Background on the Institutions and Accusations
Three Mexican financial institutions—CI Banco, Intercam, and Vector Casa de Bolsa—have been accused by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) of alleged money laundering. This has led to recent government messages that may cause confusion.
Government’s Stance and Actions
On the morning of the news, Mexico’s President clarified that there is no ongoing investigation by the Fiscal General de la Republica against CI Banco, Intercam, and Vector Casa de Bolsa.
She emphasized that there are no investigation files targeting individuals; instead, the sanctions come from Mexico’s National Banking and Securities Commission (CNBV) due to administrative issues.
In summary, the Mexican government asserts that no individuals are being pursued for these million-dollar sanctions imposed on the financial institutions due to irregularities in their anti-money laundering processes.
However, the government did mention that if any irregularities were found in these processes, they would be addressed.
CNBV’s Sanctions and Fines
Later in the day, the CNBV released an update on the sanctions via X (likely referring to Twitter).
It was announced that two banks and the securities firm under scrutiny would face hefty fines for administrative irregularities related to anti-money laundering procedures.
The original amount of 134 million pesos was updated to 185 million pesas, specifically targeting Vector Casa de Bolsa for irregularities in investment funds.
The CNBV’s primary reason for sanctioning both banks and Vector Casa de Bolsa is their failure to comply with anti-money laundering regulations.
Government’s Response to FinCEN Accusations
Since the FinCEN accusations were made public, the Mexican government has consistently stated that they have not received conclusive evidence from the U.S. Department of the Treasury to confirm these allegations.
Nonetheless, the Secretaría de Hacienda, through CNBV, immediately intervened in the management of these three institutions to safeguard depositors’ and clients’ resources and prevent a financial panic.
As a result, FinCEN extended the initial 21-day period by an additional 45 days until September 4.
The CNBV explained that the sanctions aim to rectify detected shortcomings, bolster financial system oversight, and protect investors and depositors, especially given international scrutiny.
Confusion and Contradictions in Government Messaging
Key Questions and Answers
- How can the institutions be fined millions for administrative irregularities related to anti-money laundering, yet no individuals are held accountable?
- Is there a miscommunication or mishandling of messages from the Mexican government?
There seems to be ambiguity regarding whether the anti-money laundering process failures may have facilitated illicit activities or if the irregularities were unrelated to money laundering.
The current situation suggests a lack of coordination in the government’s communication strategy, which may be causing confusion.
Potential Beneficiary: Actinver
Actinver, led by Luis Hernández, might benefit significantly from the crisis faced by the sanctioned financial institutions.
Actinver could potentially capture up to 30% of the fiduciary business previously managed by CI Banco and Intercam.
According to Actinver’s General Director, Francisco Lira, the firm has already received requests from 60 prospective clients looking to transfer their fiduciary business away from the sanctioned institutions.
