On June 26, 2025, Mexico’s National Banking and Securities Commission (CNBV) announced a temporary managerial intervention in two financial institutions—CIBanco and Intercam Banco—following serious accusations from the U.S. Department of the Treasury. The U.S. government alleged that both banks were involved in money laundering operations linked to Mexican drug cartels and the trafficking of opioids, including fentanyl.
The intervention, authorized under Article 129 of Mexico’s Credit Institutions Law, involves replacing the administrative and legal representatives of the banks to safeguard the interests of depositors, investors, and creditors. The CNBV emphasized that this is a preventive measure, not a sign of insolvency or closure. Operations at both banks will continue under strict regulatory oversight.
The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) issued sanctions against CIBanco, Intercam, and Vector Casa de Bolsa, citing a pattern of financial transactions that allegedly facilitated the laundering of millions of dollars for criminal organizations. These sanctions include restrictions on fund transfers involving the named institutions and virtual currency accounts associated with them.
In response, Mexico’s Finance Ministry (SHCP) and Banking Association expressed confidence in the resilience of the national financial system. They reiterated that the intervention is designed to protect the public and maintain financial stability, while investigations continue.
The case has sparked political and economic debate, with some officials demanding concrete evidence from U.S. authorities before taking further action. Meanwhile, rating agencies have downgraded Intercam’s credit outlook, and both banks experienced temporary disconnection from Mexico’s electronic payment system (SPEI) during the intervention process.
This high-profile case underscores the growing international scrutiny of financial institutions and the importance of cross-border cooperation in combating illicit financial flows.
Source: Excelsior
