Overview

• The Treasury designated CIBanco, Intercam Banco and Vector Casa de Bolsa as primary money laundering concerns under the Fentanyl Sanctions Act and the FEND Off Fentanyl Act in its first use of those authorities.
• Sanctions bar US financial institutions from certain transactions with the three firms, effectively cutting them off from dollar-based channels.
• The Treasury accused the institutions of laundering at least $4 million for the Gulf, Jalisco New Generation and Sinaloa cartels and facilitating payments to Chinese suppliers of fentanyl precursors.
• Mexico’s Finance Ministry said it received no conclusive evidence from the US and has launched its own review, with President Claudia Sheinbaum publicly demanding proof.
• All three institutions have denied any illicit activity and pledged cooperation with both Mexican and US authorities.