Mexico City (Charlene Domínguez) – Los banks have until next March to have the registration of the biometric data of their clients, identification and validation of identity or they will be entitled to administrative sanctions, revealed the National Baking and Stock Commission (CNBV).
The provision to record biometric data of customers, such as fingerprints or face, emanates from a provision of the CNBV’s Single Banking Circular to prevent identity theft, which was scheduled to enter into force on August 31, 2018.
During that year, the banks requested an extension, which was granted until March 30 of this year, but with the crossing of the Covid-19 pandemic, the Commission granted another eight-month postponement.
« March 2021 would be the peremptory deadline where effectively all banks will have to make these validations in some way, » said José Antonio Quesada, vice president of Regulatory Policy of the CNBV, in the session « The use of biometric data in the Mexican financial sector « , organized by the Mexican Bar Association.
« This is the second extension and surely if March arrives and you do not finish doing this validation, which, as I told you, can be a basic or essential or more sophisticated validation, because surely there will be a series of administrative sanctions and a follow-up and monitoring plan very tight until the moment you have this implemented and released, « he said.
The manager clarified that the financial regulatory body does not ask banks to do biometric validations with any particular provider.
For that reason, Mexican Banks Association (ABM) has been looking at different measures to have a database with these validation functionalities. « The Commission has heard of many banks that are either ready to adopt this or already have it working. »
« There are banks that have very robust technologies that have already been validating for months, but there are others that have not, that were still in the process of having or ending their agreements with the INE (National Electoral Institute) to be able to access this data or do it through a ‘pool’ of banks, « said Quesada.
If there is a bank that has not done so yet, joining the INE is an option, and there are other bases or bureaus focused on the financial sector that they can rely on, he added.
The banks that are already very advanced in the biometric registration of clients are those that are part of the group of seven (BBVA, Citibanamex, Santander, Banorte, HSBC, Inbursa and Scotiabank), considered of local systemic importance.