CNBV Seizes Three Banks Amid US Cartel Laundering Allegations

Mexico’s National Banking and Securities Commission (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.

Invoking Article 129 of the Law of Credit Institutions, the CNBV replaced the management teams and legal representatives of the financial entities to protect customers and creditors. The regulator stressed that the Mexican financial system remains stable and resilient, with authorities working to uphold its integrity.

The US Financial Crimes Enforcement Network (FinCEN) accused the institutions of facilitating financial operations tied to fentanyl trafficking. As a result, US financial institutions will be prohibited from transacting with the firms starting 21 days after the order’s publication in the Federal Register.

• CIBanco is alleged to have enabled purchases of chemical precursors from China.

• Intercam Banco is accused of processing US dollar transactions for criminal organizations.

• Vector Casa de Bolsa allegedly laundered funds for the Sinaloa and Gulf cartels and facilitated precursor acquisitions.

The accused institutions denied any wrongdoing.

• CIBanco stated it adheres to all regulatory requirements and confirmed the appointment of Alvarez & Marsal México as its provisional administrator.

• Intercam Banco assured customers that it continues to operate normally, with deposits protected by the country’s deposit insurance agency (IPAB) and investments secured through Indeval.
   

President Claudia Sheinbaum and the Ministry of Finance and Public Credit (SHCP) both highlighted the lack of formal evidence supporting the US claims.

“These are allegations, not proof,” Sheinbaum said at a press briefing. “If evidence emerges, action will be taken. There is no impunity, but accusations must be substantiated.”

The Mexican Banking Association (ABM) emphasized that the intervention does not pose a systemic risk, citing the financial system’s strength and capitalization. It noted that the CNBV’s measures are intended to ensure regulatory compliance and maintain public trust.

The Mexican Association of Stock Market Institutions (AMIB) also reassured investors, stating that client assets remain protected and that the country complies with both domestic and international anti-money laundering regulations.