April 14, 2020

Mexico's Central Bank Issues Measures Related to Cash Operations by Financial Institutions

Holland & Knight Alert
Alejandro Landa Thierry | Aldo Gonzalez

Mexico's Central Bank [Banco de México (Banxico)] has issued provisional measures under Regulation 8/2020 (Circular 8/2020) related to proceedings, fines and obligations applicable to Mexican financial institutions under the Cash Operations Regulation (Circular de Operaciones de Caja) in connection with certain cash operations.

The measures approved by Banxico are the following:

  • Banxico will not commence any administrative proceeding related to regulatory violations by Mexican financial institutions that occurred, or that may occur, from March 19, 2020 through April 30, 2020, including any violation related to the following obligations:
    • delivering cash items that are deemed to be false pursuant to the provisions of the Cash Operations Regulation
    • registering any claims filed with the Currency Authentication System [(Sistema de Autenticación de Moneda (SAM)]
  • Banxico extended the term to deliver information related to companies providing cash and valuable transportation services, established in item II.II.7 and Exhibit 28 of the Cash Operations Regulation. Such information shall be delivered to Banxico by May 31, 2020.
  • Banxico Cash Offices (corresponsales de caja) will operate only Tuesdays and Thursdays until further notice.

Holland & Knight attorneys have extensive experience in financial services in a variety of industries. For more information, contact the authors or Holland & Knight's Mexico City office.

DISCLAIMER: Please note that the situation surrounding COVID-19 is evolving and that the subject matter discussed in these publications may change on a daily basis. Please contact your responsible Holland & Knight lawyer or the author of this alert for timely advice.


Information contained in this alert is for the general education and knowledge of our readers. It is not designed to be, and should not be used as, the sole source of information when analyzing and resolving a legal problem. Moreover, the laws of each jurisdiction are different and are constantly changing. If you have specific questions regarding a particular fact situation, we urge you to consult competent legal counsel.


Related Insights