Banks Under Fire, BBVA Invests in Tech: The Week in Finance

This week, the National Banking and Securities Commission (CNBV) intervened in the operations of CIBanco, Intercam Banco, and Vector Casa de Bolsa after the US Treasury linked them to cartel-related money laundering, prompting Fitch Ratings to downgrade their credit scores and Visa to cut off CIBanco’s access to its global network. Meanwhile, BBVA launched Google Workspace with Gemini for 100,000 employees as part of its global AI adoption strategy, and Mexican fintech Plata received the “Hecho en México” seal.

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BBVA Rolls Out Google Workspace with Gemini for 100,000 Employees

BBVA announces the global implementation of Google Workspace with Gemini for its over 100,000 employees, solidifying its collaboration with Google Cloud. This strategic initiative is part of the financial institution's global adoption of AI, seeking to optimize productivity and decision-making.

Plata Earns “Hecho en México” Seal, Plans US$1 Billion Investment

Mexican fintech Plata has been awarded the “Hecho en México” (Made in Mexico) seal by the Ministry of Economy (SE) in recognition of its contributions to economic development and technological innovation. The honor was presented at a public ceremony led by Minister of Economy Marcelo Ebrard, who emphasized the importance of local innovation and capacity-building in Mexico’s growth strategy.

CNBV Seizes Three Banks Amid US Cartel Laundering Allegations

Mexico’s CNBV has temporarily taken over the management of CIBanco, Intercam Banco, and Vector Casa de Bolsa following allegations by the US Treasury Department linking the institutions to money laundering for Mexican drug cartels.

Fitch Downgrades Intercam, CIBanco, and Vector Casa de Bolsa

Fitch Ratings downgraded the credit ratings of Intercam Banco, CIBanco, and Vector Casa de Bolsa, following the money laundering accusations. 

Visa Cuts Off CIBanco Over US Money Laundering Allegations

In the wake of the accusations, Visa disconnected CIBanco cards from its international transaction platform. Visa’s decision, announced and ratified within a brief period, underscores the increasing pressure on banking entities to strengthen anti-money laundering controls.