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

Holland & Knight LLP

Holland & Knight LLP

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.


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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