The USA Division of the Treasury has accused two Mexican banks and a Mexican brokerage agency of laundering tens of millions of {dollars} for drug cartels concerned within the trafficking of fentanyl and different narcotics to the U.S.
The Treasury Division’s Monetary Crimes Enforcement Community (FinCEN) outlined the accusations in orders that additionally prohibited sure transactions between U.S. banks and the three Mexican monetary establishments, particularly CIBanco, Intercam and Vector Casa de Bolsa.
“Monetary facilitators like CIBanco, Intercam, and Vector are enabling the poisoning of numerous People by transferring cash on behalf of cartels, making them very important cogs within the fentanyl provide chain,” Treasury Secretary Scott Bessent stated on Wednesday.
The accusations towards the three Mexican monetary establishments and the prohibition on sure transactions involving them characterize the US authorities’s newest salvo in its combat towards Mexican cartels and the trafficking of narcotics to the U.S.
The Trump administration has already designated six Mexican cartels as international terrorist organizations, beefed up safety on the southern border with Mexico and carried out covert drone missions over Mexican territory to spy on drug cartels and hunt for fentanyl labs.
U.S. authorities regularly impose sanctions on alleged members of Mexican cartels and Mexican companies accused of felony actions, however “measures towards monetary establishments are far much less widespread,” in response to Reuters.
The accusations towards CIBanco, Intercam and Vector
The Treasury Division stated in a assertion on Wednesday that FinCEN had issued orders figuring out CIBanco, Intercam and Vector “as being of main cash laundering concern in reference to illicit opioid trafficking.”
Treasury stated that the orders additionally prohibit “sure transmittals of funds involving” the three monetary establishments.
“These orders are the primary actions by FinCEN pursuant to the Fentanyl Sanctions Act and the FEND Off Fentanyl Act, which give Treasury with extra authorities to focus on cash laundering related to the trafficking of fentanyl and different artificial opioids, together with by cartels,” the assertion stated.
“CIBanco and Intercam, industrial banks with over [US] $7 and $4 billion in whole belongings, respectively, and Vector, a brokerage agency managing almost $11 billion in belongings, have collectively performed a longstanding and very important position in laundering tens of millions of {dollars} on behalf of Mexico-based cartels and facilitating funds for the procurement of precursor chemical compounds wanted to provide fentanyl,” Treasury stated.
CIBanco
Treasury stated that FinCEN decided that CIBanco, a Mexico Metropolis-based financial institution with branches throughout Mexico, is “of main cash laundering concern in reference to illicit opioid trafficking based mostly on its long-standing sample of associations, transactions, and provision of monetary providers that facilitate illicit opioid trafficking by Mexico-based cartels.”
These cartels embody the Beltran-Leyva Cartel, the Jalisco New Technology Cartel (CJNG) and the Gulf Cartel, Treasury stated.
Treasury additionally stated that CIBanco has “facilitated the procurement of precursor chemical compounds from China for illicit functions.”
“For instance, a CIBanco worker in 2023 knowingly facilitated the creation of an account to purportedly launder $10 million on behalf of a Gulf Cartel member,” the division stated.
“From 2021 by means of 2024, CIBanco processed over $2.1 million in funds on behalf of Mexico-based firms to China-based firms that shipped precursor chemical compounds to Mexico for illicit functions,” it added.
Intercam
FinCEN accused Intercam, one other Mexico Metropolis-based financial institution with branches throughout Mexico, of offering monetary providers “that facilitate illicit opioid trafficking by Mexico-based cartels, together with CJNG.”
“Intercam has additionally processed USD-denominated funds transfers that finance the procurement of precursor chemical compounds from China on behalf of drug trafficking organizations for illicit functions,” Treasury stated.
“For instance, Intercam executives in late 2022 met immediately with suspected CJNG members to debate cash laundering schemes, together with transferring funds from China,” Treasury stated.
“From 2021 by means of 2024, a China-based firm related to a person delivery precursor chemical compounds from China to Mexico for illicit functions obtained over $1.5 million from Mexico-based firms by means of Intercam,” it stated.
Vector
Vector is a brokerage managed by businessman Alfonso Romo, who served as chief of workers for former President Andrés Manuel López Obrador between 2018 and 2020.
FinCEN accused the corporate of facilitating “cash laundering actions of Mexico-based cartels, together with the Sinaloa Cartel and Gulf Cartel.”
“Vector has additionally facilitated the procurement of precursor chemical compounds from China for illicit functions,” Treasury stated.
“For instance, from 2013 by means of 2021, a Sinaloa Cartel cash mule employed varied strategies to launder $2 million from the US to Mexico by means of Vector,” the division stated.
“Moreover, the order describes how from 2018 by means of 2023, Vector was discovered to have accomplished over $1 million in funds on behalf of Mexico-based firms to China-based firms recognized to have shipped precursor chemical compounds to Mexico for illicit functions,” Treasury stated.
“These funds illustrate vital failings in Vector’s AML/CFT [Anti-money laundering and combating the financing of terrorism] controls,” it added.
Treasury officers stated that the Sinaloa Cartel used Vector to ship bribes to former Mexican safety minister Genaro García Luna, who final October was sentenced to only over 38 years in jail within the U.S., virtually 20 months after he was convicted of colluding with the Sinaloa Cartel.
The response from the monetary establishments
All three monetary establishments rejected the accusations the U.S. Treasury Division made towards them.
CIBanco stated in a assertion that it has no connection to “actions outdoors the legislation” and reiterated its dedication to “compliance” with “all tips established by the related authorities.”
Intercam “categorically” denied “any affiliation between this establishment and any illicit exercise — notably cash laundering.”
In a assertion, the financial institution additionally reiterated its “agency dedication to transparency and legality.”
OFFICIAL STATEMENT pic.twitter.com/m1yw1EXQ48
— Intercam Banco (@IntercamBanco) June 25, 2025
Vector additionally “categorically” rejected “any accusation that compromises its institutional integrity.”
“With greater than 50 years of expertise, our brokerage has operated below the very best requirements of regulatory compliance, inside audit and supervision by nationwide monetary authorities,” Vector stated in a assertion.
It stated that the monetary “operations” FinCEN referred to “correspond to abnormal transactions with legally established firms.”
All three monetary establishments referred to an announcement issued by the federal Finance Ministry in response to the accusations made by the U.S. Division of the Treasury.
The response from the Mexican authorities
Mexico’s Finance Ministry (SHCP) stated in a assertion that throughout the framework of its “relationship of coordination and dialogue” with the U.S. Division of the Treasury, it notified its Monetary Intelligence Unit (UIF) of the “alleged irregularities” involving CIBanco, Intercam and Vector.
The SCHP stated that it requested the Treasury Division to supply proof that hyperlinks the monetary establishments to “illicit actions” in order that the proof may very well be corroborated by the UIF or the Nationwide Banking and Securities Fee (CNBV).
“Nevertheless, no proof was obtained,” the ministry stated.
“The one data supplied by the Division of the Treasury that may be verified by Mexico accommodates knowledge on some digital transfers made by means of the aforementioned monetary establishments to legally established Chinese language firms,” the SHCP stated.
“… Such transactions are carried out by the 1000’s by means of nationwide monetary establishments. The UIF discovered that greater than 300 Mexican firms made transactions to those Chinese language firms by means of ten nationwide monetary establishments. That is the case as a result of Mexico conducts 1000’s of abnormal operations with legally established Chinese language firms, as there’s annual [two-way] commerce of US $139 billion,” the ministry stated.
The SHCP additionally stated that the CNBV carried out a evaluate of CIBanco, Intercam and Vector “throughout the framework of nationwide regulation.”
“The outcomes of those investigations revealed administrative issues which have been sanctioned in accordance with present laws, with fines and different actions that collectively quantity to 134 million pesos [US $7.1 million],” the ministry stated.
“We wish to be clear: If there have been conclusive data proving illicit actions by these three monetary establishments, we might act with the total weight of the legislation; nevertheless, up to now, we should not have any such data,” the SCHP stated.
President Claudia Sheinbaum stated on Thursday morning that “there isn’t a proof” of cash laundering within the paperwork revealed by the US Treasury Division on Wednesday.
“So what’s our place? If there’s proof, motion is taken. There is no such thing as a impunity, it doesn’t matter who it’s. But when there isn’t a proof, no motion will be taken like in any crime,” she stated.
“Till now, the Treasury Division hasn’t despatched any proof that signifies that there’s cash laundering,” Sheinbaum stated.
She stated there are “precedents” within the Mexico-United States relationship of the U.S. making accusations with out proof, mentioning the case of former protection minister Salvador Cienfuegos. Sheinbaum asserted that when Cienfuegos was arrested in the US in 2020, the U.S. authorities didn’t have “any proof” he had dedicated a criminal offense.
“We act if there’s proof,” she stated earlier than urging the Treasury Division to ship proof to Mexico, “if” it has any.
“If there isn’t a proof there can’t be recognition on our a part of cash laundering,” she stated.
“There must be proof as a way to know whether or not there was cash laundering or not. We don’t deny it nor can we settle for it,” Sheinbaum stated.
How will the FinCEN orders have an effect on the accused monetary establishments and their clients?
The FinCEN orders prohibit “lined” monetary establishments from “participating in any transmittal of funds from or to” CIBanco, Intercam and Vector.
FinCEN stated on Wednesday that it had “decided {that a} lined monetary establishment can be any home [U.S.] monetary establishment as outlined in” Title 31 of the US Code of Federal Rules.
Thus banks and different monetary establishments within the United might be barred from accepting financial transfers from Mexico made through CIBanco, Intercam or Vector, and sending cash to these monetary establishments.
FinCEN stated that its orders “turn into efficient 21 days after … [they] are revealed within the Federal Register.”
“By that date, lined monetary establishments ought to … stop any and all transmittals of funds, from or to CIBanco, Intercam, or Vector, as outlined within the orders,” FinCEN stated.
Deputy Treasury Secretary Michael Faulkender instructed reporters on Wednesday that the FinCEN orders would “successfully minimize off” CIBanco, Intercam and Vector from doing enterprise with monetary establishments in the US.
The Related Press reported that Treasury officers “didn’t rule out the potential for international branches of the banks outdoors of Mexico with the ability to proceed to do enterprise with U.S. banks.”
Citing a U.S. Treasury official, Reuters reported that “the FinCEN sanctions don’t block property or minimize off all international dollar-based actions of the Mexican corporations as different Treasury sanctions would, however they do prohibit U.S. transactions with their places in Mexico.”
Reuters additionally reported that the belongings of CIBanco and Intercam make them “comparatively small by international banking requirements.”
Vector, nevertheless, is among the many 10 largest brokerages in Mexico. The sanctions towards Vector “underscores the importance of our actions,” Faulkender stated.
CIBanco, Intercam and Vector all sought to reassure their clients and purchasers that their cash is secure.
CIBanco stated that “the assets of our clients are protected in accordance with the Financial institution Financial savings Safety Regulation.” It additionally stated that its operations “proceed with full normality.”
Intercam additionally stated that it “continues to function usually and can proceed supporting its purchasers.”
“We additionally remind our purchasers that their deposits are protected by the IPAB (Instituto para la Protección al Ahorro Bancario), and that funding devices are safeguarded by INDEVAL (Instituto para el Depósito de Valores),” the financial institution stated.
Vector stated that “the investments of all and every one in all our purchasers are 100% supported by the funding devices by which they’re invested, that are safeguarded within the Instituto para el Depósito de Valores.”
Michel Levien, a lawyer and anti-corruption knowledgeable, instructed the newspaper El Financiero that “within the medium time period, purchasers of those [three] establishments should be very attentive to the authorized procedures which are carried out in Mexico and in the US” as a result of “very severe sanctions” may very well be imposed on CIBanco, Intercam and Vector.
These sanctions may embody fines, orders to droop operations and “even dissolution” of the monetary establishments, he stated.
Response to the US accusations and sanctions
Vanda Felbab-Brown, senior fellow on the Brookings Establishment and an organized crime knowledgeable, described the FinCEN actions towards the three Mexican monetary establishments as “a daring transfer.”
“Being minimize off from the US monetary system is a loss of life blow. It’s enormously impactful,” she instructed Reuters.
“These are hardly the most important banks in Mexico, however they don’t seem to be small entities. These are medium-level banks,” Felbab-Brown stated.
Whereas she referred to as the FinCEN actions “a loss of life blow” for the three monetary establishments, she stated they had been “unlikely to “make any form of dent within the monetary flows of Mexican felony teams.”
Luis Manuel Pérez de Acha, a Mexico Metropolis-based tax lawyer and cash laundering knowledgeable, described the accusations agains CIBanco, Intercam and Vector as a “bombshell.”
“Your entire monetary system passes by means of the US, so they’re virtually left with out operations,” he instructed Reuters.
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