Prioritize Customers and Prevent AML Compliance Risks

Banorte has combined cutting-edge technologies in banking services with their deep roots as one of Mexico’s largest and oldest financial institutions to achieve its position as one of the most profitable banks in Mexico. The organization continues to capture growth by leveraging technology and a strong customer focus to serve commercial clients and consumers across 1,000 branches as well as multiple online channels.

The case study details the operations obstacles and financial crime compliance issues facing Banorte as they expanded their business and maintained their position as one of Mexico’s largest financial institutions:

• Automating initial screening and ongoing monitoring
• Managing the speed of business within their compliance team
• Meeting customer expectations for faster transactions with minimal friction
• Facilitating more efficient customer identification processes
• Understanding key relationships between originators and beneficiaries involved in transactions
• Strengthening compliance with global regulatory requirements
• Reducing exposure to higher regional risks around money laundering and terrorist financing

The case study expands on the main reasons Banorte selected Bridger Insight XG as their screening and ongoing monitoring solution:

• Unmatched financial crime compliance screening intelligence
• Industry-preferred screening technology
• Best-in-class matching algorithm to reduce false positives
• User-friendly functionality and easy integration within their existing compliance program
• Capacity for high-volume watchlist screening that keeps transactions in dynamic motion

Finally, the case study illustrates how Bridger Insight XG enabled Banorte to quickly and truly know their customers and gain broader perspective into the risks associated with the beneficiaries within a transaction:

• Raised the effectiveness and efficiency of key financial crime compliance workflows by automating initial screening and ongoing monitoring
• Increased the speed of customer identification processes
• Improved the identification of potential money-laundering and terrorist financing risks
• Realized significant time and cost savings at the enterprise level

The case study delivers insight into how Bridger Insight XG connected Banorte to more expansive global screening insights to help the bank prioritize valuable customer transactions and proactively prevent money laundering and terrorist financing schemes. By realizing greater operational efficiencies across their financial crime compliance program, Banorte was able to fully utilize their compliance experts and keep resources focused on the most relevant risks. Bridger Insight XG helped increase Banorte’s ability to quickly capture new business, strengthen their financial crime compliance program and stay focused on opportunities for continued growth.

How can your business leverage the advantages of technology and accelerate transaction speeds? Explore the entire Banorte case study to find out.