https://deepnewz.com/mexico/us-treasury-bars-transactions-mexicos-cibanco-intercam-vector-04a892f4

The U.S. Treasury’s Financial Crimes Enforcement Network on Wednesday designated three Mexico-based financial institutions—CIBanco, Intercam Banco and Vector Casa de Bolsa—as “primary money-laundering concerns” for allegedly moving millions of dollars for drug cartels and facilitating payments for chemicals used to manufacture fentanyl. The orders, issued under Section 311 of the USA PATRIOT Act and new powers granted by the FEND Off Fentanyl Act, immediately prohibit U.S. financial firms from certain fund transfers involving the three entities.

Treasury Secretary Scott Bessent said the banks are “vital gears” in the fentanyl supply chain, accusing them of enabling the trafficking that is fueling U.S. overdose deaths. According to the department, CIBanco and Intercam handled more than US$2.1 million and US$1.5 million, respectively, in payments from Mexican companies to Chinese suppliers of precursor chemicals between 2021 and 2024, while Vector has long provided brokerage services to cartel-linked networks. CIBanco holds about US$7 billion in assets, Intercam US$4 billion and Vector oversees roughly US$11 billion.

The move marks the first use of FinCEN’s expanded authority to target financial nodes in the opioid trade and underscores Washington’s broader strategy of cutting off cartel funding. Violations of the new restrictions can trigger civil or criminal penalties for U.S. counterparties.

Mexico’s Finance Ministry said it has requested supporting evidence from Washington and will take legal action if wrongdoing is confirmed. None of the three firms has commented publicly on the allegations.