Background on Afore XXI Banorte and Its Relevance
Afore XXI Banorte is one of the largest pension fund management companies in Mexico, playing a crucial role in the country’s retirement savings system. Administered by Banorte, one of Mexico’s leading financial institutions, Afore XXI Banorte manages the retirement funds of numerous employees across various industries.
The company’s significance lies in its extensive reach and the substantial responsibility it holds in safeguarding the financial futures of countless Mexican workers. As a result, any regulatory actions or penalties against Afore XXI Banorte can have far-reaching implications for both the company and its clients.
Recent Fines and Penalties
According to the National Commission for the Savings System for Retirement (Consar), Afore XXI Banorte currently owes 206.63 million pesos in fines and penalties, making it the institution with the highest amount of sanctions to pay. This figure surpasses the penalties imposed on other prominent Afores, such as:
- Afore Profuturo: 16.19 million pesos
- Afore Azteca: 2.46 million pesos
- Afore Principal: 1.35 million pesos
Six out of the ten Afores had outstanding fines and penalties as of the end of the first half of 2025, while the remaining four reported no pending sanctions, as per Consar’s latest statistical information update.
Other notable Afores, such as Afore Banamex (owing 100,000 pesos) and SURA (owing 3,000 pesos), also have fines to settle.
Previous Regulatory Actions Against Afore XXI Banorte
In 2017, the Mexican Commission for Economic Competition (Cofece) imposed a fine of 300.18 million pesos on Afore XXI Banorte for engaging in anti-competitive practices affecting market competition among pension fund management companies.
The sanctioned practice involved temporary measures adopted by Afore XXI Banorte, in coordination with three other administrators (Sura, Profuturo GNP, and Principal), to delay the transfers of employees who frequently switched Afores.
While the reasons for recent fines and penalties remain unclear, historical context sheds light on the regulatory scrutiny faced by Afore XXI Banorte.
Transparency and Compliance
El Economista previously requested transparency from Consar regarding the reasons behind Afore sanctions. In response, Consar highlighted that non-compliance with information delivery to regulatory requests is the primary reason for penalizing Afores.
The ongoing communication gap between regulatory bodies and Afore XXI Banorte raises concerns about the company’s adherence to regulatory requirements and its commitment to transparency.
Key Questions and Answers
- What are the recent fines and penalties imposed on Afore XXI Banorte? Afore XXI Banorte owes 206.63 million pesos in fines and penalties, making it the institution with the highest amount to pay.
- Which other Afores have outstanding fines and penalties? Afore Profuturo (16.19 million pesos), Afore Azteca (2.46 million pesos), and Afore Principal (1.35 million pesos) also have fines to settle.
- What were the 2017 anti-competitive practices that led to Afore XXI Banorte’s initial fine? Afore XXI Banorte, along with three other administrators, delayed employee transfers to hinder market competition.
- Why are Afores being sanctioned by Consar? Non-compliance with information delivery to regulatory requests is the primary reason for penalizing Afores.
