coat of Arms appears at the margin, which reads: United Mexican States.- TREASURY.- Ministry of Finance and Public Credit.- National Banking and Securities Commission.

The National Banking and Securities Commission,

based on the provisions of Articles 52, last paragraph; 97, first paragraph, and 98, second paragraph of the Credit Institutions Law, as well as Articles 4, fractions II, XXXVI, and XXXVIII, and 16, fraction I of the National Banking and Securities Commission Law, and

CONSIDERING

That on August 29, 2017, the Resolution modifying the General Provisions applicable to credit institutions was published in the Official Gazette of the Federation, with the objective of strengthening the procedures and mechanisms that credit institutions use to identify the person who contracts with them active, passive, or service operations, or who carries out certain operations, with the aim of contributing to prevent, inhibit, mitigate, and, where applicable, detect any illicit conduct intended to impersonate identity;

That, in order for credit institutions to be in a position to implement mechanisms to verify the identity of their clients, on August 29, 2018, the "Resolution modifying the General Provisions applicable to credit institutions" was published in the Official Gazette of the Federation, which extended the deadline for the entry into force of the obligation to implement said mechanisms to March 31, 2020, and

That, with the purpose of ensuring that all credit institutions are able to comply with the obligation described in the preceding Consideration, it is necessary to establish new conditions for this purpose;

has resolved to issue the following:

MODIFYING RESOLUTION OF THE "RESOLUTION THAT MODIFIES THE GENERAL PROVISIONS APPLICABLE TO CREDIT INSTITUTIONS", PUBLISHED IN THE OFFICIAL GAZETTE OF THE FEDERATION ON AUGUST 29, 2017

SOLE ARTICLE.

Article SECOND Transitory of the "Resolution modifying the General Provisions applicable to credit institutions", published in the Official Gazette of the Federation on August 29, 2017, which in turn was modified by the "Resolution modifying the General Provisions applicable to credit institutions", published in the said Gazette on August 29, 2018, is REFORMED to read as follows:

"SECOND.- Credit institutions must comply with the provisions established in Articles 51 Bis, 51 Bis 1, and 51 Bis 4, which are added by this Resolution, starting from March 31, 2020, provided that, no later than December 14, 2018, they submit to the National Banking and Securities Commission for approval, a work plan in which they specify the actions they will follow to develop the mechanisms referred to in Articles 51 Bis 3 and 51 Bis 5, which are added by this instrument, which serve to verify the biometric identity of persons who contract or carry out operations with them.

To resolve what is appropriate, the plan must include the obligation for credit institutions to verify the biometric identity of their clients starting from March 31, 2020, and the National Banking and Securities Commission will have ten business days from the presentation of the aforementioned work plan to resolve what is appropriate; if there is no manifestation to this effect by said Commission, the response shall be understood as positive. To this effect, the aforementioned plan must describe the concrete activities that credit institutions must develop, as well as the dates for the realization of each of them.

If they do not opt for what is indicated in the first paragraph of this article, or if they do not obtain the corresponding approval, credit institutions must comply with Articles 51 Bis, 51 Bis 1, and 51 Bis 4 cited above starting from January 1, 2019.

The approvals of the work plan granted by the National Banking and Securities Commission in terms of the first paragraph of this transitory article will become void starting from March 31, 2020.

Credit institutions that have obtained approval of the plan referred to in the first paragraph of this transitory article and that on March 31, 2020, are not in a position to carry out verification actions in accordance with Articles 51 Bis, 51 Bis 1, and 51 Bis 4, may submit to the National Banking and Securities Commission a notice that they will comply with the obligations established in the aforementioned articles no later than November 30, 2020.

The notice referred to in the preceding paragraph must be signed by the general director of the credit institution in question, with the agreement of the board of directors or the executive board, as applicable, and presented no later than March 31, 2020, with the following content:

I.
Reasons for the presentation of the notice; to this effect, the board of directors or the executive board, as applicable, must prove that the audit and risk committees of the credit institution informed them, respectively, of the causes for which it has not been possible to address the content of Articles 51 Bis, 51 Bis 1, and 51 Bis 4, as well as the risks in which the credit institution would incur if it did not verify the identity of its clients.

II.
Scheduled program of the activities that the credit institution will implement to carry out the verification actions of the identity of its clients.

In the event that, at the time of presenting the notice referred to in the preceding paragraph, credit institutions are not able to obtain the agreement of their board of directors or executive board, as applicable, they may present said agreement to the National Banking and Securities Commission no later than April 30, 2020.

Credit institutions that present the notice referred to in this transitory article must inform the National Banking and Securities Commission biweekly, starting from April 13, 2020, on the progress of the scheduled program of activities referred to in fraction II above. The reports must be signed by the general director of the credit institution, after review and approval by the heads of the comprehensive risk management unit and the internal audit area. Likewise, the biweekly reports must be made known to the board of directors or executive board in the next session they hold. In the event that the credit institution omits to deliver any of these reports to the National Banking and Securities Commission, the aforementioned notice shall be considered not presented, and therefore they must attend to the content of Articles 51 Bis, 51 Bis 1, and 51 Bis 4 immediately.

Once credit institutions are in a position to verify the identity of their clients in accordance with Articles 51 Bis, 51 Bis 1, and 51 Bis 4, they must inform the National Banking and Securities Commission in writing, suspending the sending of the biweekly reports.

Regarding credit institutions that have presented to the National Banking and Securities Commission the notice referred to in this transitory article, the deadline for compliance with the obligations contained in transitory articles FOURTH, first paragraph; FIFTH, fraction II, first paragraph, and SIXTH, first paragraph, will be November 30, 2020, provided that they comply with the presentation of all and each of the reports referred to in the eighth paragraph of this transitory article.

From the entry into force of this instrument and until such time as credit institutions observe the obligations contained in Articles 51 Bis, 51 Bis 1, and 51 Bis 4 referred to, they will continue to address the complaints referred to in transitory article THIRD."

TRANSITORY

SOLE ARTICLE.- This Resolution shall take effect starting from March 31, 2020.

Respectfully,

Mexico City, April 2, 2020. - The President of the National Banking and Securities Commission, Juan Pablo Graf Noriega.- Rubric.

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