Emilio Romano Mussali, president of the Association of Banks of Mexico (ABM), said that the sale of the business and assets of Interm and Cibanco resolve administrative sanctions imposed by money laundering by the United States to those financial institutions.
“We see with good eyes, because the market is allowing the problem of the two institutions to be resolved in the best way,” said the banker.
He added that it will arrive at October 20 with the subject practically resolved in the accusations against the two banks and Vector Casa de Bolsa.
“The market itself is taking, together with the intermediaries, the most appropriate decisions for this issue to advance naturally,” he said.
Lee: The World Cup and the Mexico Plan open business opportunities to Brazilian companies
He pointed out that there is no alteration in the operation of commercial banking in Mexico due to money laundering sanctions against Intercam, Cibanco and Vector Casa de Bolsa.
He indicated that the Mexican bank operated in a normal way “and we see it in the figures, since there was no retirement report and payments of the banks.”
“The shares and transactions for the purchase and sale of the Intercam and Cibanco assets are being given from a private point of view. They are transactions that are being agreed and naturally developing and triggering, as a consequence of the sanctions,” he said.
“From the legal point of view if assets are acquired, as is the case of Intercam and Cibanco businesses, and they are incorporated into a corporate body of another bank is a market solution, very natural that recycles in a way the assets and liabilities of the banks in a very market very naturally and very natural in institutions, whose corporate organs are absorbed,” he said.
“We do not see a risk that these banks can have a topic derived from the transfer of assets,” he said.
He said that the bank has robust legislation in prevention of money laundering and illegal activities and that two months ago, Congress approved an avant -garde reform in money laundering.
He declared that a Mexican delegation will go to the US in the first week of September to explain everything done by Mexican banks in recent years.
“It will be shared to the US authorities and the counterparts what banking in Mexico is and sharing the best practices and opening the dialogue so that international cooperation and prevention of fraud and prevention of illicit transactions are maintained,” he said.
You may like it: Mexico maintains a struggle to stop unfair steel trade from China and its satellite countries
The bankers will hold meetings and meetings with officials of the Department of Treasury, FINCEN, OFAC and the United States Banks Association.
“Mexico has one of the most solid financial and banking systems at a global level and is not unusual, that specific cases happen where some banks are seen in trouble with the authorities and that does not make the system less weak,” he said.
“I’m never going to tell you that banking in Mexico is perfect, but banking is one of the most solid globally and we will always look for excellence.”
“Having contact with the United States and counterpart authorities makes us more rich and more capable of adopting best practices,” he added.
“We will continue looking for these approaches to continue uploading the quality threshold of Mexican banking,” he added.
