If you use your mobile application for banking operations, starting the following week you will have to share your location.
“Banks are obliged to obtain and keep the geolocation in real time of the device through which their clients or users open accounts or enter into contracts, as well as those through which they carry out operations or services,” the Association of Banks of Mexico (ABM) in a statement.
In this way, users must give their consent to their location on their devices and, where appropriate, proceed with updates or permits for banks to provide the corresponding services, under the terms and conditions that each institution defines.
This measure is one way in which banks plan to prevent money laundering and illicit financing.
The ABM said that this measure is part of a resolution that reforms, adds and repeals various of the general provisions referred to in article 115 of the Credit Institutions Law and that was published on March 22, 2019 in the Official Journal of the Federation.
This year will be relevant for the regulation of financial institutions: banks have the task of collecting biometric data from their customers to provide greater security in operations, in addition, it is expected that this year the second part of open banking will be completed with what which users will have more personalized financial products.
