The Banamex Fraud – Assessing the Impact One Year On

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.

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