Treasury Sanctions 3 Mexican Financial Institutions for Aiding Cartels in Fentanyl Trade

The entities are culpable for the ‘poisoning of countless Americans by moving money on behalf of cartels,’ the Treasury secretary said.

Members of the Mexican army and police work at the site of an explosive attack against a police patrol in Tlajomulco de Zúñiga, a suburb of Guadalajara, Mexico, on July 12, 2023. Ulises Ruiz/AFP via Getty Images

The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has sanctioned three financial institutions based in Mexico for allegedly laundering money for cartels involved in the illegal trade of fentanyl, the Treasury said in a June 25 statement. The institutions are CIBanco S.A., Intercam Banco S.A., and Vector Casa de Bolsa S.A. de C.V.

CIBanco and Intercam are commercial banks with assets worth more than $7 billion and $4 billion, respectively. Vector is a brokerage company managing almost $11 billion in assets.