Background on Key Players and Institutions
Vector Casa de Bolsa, a Mexican brokerage firm, has not been contacted by U.S. authorities regarding money laundering accusations, according to its CEO, Edgardo Cantú. The U.S. Treasury Department recently identified Vector along with Intercam and CIBanco as “a primary concern” in capital laundering, a claim all three institutions have denied.
Who are the key players?
- Edgardo Cantú: Director General of Vector Casa de Bolsa, who expressed surprise at the lack of official communication from U.S. authorities.
- Claudia Sheinbaum: President of Mexico City, who initiated local reviews of the three institutions following the U.S. accusations but found no evidence of money laundering.
- Genaro García Luna: Former Mexican Secretary of Public Security, convicted in the U.S. for drug trafficking and allegedly receiving bribes from the Sinaloa Cartel.
U.S. Treasury Department’s Actions and Vector Casa de Bolsa’s Response
The U.S. Treasury Department announced restrictions on certain transactions involving Vector and CIBanco and Intercam, labeling them as primary concerns in capital laundering. Vector’s CEO, Edgardo Cantú, stated that they have not received any official communication from the U.S. Treasury and are ready to provide necessary information to clarify these allegations.
Previous CNBV Sanctions
According to data from Mexico’s National Banking and Securities Commission (CNBV) up to May, Vector Casa de Bolsa’s last penalty was in July of the previous year when it was fined 868.8 million Mexican pesos (approximately $46,000) for failing to submit documents within the required timeframe.
Allegations Against Vector Casa de Bolsa
The U.S. Treasury Department’s allegations involve Vector in various transactions with the Sinaloa Cartel over several years, including alleged bribes paid to former Mexican drug czar Genaro García Luna, who was convicted in the U.S. for drug trafficking.
Local Investigation and Findings
Following the U.S. accusations, Mexico City’s President Claudia Sheinbaum initiated local reviews of the three institutions. No evidence of money laundering was found during these investigations.
Client Confidence and Regulatory Standards
Edgardo Cantú urged clients to maintain confidence in Vector’s solidity, emphasizing that their resources are secure and the firm adheres to extensive normative and operational standards, similar to most financial institutions in Mexico.
Key Questions and Answers
- Has Vector Casa de Bolsa been contacted by U.S. authorities? No, according to CEO Edgardo Cantú.
- What actions has the U.S. Treasury Department taken? The department restricted certain transactions involving Vector and CIBanco and Intercam, labeling them as primary concerns in capital laundering.
- What was the most recent CNBV sanction against Vector Casa de Bolsa? In July of the previous year, Vector was fined 868.8 million Mexican pesos (approximately $46,000) for failing to submit documents within the required timeframe.
- What are the allegations against Vector Casa de Bolsa? The U.S. Treasury Department alleges Vector’s involvement in transactions with the Sinaloa Cartel, including bribes paid to former Mexican drug czar Genaro García Luna.
- What were the findings of local investigations? Local investigations initiated by Mexico City’s President Claudia Sheinbaum found no evidence of money laundering at Vector Casa de Bolsa or the other two institutions.
