Mexican Banks Tighten Checks After US Money Laundering Claims

Major Mexican banks are intensifying efforts to review and filter client portfolios following US accusations of money laundering against CIBanco, Intercam, and Vector, as well as the designation of Mexican drug cartels as terrorist organizations earlier this year.

These actions reflect a growing trend known as “de-risking,” which involves removing clients or businesses that pose financial, legal, or reputational risks. According to José Antonio Quesada Palacios, former vice president of regulatory policy at the National Banking and Securities Commission (CNBV) and current member of the Mexican Institute of Finance Executives (IMEF), this practice is already underway at several systemically important financial institutions.

"De-risking is happening. I have seen it in at least three systemic institutions, and I would not be surprised if it spreads to others of various sizes,” Quesada said in an interview with Reforma. “We are seeing client filtering and risk recalibration.”

The banks most actively engaged in de-risking include BBVA, Banorte, Santander, Banamex, Scotiabank, Citi Mexico, HSBC, and Inbursa; institutions whose size and role pose systemic risk to the financial system if compromised.

Financial institutions are also tightening their anti-money laundering (AML) protocols, going beyond legal requirements. Measures include enhanced due diligence, stricter client monitoring, and the closure of accounts deemed medium- or high-risk.

“The current focus is on reinforcing prevention systems,” Quesada added. “Banks are deepening their knowledge of clients, reassessing profiles, and removing those that represent elevated risks.”

Marcos Ramírez, CEO, Banorte confirmed that de-risking actions began almost immediately after the US allegations against the three financial firms were made public. “It may sound surprising, but this started within hours of the US announcement,” he said. “Both US and Mexican authorities—including the Finance Ministry, Mexico’s Central Bank, and the CNBV—have been involved and have issued guidelines.”

Ramírez noted that Banorte has suspended new transactions with the accused firms and is operating at reduced volumes under official instructions.

Quesada emphasized that banks are proactively taking steps to avoid compliance breaches and reputational fallout. “In recent weeks, there’s been much more activity in client screening,” he said. “Some banks are taking strong measures to cut ties with opaque or risky relationships.”