CIBanco has become the first Latin American bank to sign up for SWIFT’s advanced data analytics solution to detect financial crime

The Mexican bank has opted for Compliance Analytics, a SWIFT service that aims to help financial institutions mitigate financial crime risk by analysing their global message traffic on the SWIFT network.

Compliance and de-risking

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.

“Data analysis plays an instrumental role in the early detection and prevention of financial crime,” says CIBanco’s CEO, Mario Maciel.

Other agreements

Compliance Analytics provides global oversight and detailed analysis, which helps the bank 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,” Maciel added.

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

Categories: Trade Based Financial crimes News