There is no restriction so that any intermediary bank, natural or moral or national trustees can do operations with Cibanco, Interm and Vector Casa de Bolsa.
MEXICO CITY, (EFE) .- The Mexican banking system remains “solid and stable” after the Treasury signal to three financial institutions for its probable participation in a money laundering network linked to fentanyl traffic and other opioids, the association of banks of Mexico (ABM) indicated in a statement.
On June 25, the US department pointed to Cibanco, Intercam and Vector Casa de Bolsa for possible activities related to money laundering, which would be favoring illegal fentanyl traffic.
Cibanco has 7,000 million dollars in assets, while Intercam has 4,000 million pesos.
After that, on Thursday the National Banking and Securities Commission (CNBV) decreed the temporary intervention of the three financial institutions with the aim of protecting customer savings and generating stability and certainty.
The ABM said that, during the meeting held by its associate committee on Monday, the teams of authorities participated, including the Ministry of Finance, National Banking and Securities Commission, Banco de México and Fiscal Prosecutor’s Office of the Federation.
The legal representatives and auditors of Cibanco and Intercam Banco also participated: “The ABM reiterated that the national banking system remains solid after the actions announced by the United States Department of the Treasury through the Financial Crime Control Network (FINCEN).”
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Emilio Romano, president of the ABM, stressed that the Mexican authorities have reiterated that Finn’s action “is limited exclusively to the two banks already mentioned, and under the framework of binational coordination that exists, no additional measures or other banking institutions have been raised.”
The note added that the legal advisors present at the meeting and the auditors indicated that the measures issued by Finn will enter into force on July 21.
“And they apply only to the transactions that the aforementioned banks make with financial entities in the United States, as well as with monetary service companies (Money Services Businesses, MSBS, in English) that operate substantially in that country,” he said.
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The ABM stressed that “there is no restriction” so that any intermediary bank, natural or moral or national trustees “can carry out operations with these institutions, now or even after July 21, 2025, so they can continue to operate with financial institutions other than those of the United States. This includes operations in which Cibanco and Intercam Banco act as a fiduciary,” he explained.
He also confirmed that “the intervention of Mexican authorities is operational and temporary.”
Banco de México confirmed that “the system has broad liquidity, which guarantees the operational capacity of banks to cope with their commitments and ensure the stability of financial markets.”
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