Regulatory Alerts2020-11-24 | DOF 5605592Added · Updated
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
The resolution amends Articles 7, 14, and 15 of the General Provisions to allow Savings and Loan Cooperative Societies with operational levels I through IV to apply simplified identification measures to low-risk national currency checking accounts and to credits and microcredits. It establishes a monthly deposit limit of 3,000 Units of Investment per client for simplified accounts and permits remote account opening with specific data requirements. The resolution repeals the requirement for these societies to seek prior authorization from the National Banking and Securities Commission for their mobile-linked verification procedures. Cooperative Societies must update their Compliance Manuals and automated systems within three months of the resolution's entry into force.