April 14, 2020

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

Holland & Knight Alert
Alejandro Landa Thierry | Aldo González

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.

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