The National Banking and Securities Commission (CNBV) has decreed a “temporary managerial intervention” at the Mexican banks CIBanco and Intercam after both were accused by the U.S. Department of the Treasury of laundering money for Mexican drug cartels.
The CNBV, the Finance Ministry (SHCP), the Bank of Mexico (Banxico) and the Institute for the Protection of Bank Savings (IPAB) said in a joint statement on Thursday that the CNBV governing board decreed the intervention, explaining that it “has the objective of replacing” the two banks’ “administrative bodies and their legal representatives for the purpose of safeguarding the rights of savers and clients of these institutions.”
The decision to intervene was taken in light of “the implications that the measures announced by the United States Department of the Treasury may have on these banks,” the statement said.
The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued orders on Wednesday that prohibit certain transactions between U.S. banks and CIBanco, Intercam and Vector.
The Mexican financial authorities didn’t say how long the CNBV “intervention” was expected to last.
FinCEN on Wednesday outlined various accusations against CIBanco, Intercam and Mexican brokerage firm Vector, all of which denied the allegations.
US sanctions 3 Mexican financial institutions accused of money laundering
The three financial institutions “have collectively played a longstanding and vital role in laundering millions of dollars on behalf of Mexico-based cartels and facilitating payments for the procurement of precursor chemicals needed to produce fentanyl,” Treasury said.
FinCEN accused Intercam executives of meeting “directly with suspected Jalisco New Generation Cartel members to discuss money laundering schemes” in 2022. At least some of the executives with that bank as well as CIBanco and Vector will presumably lose their jobs due to the intervention decreed by CNBV.
The SHCP said on Wednesday that the CNBV had conducted a review of the three financial institutions and detected “administrative problems,” but no evidence of involvement in money laundering. It also said it asked the Treasury Department to provide proof that links the financial institutions to “illicit activities,” but “no evidence was received.”
In their joint statement, the CNBV, SHCP, Banxico and IPAB said that “financial authorities maintain confidence in the strength and resilience of the Mexican financial system and will continue working in permanent coordination to continue fostering the stability, integrity and correct functioning of the system.”
Mexican Banking Association: Intervention ‘seeks to create an environment of certainty’
The Mexican Banking Association (ABM) responded to the “temporary managerial intervention” announcement in a statement.
“Concerning the announcement made by the regulatory authorities with respect to the intervention of two banking institutions, the ABM expresses that, according to the available information, these particular situations don’t represent a systemic risk nor do they affect the stability of the Mexican financial system, which remains strong and well-capitalized,” the association said.
Comunicado de prensa ABM. pic.twitter.com/wAxa6ExH0Y
— Asociación de Bancos de México (@AsocBancosMx) June 26, 2025
“The intervention announced seeks to create an environment of certainty that allows the institutions to operate with normality during the time required to ensure that said institutions comply with regulatory standards,” the ABM added.
“This measure provides clarity and stability, without interrupting the regular operation of the banks in question,” it said.
The ABM also said that “the prevention of illicit activities and the protection of legality are strategic priorities for the banks that operate in Mexico.”
“That’s why we have promoted robust mechanisms for regulatory compliance, audit and control,” the banking association said, adding that said mechanisms “operate under the highest international standards of quality.”
With reports from El Financiero and Reforma
