Resolution reforming and repealing various General Provisions regarding Articles 71 and 72 of the Law for Regulating the Activities of Savings and Loan Cooperative Societies

DOF: 24/11/2020

RESOLUTION reforming and repealing various of the General Provisions referred to in Articles 71 and 72 of the Law for Regulating the Activities of Savings and Loan Cooperative Societies

A seal with the National Coat of Arms appears at the margin, which reads: United Mexican States.- TREASURY.- Ministry of

Treasury and Public Credit.

RESOLUTION

THAT

REFORMS

AND

REPEALS

VARIOUS

OF

THE

GENERAL

PROVISIONS

TO

WHICH

THE

ARTICLES

71

AND

72

OF

THE

LAW

FOR

REGULATING

THE

ACTIVITIES

OF

SAVINGS

AND

LOAN

COOPERATIVE

SOCIETIES

REFER

ARTURO

HERRERA

GUTIÉRREZ,

Secretary

of

Treasury

and

Public

Credit,

based

on

the

provisions

of

Articles

31,

paragraphs

VIII

and

XXXIV,

of

the

Organic

Law

of

the

Federal

Public

Administration;

71

and

72

of

the

Law

for

Regulating

the

Activities

of

Savings

and

Loan

Cooperative

Societies,

in

exercise

of

the

powers

conferred

upon

him

by

Article

6,

paragraph

XXXIV,

of

the

Internal

Regulations

of

the

Ministry

of

Treasury

and

Public

Credit,

and

having

received

the

prior

opinion

of

the

National

Banking

and

Securities

Commission

issued

via

letter

number

VSPP-220/71657/2020

dated

October

13,

2020;

and

CONSIDERING

That

within

the

objectives

of

the

National

Financial

Inclusion

Policy,

presented

by

the

National

Council

of

Financial

Inclusion

and

the

Financial

Education

Committee

on

March

11,

2020,

is

to

promote

the

reduction

of

cash

usage,

as

well

as

increase

the

digitalization

of

payments

and

transfers

to

beneficiaries

of

government

programs,

among

others,

that

foster

financial

inclusion

and

education;

That

in

the

framework

of

the

launch

of

the

Digital

Collection

platform

(CoDi)

developed

by

the

Bank

of

Mexico,

it

is

considered

appropriate

to

promote

the

use

of

the

same

through

the

opening

of

low-risk

national

currency

demand

deposit

accounts

offered

by

authorized

entities;

That

in

that

sense

and

in

compliance

with

Recommendation

10

of

the

International

Standards

on

Combating

Money

Laundering,

Terrorist

Financing

and

the

Financing

of

Proliferation

of

Weapons

of

Mass

Destruction

issued

in

2012

by

the

Financial

Action

Task

Force

which

allows

the

application

of

simplified

measures

based

on

a

risk-based

approach,

it

is

considered

relevant

to

increase

the

level

of

simplified

identification

accounts

for

natural

persons

for

the

opening

of

low-risk

national

currency

demand

deposit

accounts

offered

by

savings

and

loan

cooperative

societies

with

operational

levels

I

through

IV;

That

in

order

to

promote

financial

inclusion

based

on

Recommendation

10

of

the

Financial

Action

Task

Force

which

allows

the

application

of

simplified

measures

with

a

risk-based

approach,

the

possibility

is

established

to

apply

the

limits,

conditions,

and

characteristics

established

in

these

Provisions

for

low-risk

accounts

to

the

credits

offered

by

savings

and

loan

cooperative

societies

with

operational

levels

I

through

IV;

That

it

is

deemed

convenient

to

eliminate

the

obligation

of

savings

and

loan

cooperative

societies

with

operational

levels

I

through

IV

to

request

authorization

from

the

National

Banking

and

Securities

Commission

regarding

the

procedure

for

verifying

information

for

simplified

accounts

linked

to

a

mobile

phone

or

other

equivalent

communication

device,

since

such

procedure

is

approved

in

the

Compliance

Manual

of

each

society;

and

Having

heard

the

opinion

of

the

National

Banking

and

Securities

Commission,

I

have

deemed

it

appropriate

to

issue

the

following:

RESOLUTION THAT REFORMS AND REPEALS VARIOUS OF THE GENERAL PROVISIONS REFERRED TO IN ARTICLES 71 AND 72 OF THE LAW FOR REGULATING THE ACTIVITIES OF SAVINGS AND LOAN COOPERATIVE SOCIETIES.

SINGLE ARTICLE.-

Articles 7, fourth paragraph, paragraph II; 14, first and second paragraphs; 15, are REFORMED, and Article 7, last paragraph, of the General Provisions referred to in Articles 71 and 72 of the Law for Regulating the Activities of Savings and Loan Cooperative Societies, are REPEALED, to read as follows:

7.-

...

...

...

...

I.

...

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

...

Paragraph repealed.

14.-

Demand deposit accounts in national currency offered by the Societies will be considered low Risk, and therefore may have simplified identification requirements, provided they are opened in person by Clients who are natural persons whose operation is limited to deposits equal to the equivalent in national currency of three thousand Units of Investment per Client, during the course of a calendar month.

The Societies may integrate the respective identification files of their Clients solely with the data relating to the paternal surname, maternal surname, and first name or names, without abbreviations, date of birth, and address of these, which must be composed of the elements referred to in Article 4 of these Provisions.

In this case, the data relating to the full name and date of birth of the Client must be obtained from an official identification document as indicated in the aforementioned Article 4 of these Provisions.

Regarding contributions to the social capital of the same, accounts opened or contracts celebrated remotely in terms of what is established in Article 7 of these Provisions, the Societies must integrate the identification files of their Clients with the data relating to the full name without abbreviations, gender, state of birth, date of birth, as well as address of these, composed of the elements referred to in Article 4 of these Provisions.

...

...

15.-

The limits, conditions, and characteristics established in these Provisions for low Risk accounts referred to in Article 14 of the same may be applicable to credits and microcredits.

In these cases, the maximum limits will apply to the credit line or amount granted to the Clients.

TRANSITIONAL PROVISIONS

First.-

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

Second.-

The Societies will have three months counted from the entry into force of this Resolution to (i) modify the Compliance Manual and present it to the Commission, and (ii) update the automated systems referred to in Article 55 of the Provisions.

Mexico City, November 10, 2020. - The Secretary of Treasury and Public Credit, Arturo Herrera Gutiérrez. - Signature.

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