Standards Defined for Mobile Banking in Guatemala

Authorities and bankers will discuss the rules that regulate cell phone banking.

Friday, July 22, 2011

Within weeks, Guatemalans will be able to perform banking transactions using only their cell phones.

If the review of regulations by the Association of Banks is fruitful, the regulations will then be sent to the Monetary Board at the Bank of Guatemala, for approval and validity.

In an article in, Superintendent Victor Mancilla said: ‘This regulation will ensure that most of the population will have more banking services via telephone.’"

The initiative contains regulations relating to the relationship between banking, telecommunications and the provision of technology to users.

In addition, the regulation addresses the actions of money laundering and tracing transactions via phones. "

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