Latest news with #VectorCasaDeBolsa
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.
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.
Globe and Mail
01-07-2025
- Business
- Globe and Mail
Mexican banks face cascading consequences following US sanctions
Mexico City (AP) — Three Mexican financial institutions sanctioned by the Trump administration last week have felt a cascade of economic consequences following the allegations that they helped launder millions of dollars for drug cartels. It comes after the U.S. Treasury Department announced that it was blocking transactions between American banks and Mexican branches of CIBanco and Intercam Banco, as well as the brokering firm Vector Casa de Bolsa. In presenting the sanctions on June 25, officials provided no evidence to back their claims, fueling criticism from Mexican President Claudia Sheinbaum. Shortly after, Mexico's banking authority announced that it was temporarily taking over management of CIBanco and Intercam Banco to protect creditors. Sheinbaum said on Tuesday that the Mexican government is doing everything within it's power to ensure that creditors aren't affected, but said they were well 'within their right' to pull their money from the banks. The U.S. Treasury Department said that the sanctions would go into effect 21 days after the announcement. All three companies have fiercely rejected those claims. Despite that, the financial institutions have been dealt economic blows following the announcement, which are set to have stretching impacts on the companies. Days after the announcement Fitch Rating downgraded the three institutions and other affiliates, citing 'anti-money laundering concerns' and saying the drop 'reflects the imminent negative impact' that the sanctions could have. 'The new ratings reflect the significantly more vulnerable credit profile of these entities in response to the aforementioned warnings, given the potential impact on their ability to meet their financial obligations,' the credit rating agency wrote in a statement. On Monday, CI Banco announced that Visa Inc. had announced to them with little warning that it had 'unilaterally decided to disconnect its platform for all international transactions' through CIBanco. The bank accused Visa of not complying with the 21-day grace period laid out by the U.S. Treasury Department sanctions. "We would like to reiterate that your funds are safe and can be reimbursed through our branch network," the bank wrote. 'We reiterate to our customers that this was a decision beyond CIBanco's control.'
Washington Post
01-07-2025
- Business
- Washington Post
Mexican banks face cascading consequences following US sanctions
Mexico City — Three Mexican financial institutions sanctioned by the Trump administration last week have felt a cascade of economic consequences following the allegations that they helped launder millions of dollars for drug cartels. It comes after the U.S. Treasury Department announced that it was blocking transactions between American banks and Mexican branches of CIBanco and Intercam Banco, as well as the brokering firm Vector Casa de Bolsa.
