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Mexico City, June 26 EST: Mexico’s banking regulator has taken temporary control of CIBanco and Intercam Banco after the U.S. Treasury blacklisted the firms under a new round of fentanyl-related sanctions, citing concerns about money laundering tied to synthetic drug networks.
The U.S. sanctions, announced earlier this week by FinCEN, also included Vector Casa de Bolsa, a prominent brokerage house. All three institutions have now lost access to the U.S. financial system, a move that escalates Washington’s campaign to choke off financing linked to drug cartels and precursor chemical trade.
The banks collectively manage over $22 billion in assets, according to Reuters.
Allegations of Laundering Tied to Cartels and Chemical Transfers
The U.S. government has labeled CIBanco, Intercam, and Vector as “primary money laundering concerns,” invoking powers under the FEND Off Fentanyl Act, a law passed with bipartisan support to strengthen financial enforcement against global narcotics trafficking.
According to U.S. officials, the institutions facilitated suspicious transactions tied to the trafficking of fentanyl precursors—synthetic chemicals often sourced from Asia and distributed via Mexico-based cartels.
No criminal charges have been filed, but the financial penalties are immediate: the institutions are effectively cut off from U.S. dollar clearing, correspondent banking, and any dealings involving U.S. entities.
Mexican Officials Push Back, But Take Protective Action
While President Claudia Sheinbaum’s administration has firmly denied the accusations—saying Washington has presented no formal evidence—Mexican financial regulators have stepped in to stabilize the situation.
Banking authorities will temporarily run CIBanco and Intercam “to protect depositors and creditors,” the National Banking and Securities Commission said Thursday. Vector, which functions as a brokerage rather than a deposit-taking bank, is not under regulatory control but remains under scrutiny.
All three firms deny wrongdoing and say they are cooperating with both Mexican and U.S. authorities.
A Legal First—and Possibly a Diplomatic Flashpoint
This is the first time the FENTANYL Sanctions Act and the FEND Off Fentanyl Act have been used against foreign financial institutions. While the total assets involved are modest by international standards, the precedent is significant.
“The signal is clear,” said one U.S. enforcement analyst. “Treasury is willing to use financial exclusion—not just blacklists—against firms it believes are enabling the drug trade.”
But the move could also strain U.S.–Mexico relations. Sheinbaum’s government is already managing delicate economic and security cooperation with Washington, and this action could fuel nationalist criticism that U.S. agencies are overreaching without adequate evidence-sharing.
What’s Next for the Institutions
Both CIBanco and Intercam will continue day-to-day operations under close oversight. Regulators have not frozen deposits, and say the intervention is temporary while due diligence and internal reviews are conducted.
Vector Casa de Bolsa, which oversees roughly $11 billion in client assets, is lobbying for reinstatement of access to international systems but is now effectively frozen out of cross-border operations.
Whether these institutions recover access—or face broader fallout—will depend heavily on how much detail the U.S. is willing to provide, and how closely the banks work to scrub and audit their operations.
This case marks a turning point in financial enforcement strategy: a direct link between U.S. narcotics sanctions and the operational fate of foreign financial institutions. For Mexico’s regulators, the challenge will be stabilizing confidence without appearing to concede sovereignty. For the banks involved, the margin for error is now zero.
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