US EditionMexico Steps In to Run Banks Tarred by US Drug Accusations
- Mexico's bank regulator temporarily took control of CIBanco and Intercam after US Treasury's FinCEN accused the banks and Vector Casa de Bolsa SA of facilitating cartel money laundering.
- The US actions stem from FinCEN's claim that these institutions laundered millions for cartels and helped procure fentanyl precursor chemicals, despite Mexico's Finance Ministry stating no evidence was seen.
- Mexican authorities reviewed the banks and found no evidence compromising their operations, while the banking association assured the intervention aims to maintain stability and regulatory compliance.
- CIBanco stressed cooperation with regulators and client fund safety, while President Claudia Sheinbaum responded on June 1 that she has seen no evidence supporting the US designations against these banks.
- The intervention seeks to protect customers and market confidence, with experts noting the move damages Mexico's banking reputation but long-term investors remain unconcerned given stable economic fundamentals.
64 Articles
64 Articles
The Mexican government has been forced to intervene in two banks and a brokerage company that were pointed out this week by the U.S. Treasury Department to be alleged accomplices of drug trafficking for the laundering of assets. Mexico's bank egulator has frozen the assets of the Intercam and CI Banco banks, with presence in Spain and the Vector stock exchange house, which belongs to Alfonso Romo , a businessman very close to former president An…
Mexico City, 26 Jun (EFE).- The National Banking and Securities Commission (CNBV) of Mexico decreed on Thursday the temporary intervention of the financial institutions CI Banco e Intercam, as well as of Vector Casa de Bolsa, allegedly involved in money laundering linked to illicit trafficking in opiates, such as fentanyl, according to the accusations of the U.S. Treasury Department. In a statement, the CNBV noted that the intervention occurs ac…
In order to protect depositors and creditors from potential losses or disruptions due to unjustified sanctions and consequent operational challenges, the National Banking and Securities Commission (CNBV) of Mexico, in its capacity as financial regulator, decided to assume temporary control of CIBanco e Intercam, two of the institutions that the U.S., without proof, links with money laundering and drug trafficking networks. READ ALSO Sheinbaum re…
The National Banking and Securities Commission (CNBV) has decreed the temporary management intervention of CIBanco, Intercam Banco and Vector Casa de Bolsa. In the case of banks, the Mexican authorities indicate that the replacement of their administrative bodies and legal representatives is to safeguard the rights of savers and clients of these institutions. In the case of Vector, a stock exchange house owned by Alfonso Romo, it is indicated th…
Mexican government takes control of two Mexican banks facing US sanctions
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 boar…
Coverage Details
Bias Distribution
- 56% of the sources are Center
To view factuality data please Upgrade to Premium
