MEXICO CITY.- The Ministry of Finance clarified that the fines reported on Tuesday by the National Banking and Securities Commission (CNBV) against Cibanco, Intercam and Vector Casa de Bolsa are for breaches in administrative processes and the result of regular reviews.
In an informative note, the agency said that these sanctions correspond to the same ones that were reported in a statement on June 25, when the Treasury department announced restrictions against these three financial groups for alleged money laundering and links with organized crime.
“The updated amount at the end of June, reported on Tuesday by the CNBV in accordance with its internal regulations, of 185 million pesos, is derived from breaches in administrative processes, as a result of the regular reviews that were timely notified prior to that date, within the framework of its regulation,” said Hacienda.
Lee: CNBV sanctions Intercam, Cibanco and Vector with 185 million pesos after being indicated by alleged money laundering
He added that having overwhelming information to prove illegal activities of these three financial institutions, will act with all the weight of the law.
“However, to date we do not have any information in this regard,” he said.
On June 25, after the Treasury announcement, the Treasury published a statement where he informed that he had requested the EU tests of the link of these institutions with illegal activities that could be corroborated by the Financial Intelligence Unit or the CNBV, but did not receive any probation.
He then said that the only information offered by the treasure that can be verified by Mexico contained data from some electronic transfers carried out through Cibanco, Intercam and vector with legally constituted Chinese companies.
Lee: Sheinbaum reveals that his government has not opened an investigation against Cibanco, Interm and Vector
“Even so, the National Banking and Securities Commission initiated a review process to these institutions within the framework of national regulation. The result of these investigations yields administrative problems that have been sanctioned, in accordance with current regulations, with fines and other actions that as a whole amount to 134 million pesos,” said Hacienda on June 25.
Earlier this Tuesday, it was reported that the CNBV had imposed sanctions for 185 million pesos to Intercam, Cibanco and Vector Casa de Bolsa.
A note from the EFE news agency said that according to a publication of the financial regulator, the sanctions were imposed between June 25 and 30, and derive from violations to the laws of the stock market and investment funds.
Lee: Sheinbaum says it was the Treasury who agreed with the extension of the restrictions to Cibanco, Interm and Vector
EFE explained that Intercam Banco received 16 fines for a total of 44.5 million pesos while Intercam Casa de Bolsa obtained 10 fines that amount to 47.5 million pesos. In total, Intercam accumulated 26 fines for just over 92 MDP, being the most affected.
Meanwhile, Cibanco received 16 fines for an amount of 53.3 MDP and CI Bolsa, five fines for a total of 13.3 million pesos.
In the case of the two banks and their stock market houses vetoed by US authorities, the sanctions respond to behaviors against money laundering prevention, not providing information related to relevant events, not providing information in a timely manner, omitting to establish communication with the regulator.
Efe added that the CNBV imposed six fines on Vector Casa de Bolsa, with an accumulated amount of 26.46 MDP for infractions to the Law of Investment Funds related to omitting information, on provisions related to propaganda and breach of the characteristics that must have orders for purchase and sale of shares.
Lee: EU extension to sanctions against vector, intercam and cibanco was the product of dialogue: hacienda
Efe added that months ago, the CNBV had announced an ongoing investigation into these institutions, pointing out administrative and operational problems.
Last Wednesday, the Treasury announced a 45 -day extension, until September 4, of the entry into force of the restrictions of certain fund transfers with Cibanco, Interm and Vector Casa de Bolsa.
This Tuesday, President Claudia Sheinbaum said there is no open investigation folder by the Attorney General’s Office against the three institutions accused by the US.
With EFE information
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