The Mexican government has taken action to safeguard account holders at CIBanco and Intercam following allegations from the United States Treasury Department that these financial institutions were involved in money laundering for drug cartels.
During President Claudia Sheinbaum’s press conference, Finance Minister Edgar Amador Zamora affirmed that customer deposits at both banks are “absolutely” secure. The National Banking and Securities Commission (CNBV) has enacted temporary managerial interventions at CIBanco, Intercam, and the brokerage firm Vector.
This intervention followed U.S. authorities’ decision to prohibit certain transactions between American banks and these Mexican financial institutions. The U.S. claimed the banks were facilitating money laundering for cartels trafficking fentanyl and other narcotics into the United States.
Banking System Stability
According to Amador, the three institutions collectively hold less than 1% of Mexico’s banking deposits. The government’s intervention is intended to ensure that the banking system continues to operate smoothly while protecting customer savings.
Despite the situation, the finance minister emphasized that Mexico’s banking system remains stable, with the peso maintaining a range between 18.85 and 18.95 against the U.S. dollar.
Criticism of U.S. Sanctions
President Sheinbaum has expressed concerns over the fairness of U.S. sanctions, highlighting that the U.S. government has historically only fined American banks found guilty of similar infractions. She also called for enhanced U.S. accountability in addressing domestic drug demand, rather than focusing solely on Mexico’s involvement in the drug trade.
The temporary government intervention will persist until authorities decide that conditions have returned to normal, although no specific timeframe has been provided.
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