Media Mentions

Finacity facilitates daily funding and reporting at an annual run rate of over $100 billion in receivables with obligors in more than 175 countries

The Banamex Fraud – Assessing the Impact One Year On

Mar, 2015 by

Cornelius Cavendish investigates how the USD400 million fraud case involving Citi’s Mexican subsidiary, Banamex, has affected receivables finance industry risk strategies one year on from its discovery. Just over a year ago, in February 2014, Citi Group discovered its Mexican subsidiary, Banamex, had been the victim of a massive fraud. The incident was widely reported as a factoring fraud though, according to some, was more likely securitisation-based; with an estimated USD400 million defrauded over the course of several years.