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The U.S. Treasury has imposed sanctions on three Mexico-based financial institutions—CIBanco, Intercam Banco, and Vector Casa de Bolsa—citing their role in laundering money for drug cartels linked to fentanyl trafficking. This marks the first enforcement under the Fentanyl Sanctions Act and the FEND Off Fentanyl Act.
The Financial Crimes Enforcement Network (FinCEN) designated the institutions as "primary money laundering concerns," a move that restricts U.S. transactions with their operations in Mexico. Although the sanctions don’t fully block global dollar transactions, they effectively sever these entities from the U.S. financial system, Treasury officials said.
While CIBanco and Intercam have relatively modest assets—$7 billion and $4 billion respectively—Vector, managing nearly $11 billion, ranks among Mexico’s top ten brokerage firms. Analysts warn that despite their mid-tier status, the sanctions could disrupt Mexico’s broader financial network due to strong U.S.-Mexico banking ties.
U.S. officials allege the institutions facilitated millions in illicit transactions, aiding Mexican cartels in procuring precursor chemicals for fentanyl production. Treasury Deputy Secretary Michael Faulkender emphasized the significance of the sanctions, stating, “This is a bold move… being cut off from the U.S. financial system is a death blow.”
Mexico’s Finance Ministry confirmed it requested supporting evidence from the U.S. but received no conclusive information. Vector denied the accusations, pledging cooperation with authorities. Intercam also rejected any links to illicit activities. CIBanco has yet to comment.
Experts say this rare action against financial institutions—rather than individuals—could escalate tensions between the U.S. and Mexico, particularly amid ongoing disputes over tariffs and drug enforcement. Luis Manuel Perez de Acha, a Mexico City-based expert, called the move a “bombshell,” warning it could effectively halt operations for the sanctioned firms.
