U.S. Targets Mexican Banks in Money Laundering Probe, Ignores U.S. Role

Washington, D.C. — The U.S. Financial Crimes Enforcement Network (FinCEN), a bureau of the Department of the Treasury, has accused Mexican banks Intercam and Vector of processing at least $9.1 million in drug cartel funds through cash deposits and wire transfers facilitated by money mules. However, the supporting documents released by FinCEN conspicuously omit any reference to U.S. banks involved in these transactions.

Allegations Against Mexican Banks

According to FinCEN, the funds were transferred to accounts in Mexico without clear documentation of their origin, such as chemical precursor trafficking, fentanyl sales, or direct China-Mexico transactions. Notably absent from the records are the names of U.S. correspondent banks where the alleged money mules—individuals who move illicit funds—made deposits or initiated transfers.

The Treasury Department directly implicated Vector as the platform used by Genaro García Luna, a former Mexican official convicted in the U.S. for ties to drug trafficking, to receive bribes from the Sinaloa Cartel. The allegations are based on both public and non-public information held by FinCEN, which claims these institutions facilitated dollar transactions funding the import of chemical precursors for synthetic opioids on behalf of criminal organizations.

Specific Transactions Cited

FinCEN documents allege that between 2013 and 2016, a purported Sinaloa Cartel money mule transferred over $1.5 million to Vector. From 2019 to 2021, the same individual allegedly sent an additional $500,000 to Vector through a U.S.-based company.

In another case, between 2021 and 2024, a suspected mule opened accounts at multiple banks in Southern California, depositing approximately $2.6 million via ATMs and wiring $1.9 million to an Intercam account in Mexico. A separate individual allegedly deposited $1.4 million in ATMs and transferred $1.2 million to Intercam during the same period. Despite detailing these transactions, FinCEN did not identify the U.S. banks involved or indicate whether enforcement actions were taken against them.

Mexican Government Response

Mexico’s Finance Ministry confirmed that the Treasury Department notified it of alleged irregularities at Intercam, Vector, and CIBanco but did not provide evidence. The matter was treated as an administrative issue, leading to sanctions by Mexico’s National Banking and Securities Commission (CNBV). Mexican authorities later announced interventions at the three institutions.

President Claudia Sheinbaum stated that no evidence had been presented by the U.S. regarding García Luna’s alleged bribes through Vector, though she acknowledged ongoing investigations.

Additional Accusations

The Treasury Department accused CIBanco and Intercam employees of knowingly facilitating money laundering. In early 2023, a CIBanco employee allegedly helped open an account to launder $10 million for the Gulf Cartel. In late 2022, Intercam executives reportedly met with suspected Jalisco New Generation Cartel members to discuss money laundering schemes, including transfers from China.

The documents reiterate that these institutions processed dollar transactions funding chemical precursor purchases from China for drug cartels, with some employees allegedly aware of the illicit origins.