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Fenergo launches in Mexico to offer RegTech solutions

By Edlyn Cardoza

July 20, 2022

  • AML
  • CLM solution
  • Compliance
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Fenergo, Digital KYC, CLM Solution, KYC, AML, Money Laundering, Financial Institutions, Regulatory, Compliance, Financial Crime, Digital Transformation, MexicoFenergo, a leading provider of digital Customer Knowledge (KYC) and Customer Lifecycle Management (CLM) solutions, launched its services in Mexico to offer solutions that address the increase in money laundering cases, greater oversight by regulatory authorities and over-reliance on manual processes that institutions have.

According to an investigation into financial institutions in Mexico conducted by Fenergo, the National Banking and Securities Commission (CNBV), its regulatory authority, issued fines of more than MXN 30.7 million for breaches of money laundering (AML) legislation to some financial institutions in the first half of 2022, which represented a decrease of 11% compared to the first half of 2021. While this decline can largely be attributed to the long-term effects of the pandemic, lockdowns, and a slowdown in face-to-face investigations, research suggests that companies do not have the tools to detect and prevent financial crime adequately.

Fenergo meets the demand of financial institutions in Mexico to digitally transform the processes of operations, customer onboarding and regulatory compliance. Fenergo’s software-as-a-service (SaaS) customer lifecycle management software enables financial services companies in Mexico and throughout Latin America to perform the customer onboarding process faster, automate money laundering prevention (AML), know-your-customer (KYC) and environmental processes, Social and corporate governance (ESG), and compliance, improve operational efficiency and reduce the cost of regulatory compliance. By centralising customer data from across lines of business and jurisdictions, companies can gain a unique view of the customer, thereby improving the customer experience and driving business growth.

Commenting on the launch, Patricia Lasprilla, Fenergo’s Director for Latin America, commented: “Banking institutions in Mexico still use manual and complicated processes to a large extent, which creates an environment for criminals to act. Fenergo’s wealth of experience in supporting the world’s largest financial institutions puts it in a unique position to assist Mexican banks in their digital transformation processes. Not only will this enable them to better detect and prevent financial crime and comply with regulatory obligations, but it will also transform operations and give modern customers the digital experience they expect today.”

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