Overview

• CIBanco filed a 37‑page complaint in the U.S. District Court for D.C. seeking to block FinCEN’s designation, reverse related actions, and recover damages.
• FinCEN issued a new extension moving the effective date of its prohibitions for CIBanco, Intercam and Vector to October 20, citing continued coordination with Mexican authorities.
• The bank argues it received no notice or chance to contest evidence and says the order lacks specifics, calling it a “death sentence” that threatens insolvency and more than 3,000 jobs.
• Operational fallout has included Visa terminating processing on June 30, about 150,000 prepaid cards ceasing to work, 70,000 debit cards blocked for use abroad, and over $38 million in U.S. trust accounts becoming inaccessible.
• Grupo Financiero Multiva announced an agreement to acquire CIBanco’s fiduciary business, a deal subject to regulatory approvals, as Treasury’s analysis alleges the bank helped enable about $10 million in laundering for the Gulf Cartel.