Overview
- Mexico’s banking regulator reported more than 85 million pesos in fines across 90 sanctions issued in October to 13 institutions, according to listings published this week.
- Banca Mifel received 30 sanctions totaling over 26 million pesos, largely tied to anti–money-laundering controls along with internal control and credit-process deficiencies stemming mainly from 2021.
- Banco Base was hit with six sanctions exceeding 8.8 million pesos for 2020 lapses that included failing to report international fund transfers and lacking systems to retain processed information.
- Finsus, a popular finance firm seeking a bank license, was assessed 14 AML-related fines of more than 8 million pesos for conduct cited from 2020, and combined AML penalties for Mifel, Base and Finsus surpass 37.7 million pesos.
- Bineo, the digital bank formerly tied to Banorte and now sold to Klar, was fined about 3.26 million pesos for operating in February–March 2024 with net capital below the legal minimum, and the regulator notes these sanctions can be appealed and remain unpaid.