Latest news with #IntercamBanco
Bloomberg
15-07-2025
- Business
- Bloomberg
Mexico Fined Financial Firms Targeted by US Over Drug Claims
Mexican regulators imposed 185 million pesos ($9.8 million) in fines last month on three firms that were targeted by the US Treasury for potentially aiding drug traffickers, according to government data. Intercam Banco SA and its brokerage were fined 92 million Mexican pesos for violations of anti-money laundering rules such as failing to have an automated registry of unusual activity or follow its own guidelines on high risk clients, according to newly released data in regulator CNBV's database of fines. CIBanco SA and its brokerage were fined nearly 67 million pesos, also under anti-money laundering rules, for failing to maintain records and processing inordinate amounts of US dollars in cash.
Yahoo
09-07-2025
- Business
- Yahoo
US extends deadline for fentanyl sanctions on three Mexican financial institutions
MEXICO CITY (Reuters) -The U.S. Treasury said on Wednesday it had extended a deadline to September 4 for a prohibition on certain transactions involving three Mexican financial institutions hit by sanctions last month over alleged money laundering linked to fentanyl trafficking. The actions apply to Mexico's CiBanco, Intercam Banco and Vector Casa de Bolsa, which the Treasury said were identified as "primary money laundering concerns." "This decision is the result of dialogue and collaboration between the Mexican government and U.S. financial authorities," Mexico's finance ministry said in a statement following the announcement. Mexico had previously balked at the sanctions, arguing that they were unilaterally applied by the U.S. without providing Mexico with any evidence to back up the money laundering claims. Since the sanctions were announced, Mexico temporarily took over the three financial firms to protect creditors and depositors. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
09-07-2025
- Business
- Bloomberg
US Grants Reprieve to Mexican Firms Targeted for Laundering
The US Treasury is granting a temporary reprieve to three Mexican financial firms it moved to cut off from the US financial system, citing progress by the country's government in addressing money laundering by drug trafficking cartels. The Treasury department is granting an additional 45 days before a ban on fund transfers with the designated firms will take effect, it said in a statement. The new effective date is Sept. 4. The Treasury department's Financial Crimes Enforcement Network slapped orders last month on CIBanco SA, Intercam Banco SA and brokerage Vector Casa de Bolsa SA prohibiting all transfers with them from late July.
Bloomberg
05-07-2025
- Business
- Bloomberg
Mexico to Spin Off Trusts of Intervened Banks CIBanco, Intercam
The Mexican Finance Ministry said it will spin off the trust businesses of two of the banks that it has intervened following US accusations that they are allegedly laundering proceeds from illicit drug trafficking. CIBanco and Intercam Banco 's trust businesses will be temporarily transferred to local development banking units, as a measure to allow the trusts to keep operating, the ministry said in a statement.
Reuters
05-07-2025
- Business
- Reuters
Mexico temporarily hands CIBanco, Intercam trust businesses to development banks
MEXICO CITY, July 4 (Reuters) - Mexico will temporarily transfer the trust-handling businesses of two financial institutions sanctioned by the U.S. for alleged involvement in money laundering, the finance ministry said on Friday. Mexican development banks will temporarily take over the trust units of CIBanco and Intercam Banco, while the ministry looks for a permanent solution to transfer them over to private institutions, it said in a statement. The transfer will allow "the trusts to continue operating uninterrupted, for the benefit of their settlors, beneficiaries, and third parties involved," the ministry said. CIBanco and Intercam, as well as brokerage Vector Casa de Bolsa, which was also sanctioned, have denied wrongdoing. Mexico's government has also rebuffed the allegations from the U.S., though Mexico's banking regulator stepped in last week to manage the three institutions. The U.S. sanctions effectively cut the institutions off from the financial system there and could have a significant impact on Mexican banking, given the interconnectedness between lenders and close trade ties with the U.S., experts have said. Since the sanctions were announced, a number of local trusts, particularly real estate trusts, have dropped the firms as trustees.
