Introduction
On the previous day, the US Department of Treasury imposed sanctions on three Mexican financial institutions—CIBanco, Intercam Banco, and Vector Casa de Bolsa—accusing them of facilitating financial operations linked to drug cartels such as the Sinaloa Cartel, the Jalisco New Generation Cartel (CJNG), and the Gulf Cartel. The institutions deny these allegations, and the Mexican government demands evidence.
Accusations Against Each Institution
Vector Casa de Bolsa
According to the US Treasury, Vector Casa de Bolsa processed transactions related to Genaro García Luna and received deposits from alleged money mules of the Sinaloa Cartel. It is also accused of facilitating payments to Chinese companies involved in shipping precursor chemicals.
CIBanco
CIBanco is accused of processing over 40 transfers exceeding $200,000 for a company linked to precursor chemical trafficking and assisting in the creation of a supposedly laundered $10 million account.
Intercam Banco
Intercam Banco is accused of conducting over $850,000 in operations with Chinese companies related to opioids. It is also alleged to have met with CJNG members to supposedly arrange money-laundering schemes.
Statements from the Accused Institutions
All three institutions have rejected the accusations. Vector affirmed its 50-year operation under regulatory compliance standards and that the flagged operations involved legally established companies. CIBanco stated it has no connection to illegal activities and that its clients’ resources are protected by law. Intercam also denied the accusations, asserting adherence to anti-money laundering and counter-terrorism financing norms.
Mexican Government’s Response
President Claudia Sheinbaum demanded concrete evidence from the Treasury Department to take action. She mentioned that, so far, no substantial evidence has been received beyond “allegations” and that the reports from the US contain only general, non-conclusive information.
She highlighted that the Financial Intelligence Unit (UIF) and the National Banking and Securities Commission (CNBV) have only detected administrative breaches, already sanctioned. She emphasized that no one would be shielded but stressed the need for evidence to act legally.
Impact on Customers
Currently, there are no indications that the daily banking operations of CIBanco, Intercam, or Vector customers are compromised. The institutions continue to operate normally, and the Mexican government has guaranteed the protection of savings according to law.
The US sanctions primarily focus on restricting international operations with these institutions, particularly concerning suspicious transfers rather than personal accounts of regular users.
Evidence Provided by the US
No, not yet. President Claudia Sheinbaum stated that the Treasury Department has not sent specific evidence demonstrating the alleged money laundering by the accused institutions.
She mentioned that Mexico has only received a general communication with confidential allegations but without direct evidence. “Action cannot be taken without compelling evidence,” she asserted.
Mexican authorities, including the CNBV and UIF, have initiated internal reviews but have found only administrative breaches previously sanctioned.
FinCEN’s Other Investigations
The Financial Crimes Enforcement Network (FinCEN) has a long history of detecting suspicious operations related to organized crime. It has participated in global investigations like the Panama Papers and FinCEN Files, revealing how international banks allowed dubious transactions worth billions of dollars.
In Latin America, FinCEN has collaborated in cases like that of former Mexican Secretary Genaro García Luna and monitoring financial flows linked to drug trafficking, corruption, and terrorism. The sanctioning of three Mexican institutions fits into FinCEN’s strategy of cross-border surveillance aimed at combating asset laundering.
Key Questions and Answers
- What are the allegations against each institution? Vector Casa de Bolsa is accused of processing transactions related to Genaro García Luna and receiving deposits from alleged Sinaloa Cartel money mules. CIBanco is accused of processing large transfers for a company linked to precursor chemical trafficking. Intercam Banco is accused of conducting operations with Chinese opioid-related companies and meeting CJNG members for alleged money-laundering schemes.
- What do the accused institutions say? All three institutions deny the allegations, stating adherence to regulatory compliance standards and anti-money laundering norms.
- What is the Mexican government’s stance? The Mexican government demands concrete evidence from the US Treasury Department before taking action. They have only found administrative breaches, already sanctioned, and emphasize the need for evidence to act legally.
- Will customers be affected? There are currently no indications that daily banking operations of CIBanco, Intercam, or Vector customers are compromised. The sanctions primarily restrict international operations with these institutions.
- Has the US provided evidence to Mexico? No, not yet. The US has only sent a general communication with confidential allegations but without direct evidence.
- What other investigations has FinCEN been involved in? FinCEN has a history of detecting suspicious operations related to organized crime, participating in global investigations like the Panama Papers and FinCEN Files. In Latin America, it has collaborated in cases related to drug trafficking, corruption, and terrorism financing.
