Fintech maintains absolute commitment to security

In light of the recent tightening of surveillance in the areas of Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF), fintech companies reaffirm their commitment to security, legality, and transparency, according to Claudia Núñez Sañudo, the new general director of the Mexican Fintech Association.

"As an association, we are absolutely committed to safety, legality, and transparency. Not only as a union, but as part of the country's financial sector, these are fundamental principles that we support and promote," said Núñez.

Regarding the recent designation of Mexican cartels as terrorist organizations by the United States government, the executive emphasized that the fintech sector is seeking to consolidate technology as a key tool to mitigate risks related to these crimes.

"We constantly use technologies that allow us to monitor risks, identify when reporting is necessary, and take preventive action. We want to be at the forefront of best practices, collaborate with national and international authorities, and actively contribute to the fight against money laundering and financial terrorism, both in Mexico and globally," he stated.

In this regard, Núñez emphasized that the Mexican Fintech Association has three core objectives: to foster innovation, a defining characteristic of the sector; to promote financial inclusion as a driver of development and economic growth for the country; and to consolidate collaboration with authorities to continue building a safe and transparent ecosystem.

“Companies are committed to continuing to develop high-quality products with competitive exchange rates and the lowest possible costs. This is what characterizes us as a sector and what drives more people to use these digital channels instead of resorting to cash. This is how we compete and promote financial inclusion,” said Núñez.

Collaboration

In the face of current challenges, the board of directors of the Mexican Fintech Association emphasized the importance of maintaining close collaboration between the various stakeholders in the national and international financial ecosystem.

“We work hand in hand with other associations with whom we fully share the vision of building a system with high integrity standards. To achieve this, it is essential that everyone collaborate: authorities, the private sector, associations, users, and also international organizations. This requires always being at the forefront, adopting the best protocols and technologies available,” said Núñez.

He noted that preventing risks associated with money laundering and terrorist financing is a strategic priority. However, he warned that the sector is aware that there are also actors attempting to continue exploiting the system improperly.