Today, the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) issued orders against three Mexico-based financial institutions due to concerns about money laundering linked to opioid trafficking. The institutions identified are CIBanco S.A., Institution de Banca Multiple (CIBanco), Intercam Banco S.A., Institución de Banca Multiple (Intercam), and Vector Casa de Bolsa, S.A. de C.V. (Vector). These orders prohibit certain fund transmittals involving these entities.
This action is FinCEN's first use of powers granted under the Fentanyl Sanctions Act and the FEND Off Fentanyl Act, aimed at combating money laundering related to fentanyl and synthetic opioids trafficking by cartels. The prohibition will take effect 21 days after publication in the Federal Register.
The Treasury has provided further details on its website through press releases and specific orders for each institution.
