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By KELIN DILLON

As of Tuesday, March 23, all online and mobile users of Mexican banks will be required to authorize the use of geolocation (meaning the precise active location at time of use) when performing any kind of banking operations.

If users deny the enabling of geolocation, they will be barred from completing any transactions until they do so, making the initiative all but mandatory. The location services now also must be agreed to prior to the opening of new accounts, entering contracts and performing any remote banking services.

The resolution for the new location requirements was passed two years ago in March of 2019, and had the multi-year delay so banks could get their technology adjusted adequately in time for its enactment. 

The new measure does not allow banks to share users’ location in real time, and will only be used during active transactions with a banking system. The new geolocation services will also not be allowed for use of collections purposes, which would require a full court order and legal process.

The newly enacted initiative is in an effort to combat money laundering and fraud, say specialists.

…March 24, 2021