The National Banking and Securities Commission (CNBV) revoked the authorization of the firm CIBanco to operate as a financial institution, designated by the United States Department of the Treasury for laundering drug trafficking money.
At the same time, the bank’s liquidation process began and the Institute for the Protection of Bank Savings (IPAB) approved the payment of guaranteed obligations to the bank’s savers for deposits that are protected by law, which will begin next Monday, October 13.
“As a result of an agreement reached by its general meeting of shareholders, CIBanco decided to request from the CNBV the voluntary revocation of its authorization to organize and operate as a multiple banking institution. This decision is due to what the shareholders of CIBanco considered the best option for the interests of its clients. In this way, the CNBV approved the request to revoke CIBanco’s authorization,” he explained in a statement
This occurs 10 days after the sanctions of the United States Department of the Treasury came into force, which last June identified Vector Casa de Bolsa, Intercam Banco and CI Banco for allegedly participating in a money laundering network linked to fentanyl drug trafficking.
In a statement, the IPAB reported that “as a result of the revocation of CIBanco’s authorization to organize and operate as a multiple banking institution by the CNBV, the IPAB will begin payment of guaranteed obligations to savers on October 13, 2025.”
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“The saving public of CIBanco, a multiple banking institution in liquidation, can have confidence that their deposits are protected by up to 400,000 investment units (UDIs) per person, which on the day the liquidation begins (October 10) is equivalent to 3.42 million pesos (about $186,000),” he added.
On October 1, the Vector Casa de Bolsa firm, together with CI Banco and Intercam, identified by the US Treasury Department for allegedly participating in a money laundering network linked to fentanyl drug trafficking, agreed with the Finamex Brokerage House to transfer investment accounts and sell its fund operator.
The National Banking and Securities Commission (CNBV) is the authority in charge of supervising and regulating the entities that make up the financial system in Mexico.
With information from EFE.
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