On January 13, the Secretariat of Finance and Public Credit (SHCP in Spanish) of Mexico published in the Official Gazette of the Federation (DOF in Spanish) a series of amendments and additions to the General Provisions on the Operations of the Retirement Savings Systems. These amendments were made because the authorities consider it advisable to limit the time the Retirement Fund Administrators (AFORES in Spanish) have to keep information on the Individual Accounts they manage. Also, they seek to regulate the linking of workers to the Administrators through a mobile application. The regulation will become effective on January 14, but the provisions related to the Self-Linkage through the Mobile Application will become effective no later than May 15, 2022.
Among the main provisions of the text it is possible to mention:
- Regarding the conservation time of the files, digitized documents, images and information related to the procedures, services or transactions carried out by the workers, the Administrators may keep the information for at least the last ten years for the Individual Accounts; and at least for ten years after the Administrator has concluded the management of the Individual Account.
- It establishes that the Administrators, through the Mobile Application, must make available to the Workers the Mobile Registration application, which must contain certain information such as the worker’s personal data, of which the regulation specifies which ones. Now the Mobile Registration application will be valid for two working days, instead of five.
- It mentions that the Administrators or the Operating Companies, through the Mobile Application must make available to the Workers the Self-Linkage, which must contain certain information such as the worker’s full name, home address and contact data. In addition, they must also create the Worker’s Mobile File, which must contain information such as the worker’s data and a digital photograph of the worker.
- It indicates that the Operating Companies must send, online and in real time, the information, elements and the Mobile File derived from the Self-Linkage to the Administrator that operates and manages the Individual Account.