Mexican Banking Commission Fines US-Sanctioned Financial Institutions $9.83 Million

Three Mexican financial institutions sanctioned by the United States after operational irregularities were detected have been fined by Mexico’s National Banking and Securities Commission (CNBV), according to the country’s Ministry of Finance and Public Credit (SHCP).

The three Mexican financial institutions fined 185 million pesos (approximately $9.83 million) are Intercam, CIBanco, and Vector Casa de Bolsa, the SHCP reported in a statement published on X on July 15.

The three institutions were sanctioned by the U.S. government on June 25 for alleged money laundering for drug trafficking.

The fine imposed by the Mexican authorities corresponded to the month of June, and the SHCP said: “It is the result of non-compliance with administrative procedures, as a result of regular reviews that were duly notified prior to that date, within the framework of its regulations.”

“If we have conclusive information proving illegal activities by these three financial institutions, we will act with the full force of the law,” added the secretary of finance. “However, to date, we have no information in this regard.”

In the breakdown of the fines imposed on each financial institution for the sanctioned conduct, the CNBV points to money laundering prevention, as well as omissions regarding policies and communication mechanisms with a self-regulatory body, among other administrative offenses.

“The Ministry of Finance reiterates its commitment to strengthening the ongoing supervision of financial institutions, as well as ensuring full transparency and regulatory compliance in order to avoid adverse effects on users and maintain confidence in the national financial system,” the Ministry’s statement said.

The CNBV is a decentralized body of the SHCP, empowered to authorize, regulate, supervise, and sanction the various entities that make up the Mexican financial system, according to its website.

On June 25, the U.S. Department of the Treasury sanctioned Intercam, CIBanco, and Vector Casa de Bolsa for alleged money laundering for Mexican drug cartels—including the Jalisco New Generation cartel (CJNG), the Beltrán Leyva cartel, the Gulf cartel, and the Sinaloa cartel—in connection with the illicit trafficking of fentanyl.

The sanctions prohibit U.S. financial institutions from participating in the transfer of funds to or from CIBanco, Intercam, or Vector.

Following the sanctions, the CNBV decreed on June 26 the temporary management intervention of the three financial institutions.

The financial institutions rejected any involvement in money laundering activities and expressed their willingness to cooperate with Mexican and U.S. authorities in separate statements.

Mexican President Claudia Sheinbaum said on June 26 that the National Banking and Securities Commission and the Financial Intelligence Unit (UIF) had launched an investigation.