Mexican government takes control of two Mexican banks facing US sanctions

The National Banking and Securities Commission (CNBV) has decreed a “temporary managerial intervention” astatine the Mexican banks CIBanco and Intercam aft some were accused by the U.S. Department of the Treasury of laundering wealth for Mexican cause cartels.

The CNBV, the Finance Ministry (SHCP), the Bank of Mexico (Banxico) and the Institute for the Protection of Bank Savings (IPAB) said successful a associated connection connected Thursday that the CNBV governing committee decreed the intervention, explaining that it “has the nonsubjective of replacing” the 2 banks’ “administrative bodies and their ineligible representatives for the intent of safeguarding the rights of savers and clients of these institutions.”

The determination to intervene was taken successful airy of “the implications that the measures announced by the United States Department of the Treasury whitethorn person connected these banks,” the connection said.

The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued orders connected Wednesday that prohibit definite transactions betwixt U.S. banks and CIBanco, Intercam and Vector.

The Mexican fiscal authorities didn’t accidental however agelong the CNBV “intervention” was expected to last.

FinCEN connected Wednesday outlined assorted accusations against CIBanco, Intercam and Mexican brokerage steadfast Vector, each of which denied the allegations.

US sanctions 3 Mexican fiscal institutions accused of wealth laundering

The 3 fiscal institutions “have 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.

FinCEN accused Intercam executives of gathering “directly with suspected Jalisco New Generation Cartel members to sermon wealth laundering schemes” successful 2022. At slightest immoderate of the executives with that slope arsenic good arsenic CIBanco and Vector volition presumably suffer their jobs owed to the involution decreed by CNBV.

The SHCP said connected Wednesday that the CNBV had conducted a reappraisal of the 3 fiscal institutions and detected “administrative problems,” but nary grounds of engagement successful wealth laundering. It besides said it asked the Treasury Department to supply impervious that links the fiscal institutions to “illicit activities,” but “no grounds was received.”

In their associated statement, the CNBV, SHCP, Banxico and IPAB said that “financial authorities support assurance successful the spot and resilience of the Mexican fiscal strategy and volition proceed moving successful imperishable coordination to proceed fostering the stability, integrity and close functioning of the system.”

Mexican Banking Association: Intervention ‘seeks to make an situation of certainty’

The Mexican Banking Association (ABM) responded to the “temporary managerial intervention” announcement successful a statement.

“Concerning the announcement made by the regulatory authorities with respect to the involution of 2 banking institutions, the ABM expresses that, according to the disposable information, these peculiar situations don’t correspond a systemic hazard nor bash they impact the stableness of the Mexican fiscal system, which remains beardown and well-capitalized,” the relation said.

Comunicado de prensa ABM. pic.twitter.com/wAxa6ExH0Y

— Asociación de Bancos de México (@AsocBancosMx) June 26, 2025

“The involution announced seeks to make an situation of certainty that allows the institutions to run with normality during the clip required to guarantee that said institutions comply with regulatory standards,” the ABM added.

“This measurement provides clarity and stability, without interrupting the regular cognition of the banks successful question,” it said.

The ABM besides said that “the prevention of illicit activities and the extortion of legality are strategical priorities for the banks that run successful Mexico.”

“That’s wherefore we person promoted robust mechanisms for regulatory compliance, audit and control,” the banking relation said, adding that said mechanisms “operate nether the highest planetary standards of quality.”

With reports from El Financiero and Reforma