- A new obligation is being implemented for Electronic Payment Fund Institutions ("IFPEs") to submit a monthly report with information on their customers and operations to the National Banking and Securities Commission ("CNBV").
- To comply with this new obligation, IFPEs must take the necessary actions by January 1, 2025, to submit the report.
This is an update to the “Client Alert” published on June 27th, 2024 by Campa & Mendoza.
I. Contents of the Resolution
Today, the Ministry of Finance and Public Credit, with the opinion of the CNBV, published in Mexico’s Federal Official Gazette (“DOF”) the “Resolution amending the General Provisions applicable to Financial Technology Institutions” (the “Resolution”). Which can be consulted here
The Resolution amends Articles 100, 101, and 103 of the General provisions applicable to Financial Technology Institutions (the “Provisions”):
i. Include in Annex 19 of the Provisions the Series R24 “Operational information” and report G-2470 “Information on Customers and Operations”.
ii. For submission, it must adhere to the format and reporting specifications and information transfer means that the CNBV itself indicates to the IFPEs, within the first 10 business days of the month immediately following the reporting period.
iii. The report must adhere to the format and specifications for reporting and transferring information that the CNBV indicates in Annex 19 of the Provisions. Additionally, the filling instructions can be found at the following link Instituciones de Tecnología Financiera | Comisión Nacional Bancaria y de Valores | Gobierno | gob.mx (www.gob.mx).
The report must include following information regarding the operations that the clients carry out through their electronic payment fund accounts with the IFPE in question:
- Customer information.
- Customer account information.
- Customer funds management account information.
- Own funds management account information.
- Customer account balances and movements.
- Customer funds management account balances and movements.
- Overdrafts.
I.2. Transitional provisions.
While the amendments will enter into force on the following day of their publication on the Federal Official Gazette (September 3rd, 2024), IFPEs will have until January 1, 2025, to take the necessary actions to submit the regulatory report G-2470 “Information on Customers and Operations” belonging to Series R24 “Operational information”.
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This document does not constitute legal advice. If specific information or legal counsel is required, please contact us.
Campa & Mendoza
