Background and History
CIBanco and Intercam, two prominent financial institutions in Mexico with a history spanning over 40 years, are currently facing intense scrutiny following recent accusations from the U.S. Department of Treasury.
CIBanco was founded in 1983 as Consultoría Internacional (CI), a corporate foreign exchange house. It transitioned into a multiple-banking institution in April 2008. Today, CIBanco is among the top 10 banks in Mexico for trust and automotive businesses, offering top-tier currency exchange services to individuals and businesses with international connections.
Intercam was established in 1987 as a foreign exchange house catering to multinational corporations. After expanding its business portfolio and acquiring Banco Regional de Chihuahua in 2010, Intercam became a bank. It now operates in Puerto Rico, Miami, and Madrid, providing payment and currency exchange services. In Mexico, Intercam has over 50 branches across 27 states and 488 ATMs.
Intercam proudly identifies as “the nearshoring bank,” focusing on national and international payments, credits, investments, and more.
“Leaders in Anti-Money Laundering”
Intercam emphasizes its commitment to anti-money laundering efforts on its website. It highlights strict adherence to local and international regulations, integrity as part of its philosophy, and leadership in anti-money laundering measures.
Intercam organizes the Annual Anti-Money Laundering Convention, attracting international, national financial institutions, authorities, and compliance officers from various companies.
Temporary Transfer of Trusts
In response to the ongoing investigation, Mexico’s Secretariat of Finance and Public Credit announced the temporary transfer of CIBanco and Intercam’s trusts to development banks.
“This solution involves the temporary transfer of the trust business to development bank entities, ensuring uninterrupted operation of the trusts for the benefit of their beneficiaries, recipients, and involved third parties,” stated the Secretariat.
Key Questions and Answers
- Who are CIBanco and Intercam? CIBanco and Intercam are Mexican financial institutions with over 40 years of history, offering banking services such as trusts, currency exchange, and international payments.
- What are the recent allegations against them? The U.S. Department of Treasury accused CIBanco and Intercam of enabling money laundering operations related to opioid trafficking.
- What actions have been taken? The Mexican National Banking and Securities Commission (CNBV) temporarily intervened, and both institutions have experienced credit rating declines.
- What is the temporary transfer of trusts? The Secretariat of Finance and Public Credit moved CIBanco and Intercam’s trusts to development banks to ensure uninterrupted service for beneficiaries.
