The US accuses CiBanco and Intercam of money laundering, and CNBV steps in to stop their administration

A day after the Treasury Department accused CI Banco and Intercam Banco of aiding organized crime groups in Mexico with money laundering, the National Banking and Securities Commission (CNBV) ordered the temporary management intervention of both companies.

The CNBV board of directors was notified that the two banking institutions’ intervention was done to safeguard the interests of creditors and savers.

It further stated that, in light of the potential effects of the actions announced by the U.S. Treasury Department on these banks, the temporary management intervention of two banking institutions will replace their administrative bodies and legal representatives in order to protect the rights of the institutions’ savers and customers.

According to the CNBV, the financial authorities are still confident in the resilience and soundness of the Mexican financial system and will keep coordinating continuously to promote the system’s stability, integrity, and appropriate operation.

The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) yesterday issued orders identifying three Mexico-based financial institutions, CIBanco, Institución de Banca Múltiple (CIBanco), Intercam Banco, Institución de Banca Múltiple (Intercam) and Vector Casa de Bolsa, as sources of primary money laundering concern in connection with illicit opioid trafficking.

The U.S. Treasury also prohibited certain fund transfers involving these financial institutions.