Following the announcement Wednesday that the U.S. Treasury was banning CiBanco, Intercam and Vector banks from doing business with U.S. banks, Mexico’s National Commission of Banking and Valuables (CNBV) intervened.
All administrators and legal representatives have been replaced by CNBV officials, who have stated that so far only administrative flaws have been found and fines have been issued.
Although President Claudia Sheinbaum has expressed that the U.S. decision, based on alleged money laundering by the three financial institutions was formally announced to her administration, no hard proof of wrongdoing was provided.
The banks, as several others, have been doing millionaire transactions with legally established Chinese businesses, she added, but there are no signs of money laundering. The banks are operating normally as the U.S. Treasury gave them a 21-day grace to prove that they are doing no wrong. Stay tuned.
