Mexico Shields CIBanco & Intercam Users Amid Money Laundering Claims

Mexico City — In a strategic move to safeguard users of Mexico’s financial system, the Secretariat of Finance and Public Credit (SHCP) announced the temporary transfer of trust operations managed by CIBanco and Intercam Banco. The decision follows recent allegations by the U.S. government implicating both institutions in money laundering linked to opioid trafficking.

A Preventive Measure with Legal and Operational Backing

On the afternoon of July 4, the SHCP disclosed plans to temporarily relocate trusts administered by these entities to Mexico’s development banking sector. The measure aims to ensure operational continuity and protect the interests of trustors, beneficiaries, and third parties involved.

The decision aligns with Mexico’s Credit Institutions Law, specifically Article 129, which grants authorities the power to intervene in financial institutions whose operations may jeopardize the stability of the financial system.

Ongoing Supervision and Final Destination: The Private Sector

The National Banking and Securities Commission (CNBV) and other financial regulators will oversee the process, ensuring compliance with necessary regulatory and operational controls. The plan also includes the eventual permanent transfer of these trusts to private financial institutions, provided they meet legal and operational requirements for transparency, legality, and user protection.

Background: FinCEN Flags Three Mexican Institutions

The action comes after the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) issued orders against CIBanco, Intercam Banco, and Vector Casa de Bolsa on June 25. Investigations suggest these institutions may have facilitated money laundering tied to illicit opioid trafficking.

In response, the CNBV temporarily intervened in CIBanco and Intercam on June 26, replacing their administrative bodies to safeguard depositors, creditors, and the integrity of Mexico’s financial system.

Banking Sector Responds: Operations Continue

On July 1, the Mexican Banking Association (ABM) clarified that both CIBanco and Intercam remain operational within Mexico’s financial system and face no legal restrictions. The statement sought to reassure users as federal authorities implement structured measures to shield the financial system from potential fallout due to international scrutiny.

What This Means for CIBanco and Intercam Clients

The SHCP’s decision does not dissolve or cancel existing trusts but temporarily shifts their administration. Clients will retain their rights and benefits, with authorities aiming for a transparent and uninterrupted transition.

Which Development Banks Will Manage the Trusts?

While the SHCP has not specified which public institutions will oversee the trusts, likely candidates include Banobras, Nafin, or Bancomext—entities with experience managing public and private trusts.

Next Steps in the Process

Following the temporary intervention and transfer phase, the SHCP will initiate a process to permanently reassign the trusts to private financial institutions, adhering to strict eligibility criteria. The goal is to restore confidence, protect user assets, and ensure legal compliance in trust operations.