Background on the Situation
On Thursday, the Mexican National Banking and Securities Commission (CNBV) intervened in three small Mexican banks—CIBanco, Intercam, and Vector Casa de Bolsa—following allegations of money laundering by the U.S. Department of Treasury. The intervention aimed to prevent any adverse impact on the Mexican financial system, according to Claudia Sheinbaum, the President of Mexico.
Sheinbaum’s Statement and Context
During her morning press conference on Monday, Sheinbaum emphasized that the intervened banks are small entities.
“These are small banks, but the goal is that they do not have an impact on the national financial system, which is why the intervention was carried out, as well as at the stock exchange,” she stated.
Sheinbaum also mentioned that, according to the U.S. Treasury Department’s publication, there is a grace period for further actions to be taken.
“In fact, no actions are being taken until the following days. Therefore, this intervention was very pertinent, and what follows is also crucial,” she pointed out.
Communication with the Banking Sector
Sheinbaum reported that, following this case, the Secretary of Finance, Édgar Amador, has been meeting with Mexican banks, the CNBV, and Banco de México (Banxico).
“There has been coordination, communication, and cooperation. There have been no personal meetings scheduled with the banking sector, but if necessary, I am sure Édgar Amador will hold them. He is doing an excellent job,” she clarified.
Regulation and Confidence in the Mexican Financial System
Sheinbaum highlighted that the Mexican financial and banking system is heavily regulated, including measures related to anti-money laundering efforts.
“A new law has been approved to strengthen investigations related to money laundering. There is constant communication, and the level of engagement demonstrates confidence in the Mexican banking and financial system,” she concluded.
Key Questions and Answers
- What was the reason for the intervention? The U.S. Department of Treasury accused CIBanco, Intercam, and Vector Casa de Bolsa of money laundering, prompting the Mexican National Banking and Securities Commission (CNBV) to intervene to prevent any negative impact on the Mexican financial system.
- Which banks were intervened? CIBanco, Intercam, and Vector Casa de Bolsa were the targeted small banks in this intervention.
- Who is Claudia Sheinbaum? Claudia Sheinbaum is the President of Mexico City and represents the political party Morena. She has been actively involved in addressing this situation.
- What is the purpose of these interventions? The primary goal is to ensure that these small banks do not negatively affect the stability and integrity of the Mexican financial system.
- What measures has Édgar Amador taken? The Secretary of Finance, Édgar Amador, has been in constant communication with the Mexican banking sector, CNBV, and Banco de México to address the situation and maintain confidence in the financial system.
