The U.S. Department of the Treasury has identified and sanctioned two Mexican banks and one brokerage firm over their alleged role in helping multiple cartels launder millions of dollars.
This week, the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury issued a series of orders and sanctions identifying three financial institutions in Mexico as being a “primary money laundering concern.” The move is based on a series of new powers given to treasury agents under the FEND OFF Fentanyl Act, a prepared statement revealed.
The two banks are CIBanco SA and Intercam Banco SA, which have assets of $7 billion and $4 billion, respectively. The brokerage firm, Vector Casa de Bolsa, manages $11 billion in assets. The Treasury Department revealed that
Join the conversation!
Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!