ABM supports Intercam and CIBanco: They can conduct transactions with intermediaries.

In an effort to reassure the Mexican financial sector , the Mexican Banking Association (ABM) announced that both CIBanco and Intercam Banco, banking institutions sanctioned for alleged money laundering for organized crime, will be able to continue conducting transactions with domestic intermediaries.

The announcement came after the association held a meeting with regulatory authorities of the country's financial system, such as the Ministry of Finance and the National Banking and Securities Commission (CNBV) , as well as members of the Federal Tax Attorney's Office and representatives of the targeted banks.

The ABM reported that the measures issued by the Financial Crimes Enforcement Network (FinCEN) are limited exclusively to transactions these banks conduct with financial institutions or money services businesses operating in the United States.

The restrictions will take effect on July 21 and do not apply to operations within the Mexican financial system.

The association clarified that there is no legal impediment to national individuals, corporations, or trusts maintaining business ties with both banking institutions within the country, even after the sanctions come into effect.

The ABM statement did not mention the situation of Vector Casa de Bolsa , despite the fact that this institution was also recently sanctioned by the United States Treasury Department, along with CI Banco and Intercam Banco .

Following the sanctions issued by U.S. authorities, the National Banking and Securities Commission announced the intervention of the three banks accused of money laundering, in order to protect the interests of savings and creditors.

In this regard, the ABM emphasized that the intervention announced by the CNBV is operational and temporary , and its purpose is to preserve the stability of the banking system. It also specified that the contractual obligations assumed by CIBanco and Intercam remain in effect and must be fulfilled according to the agreed terms.

The Association reaffirmed its commitment to maintaining constant communication with authorities in Mexico and the United States to clarify the events. It also assured that the Mexican banking system continues to operate normally and in compliance with international standards for the prevention of illicit transactions.