Mexico Fines Financial Firms Over $10 Million Amid US Money Laundering Allegations
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Mexico City – Mexican financial regulators have levied fines exceeding 185 million pesos (approximately $10.3 million USD) against three financial intermediaries – Intercam, Cibanco, and Vector – following accusations by the U.S. government that they facilitated money laundering. The sanctions, primarily related to anti-money laundering measures, were detailed in recent disclosures by the National Banking and Securities Commission (CNBV).
Regulatory Action and Accusations
The CNBV’s registry of sanctions indicates that 53 fines were issued in June to the three institutions. While the majority of these penalties address concerns surrounding the prevention of money laundering, Vector Casa de Bolsa‘s sanctions stem from violations of the Investment Funds Law, not direct money laundering facilitation.
Specifically, Intercam received 26 fines, totaling over 92 million pesos, with 16 directed at its banking operations and 10 at its brokerage arm. cibanco was penalized with 21 fines, amounting to more than 66 million pesos, comprising 16 against its bank and 5 against its brokerage house. Vector Casa de Bolsa faced six sanctions totaling over 26 million pesos.
These domestic actions follow an announcement on July 25 by the U.S. Department of the Treasury,through the Financial Crime Control Network (FinCEN). FinCEN identified CIBANCO, INSTRAM (Intercam), and VECTOR Casa de Bolsa as intermediaries that allegedly enabled money laundering for criminal organizations, with transactions estimated to be at least $46.591 million USD.
government Response and Ongoing Oversight
In response to the U.S. allegations, the Mexican government stated that the American authorities had not provided specific evidence. Nevertheless, the CNBV proceeded with administrative interventions for all three entities, underscoring the regulatory body’s commitment to oversight within the Mexican financial system.
The CNBV’s actions highlight the ongoing efforts by financial authorities in Mexico to combat illicit financial activities and ensure compliance with international standards, even as diplomatic exchanges regarding evidence continue.
