Background on the Consejo de Estabilidad del Sistema Financiero (CESF)
The Consejo de Estabilidad del Sistema Financiero (CESF) is a council composed of various financial authorities in Mexico. This group meets regularly to assess and ensure the stability of the country’s financial system. The CESF recently held its 60 sesion ordinaria on June 23, 2025, two days before the U.S. Department of the Treasury announced allegations against three Mexican institutions for their alleged involvement in money laundering related to fentanyl trafficking.
Key Institutions Under Investigation
The three Mexican institutions under scrutiny are CIBanco, Intercam Banco, and Vector Casa de Bolsa. Following these allegations, the Comisión Nacional Bancaria y de Valores (CNBV) temporarily intervened in their operations.
Global and Local Context
The CESF highlighted that the global economic outlook remains uncertain due to ongoing trade tensions and geopolitical conflicts. Recent predictions for global economic growth foresee a moderate slowdown in 2025 and 2026.
- Global Risks: The CESF pointed out that some persistent global risks could negatively impact financial stability.
- Mexican Economy: Regarding Mexico’s economic activity, available data suggests a slow growth during the second quarter of 2025. However, the international context implies significant downside risks and uncertainty.
Mexican Financial System’s Solid Position
Despite the uncertain global and local environment, the CESF affirmed that Mexico’s financial system maintains a solid and resilient position. This strength stems from commercial banks meeting regulatory minimum capital and liquidity requirements comfortably.
Although some non-bank financial intermediaries exhibit individual vulnerabilities, these do not pose a systemic risk. Their limited participation in the financial system and low direct interconnection with other financial intermediaries, including banks, mitigate potential risks.
The relevant authorities will continue monitoring these institutions, as stated by the CESF.
Key Questions and Answers
- What is the CESF? The Consejo de Estabilidad del Sistema Financiero (CESF) is a council of financial authorities in Mexico that ensures the stability of the country’s financial system.
- Which institutions are under investigation? CIBanco, Intercam Banco, and Vector Casa de Bolsa are the three Mexican institutions under scrutiny for alleged money laundering related to fentanyl trafficking.
- What is the global economic outlook? The CESF noted that the global economy faces uncertainty due to trade tensions and geopolitical conflicts, with a predicted moderate slowdown in growth for 2025 and 2026.
- How is Mexico’s financial system positioned? Despite global and local uncertainties, the CESF confirmed that Mexico’s financial system remains solid and resilient, with commercial banks meeting regulatory requirements comfortably.
- Are there risks to the non-bank financial intermediaries? While some non-bank financial intermediaries show individual vulnerabilities, these do not pose a systemic risk due to their limited participation and low direct interconnection with other financial institutions.
