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With a note issued on July 27 by the Central Bank of Mexico, foreign exchange bureaus must comply with the new regulations regarding electronic bank transfers
Banxico, as the Bank of Mexico is also known, published in its official circulars of pages 10/2018 and 11/2018 where they mention the new requirements that the participants of the interbank electronic payment system (PIPES) will have to fulfill. It is important to strengthen policies and controls in the transfer of funds.
In the documents, Banxico asks the trading houses "to identify the accounts belonging to this type of customers" with reference to the trading houses. It continues "in order to be able to implement additional validations before the accreditation of resources from the funds through the SPEI" . The SPEI is a platform that allows the exchange of money between the accounts of different banks almost immediately in the Aztec territory.
Also, under the restrictions, funds that are deposited in this manner will not be effective. Same day as the platform suggests, but the next business day. Indeed, the Bank of Mexico must authorize the transaction since, during the administration of the SPEI, it will carry out additional validations in order to legitimize said orders.
Another point that SPEI participants who have this type of companies, is that they must "be sight deposit accounts open only in financial institutions authorized to offer them" . This includes credit institutions, popular finance companies, among others.
In the considerations of the circular, they mention that customers who have accounts where they allocate money immediately, do not make them available to the houses. This is in case the Central Bank of Mexico has to issue warnings of possible attacks on the technological structure of the system.
These measures are taken after the payment network of some banks using the SPEI was hacked in May. and in early July, Mexico's largest exchange purse, Bitso, also suffered a cyberattack.
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