Mexico fines US-sanctioned banks and broker for compliance breaches

CIBanco, Intercam Banco and brokerage firm Vector Casa de Bolsa have been fined 185 million pesos (US$9.8 million), in total, by Mexico's National Banking and Securities Commission (CNBV) for compliance breaches, in the wake of US FinCEN accusations that they have "collectively played a longstanding and vital role in laundering millions of dollars on behalf of Mexico-based cartels and facilitating payments for the procurement of precursor chemicals needed to produce fentanyl".

CIBanco, Intercam Banco and brokerage firm Vector Casa de Bolsa have been fined 185 million pesos (US$9.8 million), in total, by Mexico's National Banking and Securities Commission (CNBV) for compliance breaches, in the wake of US FinCEN accusations that they have "collectively played a longstanding and vital role in laundering millions of dollars on behalf of Mexico-based cartels and facilitating payments for the procurement of precursor chemicals needed to produce fentanyl". [1]