US sanctions 3 Mexican financial institutions accused of money laundering

The United States Department of the Treasury has accused 2 Mexican banks and a Mexican brokerage steadfast of laundering millions of dollars for cause cartels progressive successful the trafficking of fentanyl and different narcotics to the U.S.

The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) outlined the accusations successful orders that besides prohibited definite transactions betwixt U.S. banks and the 3 Mexican fiscal institutions, namely CIBanco, Intercam and Vector Casa de Bolsa.

In summation to restrictions connected 2 mid-sized banks, the U.S. besides announced sanctions against Vector, a large Mexican brokerage. (via Reforma)

“Financial facilitators similar CIBanco, Intercam, and Vector are enabling the poisoning of countless Americans by moving wealth connected behalf of cartels, making them captious cogs successful the fentanyl proviso chain,” Treasury Secretary Scott Bessent said connected Wednesday.

The accusations against the 3 Mexican fiscal institutions and the prohibition connected definite transactions involving them correspond the United States government’s latest salvo successful its combat against Mexican cartels and the trafficking of narcotics to the U.S.

The Trump medication has already designated six Mexican cartels arsenic overseas violent organizations, beefed up information astatine the confederate borderline with Mexico and conducted covert drone missions implicit Mexican territory to spy connected cause cartels and hunt for fentanyl labs.

U.S. authorities often enforce sanctions connected alleged members of Mexican cartels and Mexican businesses accused of transgression activities, but “measures against fiscal institutions are acold little common,” according to Reuters.

The accusations against CIBanco, Intercam and Vector

The Treasury Department said successful a connection connected Wednesday that FinCEN had issued orders identifying CIBanco, Intercam and Vector “as being of superior wealth laundering interest successful transportation with illicit opioid trafficking.”

Treasury said that the orders besides prohibit “certain transmittals of funds involving” the 3 fiscal institutions.

“These orders are the archetypal actions by FinCEN pursuant to the Fentanyl Sanctions Act and the FEND Off Fentanyl Act, which supply Treasury with further authorities to people wealth laundering associated with the trafficking of fentanyl and different synthetic opioids, including by cartels,” the connection said.

“CIBanco and Intercam, commercialized banks with implicit [US] $7 and $4 cardinal successful full assets, respectively, and Vector, a brokerage steadfast managing astir $11 cardinal successful assets, person collectively played a longstanding and captious relation successful laundering millions of dollars connected behalf of Mexico-based cartels and facilitating payments for the procurement of precursor chemicals needed to nutrient fentanyl,” Treasury said.

CIBanco

Treasury said that FinCEN determined that CIBanco, a Mexico City-based slope with branches crossed Mexico, is “of superior wealth laundering interest successful transportation with illicit opioid trafficking based connected its long-standing signifier of associations, transactions, and proviso of fiscal services that facilitate illicit opioid trafficking by Mexico-based cartels.”

Those cartels see the Beltran-Leyva Cartel, the Jalisco New Generation Cartel (CJNG)  and the Gulf Cartel, Treasury said.

The U.S. accused CIBanco of providing fiscal services to Those cartels see the Beltran-Leyva Cartel, the Jalisco New Generation Cartel and the Gulf Cartel. (File photo)

Treasury besides said that CIBanco has “facilitated the procurement of precursor chemicals from China for illicit purposes.”

“For example, a CIBanco worker successful 2023 knowingly facilitated the instauration of an relationship to purportedly launder $10 cardinal connected behalf of a Gulf Cartel member,” the section said.

“From 2021 done 2024, CIBanco processed implicit $2.1 cardinal successful payments connected behalf of Mexico-based companies to China-based companies that shipped precursor chemicals to Mexico for illicit purposes,” it added.  

Intercam

FinCEN accused Intercam, different Mexico City-based slope with branches crossed Mexico, of providing fiscal services “that facilitate illicit opioid trafficking by Mexico-based cartels, including CJNG.”

“Intercam has besides processed USD-denominated funds transfers that concern the procurement of precursor chemicals from China connected behalf of cause trafficking organizations for illicit purposes,” Treasury said.

“For example, Intercam executives successful precocious 2022 met straight with suspected CJNG members to sermon wealth laundering schemes, including transferring funds from China,” Treasury said.

Intercam is simply a mid-sized Mexican slope specializing successful planetary commerce. (Wikimedia Commons)

“From 2021 done 2024, a China-based institution associated with an idiosyncratic shipping precursor chemicals from China to Mexico for illicit purposes received implicit $1.5 cardinal from Mexico-based companies done Intercam,” it said.

Vector

Vector is simply a brokerage controlled by businessman Alfonso Romo, who served arsenic main of unit for erstwhile President Andrés Manuel López Obrador betwixt 2018 and 2020.

FinCEN accused the institution of facilitating “money laundering activities of Mexico-based cartels, including the Sinaloa Cartel and Gulf Cartel.”

“Vector has besides facilitated the procurement of precursor chemicals from China for illicit purposes,” Treasury said.

“For example, from 2013 done 2021, a Sinaloa Cartel wealth mule employed assorted methods to launder $2 cardinal from the United States to Mexico done Vector,” the section said.

“Additionally, the bid describes however from 2018 done 2023, Vector was recovered to person completed implicit $1 cardinal successful payments connected behalf of Mexico-based companies to China-based companies known to person shipped precursor chemicals to Mexico for illicit purposes,” Treasury said.

Alfonso Romo, seen present beforehand and center, is the proprietor of Vector and antecedently served arsenic main of unit for erstwhile President López Obrador. (Galo Cañas/Cuartoscuro)

“These payments exemplify important failings successful Vector’s AML/CFT [Anti-money laundering and combating the financing of terrorism] controls,” it added.

Treasury officials said that the Sinaloa Cartel utilized Vector to nonstop bribes to erstwhile Mexican information curate Genaro García Luna, who past October was sentenced to conscionable implicit 38 years successful situation successful the U.S., astir 20 months aft helium was convicted of colluding with the Sinaloa Cartel.

The effect from the fiscal institutions 

All 3 fiscal institutions rejected the accusations the U.S. Treasury Department made against them.

CIBanco said successful a connection that it has nary transportation to “activities extracurricular the law” and reiterated its committedness to “compliance” with “all guidelines established by the applicable authorities.”

Intercam “categorically” denied “any relation betwixt this instauration and immoderate illicit enactment — peculiarly wealth laundering.”

In a statement, the slope besides reiterated its “firm committedness to transparency and legality.”

OFFICIAL STATEMENT pic.twitter.com/m1yw1EXQ48

— Intercam Banco (@IntercamBanco) June 25, 2025

Vector besides “categorically” rejected “any accusation that compromises its organization integrity.”

“With much than 50 years of experience, our brokerage has operated nether the highest standards of regulatory compliance, interior audit and supervision by nationalist fiscal authorities,” Vector said successful a statement.

It said that the fiscal “operations” FinCEN referred to “correspond to mean transactions with legally established companies.”

All 3 fiscal institutions referred to a connection issued by the national Finance Ministry successful effect to the accusations made by the U.S. Department of the Treasury.

The effect from the Mexican government

Mexico’s Finance Ministry (SHCP) said successful a connection that wrong the model of its “relationship of coordination and dialogue” with the U.S. Department of the Treasury, it notified its Financial Intelligence Unit (UIF) of the “alleged irregularities” involving CIBanco, Intercam and Vector.

The SCHP said that it asked the Treasury Department to supply impervious that links the fiscal institutions to “illicit activities” truthful that the grounds could beryllium corroborated by the UIF oregon the National Banking and Securities Commission (CNBV).

Mexico’s Ministry of Finance, oregon SHCP, asked the U.S. Treasury Department to supply grounds to backmost up the allegations against Mexican banks. (File photo)

“However, nary grounds was received,” the ministry said.

“The lone accusation provided by the Department of the Treasury that tin beryllium verified by Mexico contains information connected immoderate physics transfers made done the aforementioned fiscal institutions to legally established Chinese companies,” the SHCP said.

“… Such transactions are carried retired by the thousands done nationalist fiscal institutions. The UIF recovered that much than 300 Mexican companies made transactions to these Chinese companies done 10 nationalist fiscal institutions. This is the lawsuit due to the fact that Mexico conducts thousands of mean operations with legally established Chinese companies, arsenic determination is yearly [two-way] commercialized of US $139 billion,” the ministry said.

The SHCP besides said that the CNBV carried retired a reappraisal of CIBanco, Intercam and Vector “within the model of nationalist regulation.”

“The results of these investigations revealed administrative problems that person been sanctioned successful accordance with existent regulations, with fines and different actions that unneurotic magnitude to 134 cardinal pesos [US $7.1 million],” the ministry said.

“We privation to beryllium clear: If determination were conclusive accusation proving illicit activities by these 3 fiscal institutions, we would enactment with the afloat value of the law; however, to date, we bash not person immoderate specified information,” the SCHP said.

President Claudia Sheinbaum said connected Thursday greeting that “there is nary proof” of wealth laundering successful the documents published by the United States Treasury Department connected Wednesday.

“So what is our position? If determination is proof, enactment is taken. There is nary impunity, it doesn’t substance who it is. But if determination is nary proof, nary enactment tin beryllium taken similar successful immoderate crime,” she said.

“Until now, the Treasury Department hasn’t sent immoderate impervious that indicates that determination is wealth laundering,” Sheinbaum said.

Sheinbaum said the U.S. has a past of making accusations without proof. (Andrea Murcia/Cuartoscuro)

She said determination are “precedents” successful the Mexico-United States narration of the U.S. making accusations without proof, mentioning the lawsuit of erstwhile defence curate Salvador Cienfuegos. Sheinbaum asserted that erstwhile Cienfuegos was arrested successful the United States successful 2020, the U.S. authorities didn’t person “any proof” helium had committed a crime.

“We enactment if determination is proof,” she said earlier urging the Treasury Department to nonstop grounds to Mexico, “if” it has any.

“If determination is nary impervious determination can’t beryllium designation connected our portion of wealth laundering,” she said.

“There has to beryllium impervious successful bid to cognize whether determination was wealth laundering oregon not. We don’t contradict it nor bash we judge it,” Sheinbaum said.

How volition the FinCEN orders impact the accused fiscal institutions and their customers?

The FinCEN orders prohibit “covered” fiscal institutions from “engaging successful immoderate transmittal of funds from oregon to” CIBanco, Intercam and Vector.

FinCEN said connected Wednesday that it had “determined that a covered fiscal instauration would beryllium immoderate home [U.S.] fiscal instauration arsenic defined in” Title 31 of the United States Code of Federal Regulations.

Thus banks and different fiscal institutions successful the United volition beryllium barred from accepting monetary transfers from Mexico made via CIBanco, Intercam oregon Vector, and sending wealth to those fiscal institutions.

FinCEN said that its orders “become effectual 21 days aft … [they] are published successful the Federal Register.”

“By that date, covered fiscal institutions should … cease immoderate and each transmittals of funds, from oregon to CIBanco, Intercam, oregon Vector, arsenic defined successful the orders,” FinCEN said.

FinCEN, a fiscal transgression part of the U.S. Treasury, accused Intercam, CIBanco and vector of facilitating fiscal transactions for organized crime. (Wikimedia Commons)

Deputy Treasury Secretary Michael Faulkender told reporters connected Wednesday that the FinCEN orders would “effectively chopped off” CIBanco, Intercam and Vector from doing concern with fiscal institutions successful the United States.

The Associated Press reported that Treasury officials “did not regularisation retired the anticipation of overseas branches of the banks extracurricular of Mexico being capable to proceed to bash concern with U.S. banks.”

Citing a U.S. Treasury official, Reuters reported that “the FinCEN sanctions bash not artifact spot oregon chopped disconnected each planetary dollar-based activities of the Mexican firms arsenic different Treasury sanctions would, but they bash prohibit U.S. transactions with their locations successful Mexico.”

Reuters besides reported that the assets of CIBanco and Intercam marque them “relatively tiny by planetary banking standards.”

Vector, however, is among the 10 largest brokerages successful Mexico. The sanctions against Vector “underscores the value of our actions,” Faulkender said.

CIBanco, Intercam and Vector each sought to reassure their customers and clients that their wealth is safe.

CIBanco said that “the resources of our customers are protected successful accordance with the Bank Savings Protection Law.” It besides said that its operations “continue with implicit normality.”

Intercam besides said that it “continues to run usually and volition proceed supporting its clients.”

“We besides punctual our clients that their deposits are protected by the IPAB (Instituto para la Protección al Ahorro Bancario), and that concern instruments are safeguarded by INDEVAL (Instituto para el Depósito de Valores),” the slope said.

The banks sought to reassure customers that their savings were not astatine risk. (Shutterstock)

Vector said that “the investments of each and each 1 of our clients are 100% supported by the concern instruments successful which they are invested, which are safeguarded successful the Instituto para el Depósito de Valores.”

Michel Levien, a lawyer and anti-corruption expert, told the paper El Financiero that “in the mean term, clients of these [three] institutions indispensable beryllium precise attentive to the ineligible procedures that are carried retired successful Mexico and successful the United States” due to the fact that “very superior sanctions” could beryllium imposed connected CIBanco, Intercam and Vector.

Those sanctions could see fines, orders to suspend operations and “even dissolution” of the fiscal institutions, helium said.

Reaction to the US accusations and sanctions 

Vanda Felbab-Brown, elder chap astatine the Brookings Institution and an organized transgression expert, described the FinCEN actions against the 3 Mexican fiscal institutions arsenic “a bold move.”

“Being chopped disconnected from the US fiscal strategy is simply a decease blow. It’s enormously impactful,” she told Reuters.

“These are hardly the biggest banks successful Mexico, but they are not tiny entities. These are medium-level banks,” Felbab-Brown said.

While she called the FinCEN actions “a decease blow” for the 3 fiscal institutions, she said they were “unlikely to “make immoderate benignant of dent successful the fiscal flows of Mexican transgression groups.”

Luis Manuel Pérez de Acha, a Mexico City-based taxation lawyer and wealth laundering expert, described the accusations agains CIBanco, Intercam and Vector arsenic a “bombshell.”

“The full fiscal strategy passes done the United States, truthful they are practically near without operations,” helium told Reuters.

With reports from Reuters and AP