June 27, 2025
On June 26, 2025, the National Banking and Securities Commission of Mexico (Comisión Nacional Bancaria y de Valores, “CNBV”) ordered the temporary intervention in the administration of CI Banco, S.A., Institución de Banca Múltiple (“CiBanco”), Intercam Banco, S.A., Institución de Banca Múltiple, Intercam Grupo Financiero (“Intercam”), and Vector Casa de Bolsa, S.A. de C.V. (“Vector”), as financial institutions operating within the Mexican financial system. This intervention aims to safeguard the interests of depositors, investors, and the public, through the appointment of trustees to assume the functions of a precautionary management over said financial institutions for the duration of the intervention.
This measure was taken after the U.S. Department of the Treasury, through the Financial Crimes Enforcement Network (“FinCEN”), identified alleged money laundering activities, particularly those linked to the trafficking of fentanyl and other controlled substances. The inclusion of these financial institutions in FinCEN’s list of “primary money laundering concerns” has triggered restrictions within the U.S. financial system, including the suspension of transfers and relationships with international counterparties. These restrictions will take effect 21 (twenty-one) days after their publication in the U.S. Federal Register. As a result, U.S. banks and other financial institutions must take measures to comply with FinCEN’s actions, including, among others, the termination of operational ties with such financial institutions. These restrictions are intended not only to ensure regulatory compliance but also to reduce exposure to potential legal consequences.
In response, the CNBV exercised its regulatory powers under the Financial Institutions Law (Ley de Instituciones de Crédito) and the Securities Market Law (Ley del Mercado de Valores), ordering an intervention that does not imply a suspension of operations, but rather entails direct supervision and control over key administrative decisions of the affected financial institutions through such intervention. Client operations in Mexico continue as normal; however, international transactions—particularly those involving connections to or from the U.S.—may be affected.
As a result, the Institute for the Protection of Bank Savings (Instituto para la Protección al Ahorro Bancario, “IPAB”) formally published, through the Official Gazette of the Federation (Diario Oficial de la Federación) on June 26, 2025, the appointment of the precautionary administrator for CiBanco and Intercam, respectively, which took full legal effect as of the date of said publication. The appointed administrator replaces the board of directors and the shareholders’ meeting, and is authorized to, among other powers, approve any disbursement by the intervened institution and suspend operations that jeopardize its solvency, stability, or liquidity, without prejudice to the CNBV’s authority to implement any measures necessary to remedy the irregular operations carried out by the intervened institution.
The Mexican Banking Association (Asociación de Bancos de México) issued a statement confirming that there is no systemic risk associated with this case, emphasizing the strength of the national banking system, which maintains adequate capitalization levels and regulatory compliance. Nonetheless, financial authorities and the involved institutions are maintaining ongoing monitoring.
The CNBV has stated that the intervention is temporary and subject to the results of ongoing investigations. In addition, the Financial Intelligence Unit (Unidad de Inteligencia Financiera) and the Ministry of Finance and Public Credit (Secretaría de Hacienda y Crédito Público) are actively collaborating in the analysis of operations and background information related to the institutions.
The temporary management intervention ordered by the CNBV in CiBanco, Intercam, and Vector represents an extraordinary action within the Mexican regulatory framework, prompted by serious allegations originating abroad. This measure reaffirms the authority and willingness of the financial regulator to act swiftly in response to risks that, even if not fully materialized within Mexican territory and absent conclusive evidence, may compromise the integrity of the banking system and public trust.
While domestic operations continue as usual, the intervention entails intensive and direct supervision over the management of the affected financial institutions, marking a critical juncture in both operational and legal terms. The outcome of this process will depend on the progress of the investigations and the institutions’ ability to demonstrate compliance with applicable regulations.
This case underscores the importance of strict compliance with anti-money laundering regulations and highlights the growing interdependence between national and international financial systems. Its resolution will set an important precedent for future regulatory actions in Mexico.
The attorneys of the Banking and Finance practice group are available to address any questions regarding the above.
Miguel Angel Peralta
Pedro Said Nader
Valeria Couttolenc Riba
Carlos Keigo Chávez Kubota
