Introduction
On June 25, the US Department of the Treasury announced sanctions against two Mexican banks, CIBanco and Intercam Banco, as well as a securities firm, Vector Casa de Bolsa, for their alleged involvement in money laundering schemes linked to fentanyl trafficking. This is the first time sanctions have been imposed under the Fentanyl Sanctions Act and the FEND Off Fentanyl Act on Mexican financial institutions.
Key Players and Allegations
CIBanco: Led by Mario Alberto Maciel Castro, CIBanco allegedly facilitated operations for the Gulf Cartel, the CJNG, and the Beltrán Leyva organization. An employee reportedly created a $10 million account in 2023 to launder money for a Gulf Cartel member. Between 2021 and 2024, the bank processed $2.1 million in payments to Chinese companies supplying chemicals used in fentanyl production.
Intercam Banco: Under José Rubén de la Mora Berenguer’s leadership, Intercam Banco allegedly held meetings with CJNG members to arrange money laundering schemes and channeled $1.5 million to Chinese companies linked to fentanyl trafficking.
Vector Casa de Bolsa: Directed by Edgardo Cantú Delgado, Vector allegedly allowed a Sinaloa Cartel operator to launder $2 million between 2013 and 2021. Between 2018 and 2023, the firm facilitated over $1 million to Chinese suppliers connected to fentanyl. The Financial Crimes Enforcement Network (FinCEN) highlighted “significant deficiencies” in Vector’s internal controls.
Impact and Response
The sanctioned amounts total less than $16 million, a small figure compared to the billions moved annually by drug trafficking. However, these findings indicate systemic weaknesses in Mexico’s internal and external financial controls. They serve as early warning signs that should not be disregarded due to apparent insignificance.
The Mexican government responded swiftly. The Secretariat of Finance acknowledged notification from the Treasury but clarified that no substantial evidence was received. The only verifiable information was electronic transfers to legally established Chinese companies. The Unit for the Prevention and Recovery of Assets (UIA) reported that over 300 Mexican companies conducted similar operations with at least 10 financial institutions.
The National Banking and Securities Commission (CNBV) reviewed the three entities and found only administrative irregularities, penalized with fines totaling 134 million pesos. The Secretariat of Finance emphasized that if solid proof is presented, they will enforce the law fully. They also stressed that no one would be shielded but actions must be legally grounded, not merely media-driven.
Implications and Lessons Learned
This case underscores an uncomfortable reality: the US detects issues before Mexico acknowledges or notices them. The US has superior capabilities, better technology, global intelligence access, and extraterritorial laws. FinCEN acts swiftly, while the CNBV and UIA face structural and political limitations.
Whether it’s $2 million or $200 million, the fact that three institutions with over $25 billion in combined assets are under scrutiny should be enough to stop downplaying the problem. Failing to address what appears to be a warning today could escalate into a genuine financial trust crisis tomorrow.
Key Questions and Answers
- Q: Who was sanctioned by the US Treasury? A: CIBanco, Intercam Banco, and Vector Casa de Bolsa were sanctioned for their alleged involvement in money laundering schemes linked to fentanyl trafficking.
- Q: What are the allegations against CIBanco? A: CIBanco allegedly facilitated operations for the Gulf Cartel, the CJNG, and the Beltrán Leyva organization. An employee reportedly created a $10 million account in 2023 to launder money for a Gulf Cartel member. The bank also processed $2.1 million in payments to Chinese companies supplying chemicals used in fentanyl production between 2021 and 2024.
- Q: What is Intercam Banco accused of? A: Intercam Banco allegedly held meetings with CJNG members to arrange money laundering schemes and channeled $1.5 million to Chinese companies linked to fentanyl trafficking.
- Q: What are the allegations against Vector Casa de Bolsa? A: Vector allegedly allowed a Sinaloa Cartel operator to launder $2 million between 2013 and 2021. Between 2018 and 2023, the firm facilitated over $1 million to Chinese suppliers connected to fentanyl. FinCEN highlighted “significant deficiencies” in Vector’s internal controls.
- Q: How did the Mexican government respond? A: The Mexican government acknowledged notification from the Treasury but clarified that no substantial evidence was received. The Secretariat of Finance emphasized that if solid proof is presented, they will enforce the law fully. They also stressed that no one would be shielded but actions must be legally grounded, not merely media-driven.
