A Mexican regulator on Tuesday slapped three financial institutions with administrative purposes but the government reiterated that despite U.S. sanctions on them for alleged money laundering, there was inconclusive evidence of wrongdoing.
Last month, the U.S. prohibited certain transactions with Mexico’s CIBanco, Intercam Banco and Vector Casa de Bolsa as part of its fentanyl sanctions.
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“If we have conclusive information that proves illicit activities of these three financial institutions, we will act with the full force of the law,” the finance ministry said in a statement. “However, to date we have no such information.”
The combined 185 million pesos ($9.8 million) in fines imposed by the country’s banking watchdog were due to “non-compliance in administrative processes,” the ministry said.
Many of the purposes on Intercam and CIBanco were related to money-laundering prevention, while Vector mostly faced purposes for failing to comply with obligations in publishing information.
Intercam was fined 92.15 million pesos, while CIBanco was fined 66.61 million pesos and Vector will need to pay 26.46 million pesos.
Source: reuters
