Mexico fines US-sanctioned banks US $10M for compliance failures

Mexican regulator, the National Banking and Securities Commission (CNBV), fined CIBanco, Intercam and brokerage firm Vector on Tuesday after the U.S. announced sanctions on the three financial institutions for alleged money laundering in June.

CNBV fined the three firms a total of 185 million pesos (US $9.8 million), due to “non-compliance in administrative processes,” Mexico’s Finance Ministry said in a press statement on Tuesday. 

Intercam was fined 92.15 million pesos ($4.9 million), CIBanco 66.61 million pesos ($3.55 million) and Vector 26.46 million pesos ($1.4 million). 

The Finance Ministry reiterated that despite the announced U.S. sanctions on CIBanco, Intercam and Vector, no evidence of wrongdoing has been forthcoming.

“If we have conclusive information that proves illicit activities of these three financial institutions, we will act with the full force of the law,” the ministry’s press statement read. “However, to date, we have no such information.” 

Most of the fines on Intercam and CIBanco were related to money-laundering prevention, while Vector faced fines for failure to publish mandatory information.  

The fines reportedly corresponded to June, when the CNBV took control of the three financial institutions. 

CIBanco, Intercam and Vector win temporary reprieve from US money laundering sanctions

On June 25, the U.S. prohibited the execution of fund transfers to and from Mexico’s CIBanco, Intercam and Vector after they were found to have laundered money in connection with illicit opioid trafficking by the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN). All three have denied FinCEN’s allegations of money laundering.

An estimated 30% to 40% of clients with significant funds in the affected financial institutions had alternative bank accounts and withdrew their funds in the first two days after the FinCEN accusation, according to CNBV’s vice-president José Antonio Quesada. 

On July 9, FinCEN announced that CIBanco, Intercam and Vector would have an additional 45 days, until September 4, to meet certain standards before receiving sanctions. 

“It is very difficult to see what future these institutions may have if the sanction issue is not resolved quickly, and from experience, I can say that these things are not resolved quickly,” Victor Manuel Herrera, the president of the National Committee for Economic Studies of the Mexican Institute of Finance Executives (IMEF), said in a press conference.  

With reports from Reuters and El Financiero

5 COMMENTS

Have something to say? Paid Subscribers get all access to make & read comments.
AORA makeup

Mexican plastic-free makeup line named a top invention of 2026 by TIME

0
Founded in Mexico City in 2022 by Nour Tayara and Rodrigo Peñafiel, AORA has built its identity around bright colors, ingredients of Mexican origin and designs that seek to make beauty products more appealing while reducing reliance on single-use plastic.
AT&T building

Mexico’s telecom sector shifts again as Televisa buys AT&T for US $2 billion

0
Partnering 50-50 with Fintech Holdings, Televisa's purchase enables it to offer "quadruple play" — internet, television, fixed-line, and mobile — improving its competitive position with Carlos Slim's América Móvil.
Howard Lutnick in 2025

US commerce secretary’s resistance to cutting tariffs stalls trade talks with Mexico

11
Mexico is on record as citing tariff relief as its top priority in trade negotiations with the U.S, and the two sides were reportedly close to an agreement when Secretary Lutnick stepped in, accordng to the Wall Street Journal.
BETA Version - Powered by Perplexity