The Bank of Mexico said it's placing new restrictions on the ATM fees commercial banks charge consumers in its latest move to limit bank commissions.

As of Jan. 15, banks will have to inform clients who withdraw money or check their account balances through an ATM of the fees they will be assessed prior to authorizing the transaction, the Bank of Mexico said in a release Monday.

In the case of ATM transactions involving two different banks, the central bank said that as of April 30 banks will no longer be able to charge consumers two fees, one by the ATM operator and the other by the card issuer.

"Under the rules that have been issued only one of the two banks will charge the commission for those operations," the Bank of Mexico said.

The Bank of Mexico in recent months has sought to rein in commissions with a view to boost competition in the banking industry by giving banks a greater incentive to generate revenue from lending rather than passively collecting commission and fee income.

Under rules that took effect in August, the central bank banned several commissions, including those on accounts required as a condition for a bank granting a loan, overdrawing or attempting to overdraw on a debit card, and for closing a deposit account.

Fees and commissions account for a significant portion of the profits generated by Mexican banks, and represented 27% of their operating profits last year.

The central bank's actions follow years of public outrage over the perception that the country's mostly foreign-owned banks charge Mexican consumers higher fees and interest rates than they do in their home countries.

Legislation that would have given the central bank greater authority to regulate bank commissions and interest rates was nearly passed by Congress earlier this year, but failed to come to a vote in the lower house prior to the close of the legislative session in April.

Banks are an easy political target given that foreign investors own five of the top seven institutions.

Together, Banco Bilbao Vizcaya Argentaria SA (BBV) and Banco Santander SA (STD) of Spain, Citigroup Inc. (C) of the U.S., HSBC Holdings PLC (HBC), and Bank of Nova Scotia (BNS) control 68% of total bank loans, according to government data.

-By Ken Parks, Dow Jones Newswires; 52-55-5001-5723; ken.parks@dowjones.com