Mexico: Adopted Provisions applicable to electronic payment fund institutions under the Regulation of Financial Technology Institutions Act including location of computing facilities

On 15 January 2021, the Bank of Mexico adopted the "Provisions applicable to electronic payment fund institutions under the Law to Regulate Financial Technology Institutions" (Provisions). The Provisions seek to implement Articles 48.2, 54.1, 56.1 and 56.2 of the Law to Regulate Financial Technology Institutions. According to Article 49 of the Provisions, electronic payment institutions must attach documentation to the application for authorisation under Article 44 or the notification under Article 45(I). Paragraph IV of Article 49 states that mechanisms have to enable the electronic payment institutions to keep detailed records of all transactions carried out, as well as its accounting records, domestically - either in its own technological infrastructure or in that of a third party, in such a way as to ensure continuity of operations at all times. According to Article 50, this mechanism must allow the institution to count on its own infrastructure.