Fenergo Launches in Mexico to Meet Growing Demand for RegTech Solutions
19th July 2022 – Fenergo, the leading provider of digital solutions for Know Your Customer (KYC) and Client Lifecycle Management (CLM), has launched its services in Mexico addressing rising money laundering, increased regulatory scrutiny and an over reliance on manual processes within financial institutions.
Research of financial institutions in Mexico by Fenergo showed that the regulator Comisión Nacional Bancaria y de Valores (CNBV) issued over MXN $30.7 Million in anti-money laundering (AML) penalities to firms in the first half of 2022, a 11% decrease from the first half of 2021. While the reduction can largely be attributed to the long-term effects of the pandemic, lockdowns and a slow-down in on-site investigations, the research suggests that firms are ill equipped to adequately detect and prevent financial crime.
Fenergo meets the demand for financial institutions in Mexico to digitally transform operations, client onboarding and regulatory compliance processes. Fenergo’s software-as-a-service (SaaS) client lifecycle management software enables financial services firms in Mexico and across Latin America to onboard clients faster, automate anti-money laundering (AML), know our customer (KYC), and environmental, social and governance (ESG) compliance processes, improve operational efficiencies and reduce the cost of regulatory compliance. By centralizing customer data across business lines and jurisdictions, firms can gain a single client view, thus improving the customer experience and driving business growth.
Speaking about the launch, Fenergo’s Patricia Lasprilla, Head of Latin America, said:
Banking in Mexico is still largely manual and cumbersome and creates an environment ripe for criminal exploitation. Fenergo’s deep expertise in supporting the world’s largest financial institutions makes it uniquely placed to support Mexican banks on their digital transformation journeys. Not only will this help them to better detect and prevent financial crime and meet regulatory obligations, it will also transform operations and provide modern customers with the digital experience they’ve come to expect today.