If you’re an American or Canadian expat living in Mexico and banking with Intercam or CIBanco, recent U.S. government sanctions may affect how you manage your finances, especially if you rely on cross-border transactions.
On June 25, 2025, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) designated Intercam and CIBanco as institutions of primary money laundering concern.
The sanctions stem from allegations that these banks facilitated transactions linked to Mexican drug cartels and the trafficking of fentanyl precursors from China.
The exact number of expats holding bank accounts at Intercam is not publicly available. However, Intercam specifically markets itself as “Mexico’s international bank” and caters to “foreign clients living in Mexico”. This suggests that they actively serve a significant expat population. While the specific number of accounts held by expats is unknown, Intercam’s focus on international clientele indicates a strong presence in the expat banking sector in Mexico
Here’s what expats need to know:
- U.S. financial institutions are prohibited from conducting transactions with Intercam and CIBanco starting July 21, 2025. This includes wire transfers, ACH payments, and any U.S. dollar-based transactions involving these banks.
- In Mexico, both banks continue to operate normally. The Mexican government has not found conclusive evidence of wrongdoing and has allowed them to maintain domestic operations.
- Expats using Intercam for U.S.-Mexico transfers may face disruptions. If you receive Social Security, pensions, or make regular transfers from U.S. accounts, you may need to switch to a different bank to avoid delays or rejections.
- Your funds in Mexico remain accessible. Deposits are still protected under Mexican financial regulations, and both banks have stated they are cooperating with authorities.
What should you do?
- Review your banking needs, especially if you rely on U.S.-based income.
- Consider opening an account with a different institution not affected by the sanctions (e.g., BBVA, Santander).
- Monitor updates from the U.S. Embassy and your financial institutions.
While the situation is evolving, staying informed and proactive will help you avoid disruptions and keep your finances secure.
With information from fincen.gov/
