Background on the Institutions Involved
CI Banco and Intercam are Mexican financial institutions that experienced a temporary disconnection from the Sistema de Pagos Electrónicos Interbancarios (SPEI) on June 26, causing restrictions in dollar operations for their clients.
Who are CI Banco and Intercam?
CI Banco and Intercam are prominent Mexican banks offering a range of financial services, including personal and business accounts. Both institutions have been active in the Mexican financial sector for several years, serving numerous clients across various industries.
Impact on Clients
On June 26, clients of CI Banco and Intercam reported difficulties in managing dollar operations within their accounts. These restrictions included limitations on taking, transferring, or exchanging dollars.
Client Experiences
- CI Banco: An anonymous company administrator mentioned that they cannot take, transfer, or change dollars from their account due to the restrictions. The assigned advisor assured them that funds are safe, with the primary focus being on limiting international transfers.
- Intercam: A client with a business account in Mexican pesos reported no issues with their transactions. Another client, who holds a business credit with Intercam, visited a branch to inquire about potential changes in payment methods following the intervention. They were informed that operations remain normal.
SPEI Disconnection Explained
The SPEI is a real-time settlement system that enables fund transfers between its participants. It provides information on payment orders and identifies clients, as well as instructs recipient participants to acknowledge payments to their customers.
When CI Banco and Intercam were temporarily disconnected from the SPEI on June 26, it raised questions about the reasons behind this action. Banco de México (Banxico) suggested seeking answers from the National Banking and Securities Commission (CNBV) or the Secretariat of Finance for a more comprehensive response.
In 2018, during a massive cyberattack targeting financial institutions, then-Banco de México governor Alejandro Díaz de León held a press conference to explain the situation. He mentioned transferring operations of 49 sector participants to an alternative connection mechanism to ensure SPEI’s operability.
This time, Secretary of Finance Edgar Amador explained during President Claudia Sheinbaum’s morning press conference that the disconnection was due to “financing problems… in lines of credit for certain bank intermediaries,” with the aim of restoring confidence, ensuring liquidity flow, and preventing any impact on savers.
Current Status
By June 27, both CI Banco and Intercam resumed normal operations within the SPEI without interruptions.
US Department of Treasury Allegations
This week, the US Department of Treasury accused Intercam, CI Banco, and Vector Casa de Bolsa of money laundering related to fentanyl trafficking. As a result, US authorities prohibited certain fund transfers involving these Mexican institutions.
The Secretariat of Hacienda and Credit Public (SHCP) stated that the US government has not yet provided evidence to support these accusations.
Key Questions and Answers
- What happened to CI Banco and Intercam? Both institutions were temporarily disconnected from the SPEI on June 26, causing restrictions in dollar operations for their clients.
- Why were they disconnected? The Secretariat of Finance explained that the disconnection was due to financing problems faced by certain bank intermediaries. The aim was to restore confidence, ensure liquidity flow, and prevent any impact on savers.
- What accusations were made against these institutions? The US Department of Treasury accused Intercam, CI Banco, and Vector Casa de Bolsa of money laundering related to fentanyl trafficking.
- Has the US provided evidence to support these accusations? The Secretariat of Hacienda and Credit Public (SHCP) stated that the US government has not yet provided evidence to support these accusations.
