Intercam said Mexico bank regulator fines don't affect ops: EF

Intercam said Mexico bank regulator fines don't affect ops: EF

Mexico's banking regulator has imposed fines totaling 185 million pesos ($9.8 million) on three financial institutions—Intercam Banco SA, CIBanco SA, and Vector Casa de Bolsa SA—following sanctions by the U.S. Treasury for alleged money laundering [1]. The fines, announced last month, are related to violations of anti-money laundering rules.

Intercam Banco SA and its brokerage were fined 92 million pesos for failing to maintain an automated registry of unusual activity and adhering to guidelines on high-risk clients. CIBanco SA and its brokerage were fined 67 million pesos for inadequate record-keeping and processing large amounts of U.S. dollars in cash. Vector Casa de Bolsa SA was fined 27 million pesos for not notifying clients of changes in fund information [1].

The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) issued orders prohibiting transactions with these firms under the FEND Off Fentanyl Act. The fines were imposed soon after the U.S. orders were published, suggesting coordination between Mexican and U.S. authorities [1].

President Claudia Sheinbaum of Mexico has questioned the U.S. Treasury's actions, stating that no proof of money laundering was provided to justify the sanctions. The U.S. subsequently extended the deadline to cut off the firms to September 4, citing Mexico's cooperation in managing the banks [1].

Intercam Banco SA has maintained that the fines do not affect its operations, as the company has been working to address the issues and comply with regulations [2]. CIBanco SA and Vector Casa de Bolsa SA have also denied the allegations from the U.S. and are cooperating with Mexican regulators to rectify the situation [2].

References:
[1] https://www.bloomberg.com/news/articles/2025-07-15/mexico-fined-firms-intercam-vector-cibanco-targeted-by-us-over-drug-claims
[2] https://www.investing.com/news/economy-news/mexico-regulator-fines-financial-institutions-sanctioned-by-us-local-media-report-4136474