Overview
- U.S. prohibitions on transfers involving CIBanco, Intercam and Vector took effect on October 20, cutting the firms off from U.S. counterparties under FinCEN’s fentanyl-related authority.
- Vector’s client accounts, balances and 21 funds moved to Finamex on October 21, with the broker telling customers service will continue on Finamex’s platform as S&P saw no immediate rating impact on the funds.
- CIBanco is in formal liquidation under Mexico’s deposit insurer IPAB, which has begun paying guaranteed obligations, after earlier sales of its flagship trust business to Banco Multiva and parts of its auto-loan book to BanCoppel.
- Intercam’s Mexican operations were largely taken over by Kapital Bank and its U.S. advisory and brokerage units were sold to StoneX, while the original bank license remains unresolved.
- Mexican officials say the U.S. has not provided conclusive evidence to domestic regulators, as lenders across the system tighten anti–money laundering controls and re-screen clients, with credit assessors noting overall system stability.