Background on the Institutions Involved
The Comisión Nacional Bancaria y de Valores (CNBV) announced fines imposed on three Mexican financial institutions in June: CIBanco, Intercam Banco, and Vector Casa de Bolsa. These institutions were accused by the U.S. Department of the Treasury on June 25 of alleged money laundering activities.
CIBanco
CIBanco received 13 fines totaling over 52 million pesos for anti-money laundering (AML) violations. The alleged offenses occurred between 2021 and 2022.
Intercam Banco
Intercam Banco and its subsidiary, Intercam Casa de Bolsa, faced the highest number of fines and total amount. Intercam Banco received 16 fines worth over 44.1 million pesos for AML-related issues, while Intercam Casa de Bolsa was subject to 10 fines totaling nearly 48 million pesos.
Vector Casa de Bolsa
Vector Casa de Bolsa was fined six times for almost 26.5 million pesos, but these were not related to AML violations. The reasons for the fines occurred in 2022 due to failing to meet obligations related to investment fund information prospectuses and not adhering to regulations on public advertising and information.
Details of the Fines
The CNBV announced these fines on June 28, stating that they were due to administrative process non-compliance. The Secretaría de Hacienda y Crédito Público (SHCP) confirmed that these fines correspond to those previously reported on June 25 and are a result of past administrative process non-compliance.
SHCP Clarification
The SHCP issued a statement on the same day, clarifying that the fines reported by the CNBV for CIBanco, Intercam, and Vector Casa de Bolsa correspond to those previously mentioned on June 25.
The department explained that the updated amount of 185 million pesos, reported by the CNBV according to its internal norms, stems from administrative process non-compliance resulting from regular reviews conducted before that date as part of their regulation.
The SHCP emphasized that if concrete evidence of illicit activities by these financial institutions is found, they will take legal action. However, as of now, no such information has been obtained.
“The Secretaría de Hacienda reiterates its commitment to strengthening the ongoing supervision of financial institutions, ensuring full transparency and regulatory compliance to prevent harm to users and maintain confidence in the national financial system,” the statement concluded.
Key Questions and Answers
- Who imposed the fines? The Comisión Nacional Bancaria y de Valores (CNBV) imposed the fines.
- Which institutions were fined? CIBanco, Intercam Banco, and its subsidiary Intercam Casa de Bolsa, as well as Vector Casa de Bolsa were fined.
- What were the reasons for the fines? The majority of the fines were due to anti-money laundering (AML) violations, while Vector Casa de Bolsa was fined for failing to meet obligations related to investment fund information prospectuses and not adhering to regulations on public advertising and information.
- When were the fines imposed? The fines were announced by the CNBV on June 28 and are due to administrative process non-compliance that occurred before that date.
- What is the total amount of fines? The total amount of fines imposed on these institutions is nearly 185 million pesos.
- Has the SHCP found evidence of illicit activities? As of now, no concrete evidence of illicit activities by these financial institutions has been found by the SHCP.
