Background on Key Players
The Asociación de Bancos de México (ABM) is the leading association representing Mexican banks, ensuring their collective interests and promoting a robust financial system. CIBanco and Intercam are Mexican financial institutions recently intervened by the United States due to allegations of money laundering linked to fentanyl trafficking.
ABM’s Statement on Financial Stability
On Thursday, the ABM reassured that the intervention of CIBanco and Intercam by the U.S. does not pose a systemic risk or affect the stability of Mexico’s financial system, which remains solid and well-capitalized.
“This measure provides clarity and stability without disrupting the regular operations of the affected institutions,” stated ABM.
Prioritizing Illicit Activity Prevention
The ABM emphasized that preventing illicit activities and safeguarding legality are strategic priorities for Mexican banks. They have implemented robust regulatory compliance, auditing, and control mechanisms that adhere to the highest international quality standards.
The ABM also highlighted their ongoing collaboration with financial and regulatory authorities, as well as member banks, to protect Mexican savers, enhance transparency, and preserve the strength of the national banking system. The ABM noted that Mexican banks currently boast historically high capitalization and liquidity levels.
ABM’s Commitment to Regulatory Compliance
The ABM reaffirmed its commitment to adhering to existing regulations, ensuring the financial system’s stability and resilience. This commitment aims to continue providing security and confidence to savers in Mexico.
Earlier on Thursday, the CNBV’s governing board decreed a temporary managerial intervention of CIBanco and Intercam following accusations from the U.S. Department of Treasury regarding money laundering related to fentanyl trafficking.
Despite these accusations, Mexico’s Secretary of Finance stated that the U.S. had not yet provided conclusive evidence to support their claims, though an investigation was initiated.
President Sheinbaum’s Remarks
On Thursday morning, Mexico City’s Mayor Claudia Sheinbaum noted that, as of now, no conclusive evidence has been presented to substantiate the U.S. accusations against CIBanco, Intercam Banco, and Vector Casa de Bolsa for money laundering related to organized crime.
Key Questions and Answers
- Q: What is the Asociación de Bancos de México (ABM)? The ABM is the leading association representing Mexican banks, ensuring their collective interests and promoting a robust financial system.
- Q: Which Mexican institutions were intervened by the U.S.? CIBanco and Intercam were intervened by the U.S. due to allegations of money laundering linked to fentanyl trafficking.
- Q: How does the ABM ensure financial stability? The ABM emphasizes preventing illicit activities, adhering to regulatory compliance, and collaborating with authorities to protect savers and maintain a strong banking system.
- Q: What is the current status of evidence against CIBanco, Intercam, and Vector Casa de Bolsa? As of now, no conclusive evidence has been presented to substantiate the U.S. accusations against these Mexican institutions.
