CIBanco becomes the first Latin American bank to harness the power of SWIFT’s advanced data analytics to detect financial crime
This press release is also available in Spanish.
New York, 25 January - SWIFT announces today that Mexican bank CIBanco has signed up for Compliance Analytics, a SWIFT service that helps financial institutions mitigate financial crime risk by analysing their global message traffic on the SWIFT network.
In an effort to strengthen its existing compliance efforts, and mitigate the de-risking threat, CIBanco will leverage SWIFT’s advanced data analytics to enhance the effectiveness of its compliance and anti-money laundering programme.
Mario Maciel, Chief Executive Officer of CIBanco, says: "Data analysis plays an instrumental role in the early detection and prevention of financial crime. Compliance Analytics provides global oversight and detailed analysis, enabling us to act rapidly and appropriately to address risks. Our choice of SWIFT’s tool is an illustration of our commitment to invest in leading edge technology to address the financial industry’s most pressing challenges."
Data analysis plays an instrumental role in the early detection and prevention of financial crime. Compliance Analytics provides global oversight and detailed analysis, enabling us to act rapidly and appropriately to address risks. Our choice of SWIFT’s tool is an illustration of our commitment to invest in leading edge technology to address the financial industry’s most pressing challenges.
"We welcome CIBanco’s decision to strengthen its financial crime compliance programme by applying advanced data analysis. Compliance Analytics is a powerful tool for identifying potential risks and understanding where to focus financial crime compliance activities,” says Juan Martínez, Managing Director of Latin America and the Caribbean, SWIFT. “As compliance and cybersecurity challenges become increasingly sophisticated we are committed to making sure payments are secure and compliant as well as faster and more transparent. Through our growing financial crime compliance portfolio combined with SWIFT’s Customer Security Programme, and global payments innovation initiative, we are addressing these dimensions together in order to take correspondent banking to the next level.”
We welcome CIBanco’s decision to strengthen its financial crime compliance programme by applying advanced data analysis. Compliance Analytics is a powerful tool for identifying potential risks and understanding where to focus financial crime compliance activities.
CIBanco, a Multiple Banking Institution, with a history of more than 30 years in the Mexican financial system, is supervised by the Ministry of Finance and Public Credit (SHCP), Banco de Mexico (Central Bank) and the National Banking and Securities Commission (CNBV) and audited by KPMG. Fitch Ratings has rated the A- (mex) / F2 rating as the "positive" credit outlook and Standard & Poor's 'mxA- / positive stable / mxA-2'. CIBanco receives the certification of ISO 9001: 2008 in its processes of Prevention of Operations with Resources of illegal Origin, by QMI - SAI Canada Limited and SAI Global Certification Services Pty Ltd. In addition, audited by EY in AML.
SWIFT is a global member-owned cooperative and the world’s leading provider of secure financial messaging services. We provide our community with a platform for messaging, standards for communicating and we offer products and services to facilitate access and integration; identification, analysis and financial crime compliance. Our messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories, enabling them to communicate securely and exchange standardised financial messages in a reliable way. As their trusted provider, we facilitate global and local financial flows, support trade and commerce all around the world; we relentlessly pursue operational excellence and continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. Headquartered in Belgium, SWIFT’s international governance and oversight reinforces the neutral, global character of its cooperative structure. SWIFT’s global office network ensures an active presence in all the major financial centres.
About SWIFT’s financial crime compliance services portfolio
SWIFT’s Compliance Services unit manages a growing portfolio of financial crime compliance services in the areas of sanctions, Know Your Customer (KYC) and Anti-Money Laundering (AML). The portfolio includes Sanctions Screening, Sanctions Testing and Name Screening solutions, Compliance Analytics and Payments Data Quality services, and The KYC Registry. For more information, visit www.swift.com/complianceservices.