Mexico’s banking regulator has stepped in to take control of three financial institutions. These include CIBanco, Intercam Banco, and Vector Casa de Bolsa. The action comes just one day after the United States Treasury Department announced sanctions against these firms, accusing them of involvement in money laundering related to fentanyl trafficking and organized crime.
The U.S. has now blocked its financial system from conducting business with the three companies. This action effectively cuts off their access to U.S. banks and dollars, which are crucial for international trade and transactions.
In response, Mexico’s Banking and Securities Commission (CNBV) said it was taking over the operations of CIBanco and Intercam Banco to protect depositors and creditors. For Vector Casa de Bolsa, which is a brokerage firm, different steps are being considered.
All three institutions strongly deny the allegations. CIBanco, in a public statement, confirmed it will work with authorities in both countries. The bank also assured its clients that their deposits are safe under Mexican law.
Mexico Pushes Back Against U.S. Claims
Mexico has challenged the U.S. accusations. According to local officials, the U.S. Treasury has not provided any evidence proving the banks were involved in money laundering or illegal drug money. The country’s president told reporters that Mexico would cooperate but not bow down to foreign pressure, stating clearly that the country is not anyone’s “piñata.”
The Mexican government says it has not received any formal documentation or proof to support the claims made by U.S. authorities. Despite the firm response, regulators moved swiftly to avoid panic in the financial system and maintain stability.
Mexico’s banking association also stepped in to calm fears, saying the situation won’t affect other banks or cause a financial crisis. Officials say the rest of the banking system remains healthy and secure.
What This Means for the Banks and Public
The impact of these sanctions is serious. According to U.S. data, Intercam Banco manages about $4 billion in assets. CIBanco holds around $7 billion in total assets. Vector Casa de Bolsa controls nearly $11 billion in financial assets. These numbers place them in the medium-sized category within Mexico’s banking system.
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With the Mexican regulator now managing CIBanco and Intercam Banco, experts say the government can now appoint new people to oversee their day-to-day operations. This could include independent experts or internal staff from the commission.
So far, Vector Casa de Bolsa’s leadership has said they have not received any legal summons from the U.S. government. They have stated that they are ready to share any documents needed to clear their name.
Even though the move has caused concern, banking officials in Mexico insist there is no risk of a wider financial collapse. Still, the situation is being closely watched, given the deep economic ties between Mexico and the U.S. and the importance of the dollar in cross-border transactions.
The three financial institutions are working on their next steps while cooperating with investigators from both countries. For now, clients of the affected banks are urged to stay calm, as local laws protect their savings and accounts.