On March 17, 2021, the Association of Banks of Mexico (“ABM”); reported through a statement that starting from March 23, 2021, in compliance with the legal framework regarding the Prevention of Money Laundering and Combating the Financing of Terrorism in the country, banks are obliged to obtain and maintain real-time geolocation of the device through which its clients or users open accounts or enter into contracts, as well as those through which they carry out operations or services. The foregoing, in accordance with the Resolution that reforms, adds and repeals various provisions of a general nature referred to in article 115 of the Credit Institutions Law, published on March 22, 2019 in the Official Gazette of the Federation. For such purposes, customers and users must give their consent to their location on their devices and, where appropriate, proceed with updates / permits so that banks are able to grant the corresponding services, under the terms and conditions that each bank define.
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