RiskTech Forum

Mexico’s CIBanco Adopts SWIFT’s Compliance Analytics

Posted: 25 January 2017  |  Source: SWIFT


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."

In addition to Compliance Analytics, CIBanco adopted SWIFT’s Sanctions Screening and KYC Registry, making them the first Latin American institution to implement SWIFT’s compliance services suite.

"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.”