CIBanco uses SWIFT data analytics to fight fraud
The Mexican bank is the first in Latin America to adopt the financial messaging service provider’s compliance analytics to prevent financial crime.
The Mexican bank is the first in Latin America to adopt the financial messaging service provider’s compliance analytics to prevent financial crime.
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 (AML) programme.
“Data analysis plays an instrumental role in the early detection and prevention of financial crime,” said Mario Maciel, chief executive officer (CEO) of CIBanco. In addition to compliance analytics, the bank adopted SWIFT’s sanctions screening and know-your-customer (KYC) registry, making CIBanco the first Latin American institution to implement SWIFT’s compliance services suite.
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