The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued orders identifying CIBanco, Intercam Banco and Vector Casa de Bolsa, three Mexico-based financial institutions operating outside the United States, as being of primary money laundering concern in connection with illicit opioid trafficking and prohibiting certain transmittals of funds involving each firm. The measures are FinCEN’s first actions under the Fentanyl Sanctions Act and the FEND Off Fentanyl Act, which provide additional authorities to target money laundering associated with fentanyl and other synthetic opioids. CIBanco and Intercam are commercial banks with over USD 7 billion and USD 4 billion in total assets, respectively, and Vector is a brokerage firm managing nearly USD 11 billion in assets. The orders describe alleged links to Mexico-based cartels and flows tied to precursor chemical procurement from China, including examples of CIBanco processing over USD 2.1 million in payments to China-based companies during 2021–2024 and an employee allegedly facilitating an account intended to launder USD 10 million, Intercam-related transfers totaling over USD 1.5 million during 2021–2024 and meetings between executives and suspected Jalisco New Generation Cartel members in late 2022, and Vector’s involvement in laundering USD 2 million during 2013–2021 and completing over USD 1 million in similar payments during 2018–2023, which the order describes as reflecting significant AML/CFT control failings. Under the orders, covered financial institutions are prohibited from engaging in transmittals of funds to or from CIBanco, Intercam or Vector, or to or from any account or convertible virtual currency address administered by or on behalf of those institutions. The prohibitions take effect 21 days after publication in the Federal Register.
U.S. Department of the Treasury 2025-06-25
U.S. Department of the Treasury's FinCEN issues first FEND Off Fentanyl Act orders naming CIBanco, Intercam and Vector as primary money laundering concerns and banning certain fund transmittals
The U.S. Treasury's FinCEN has designated CIBanco, Intercam Banco, and Vector Casa de Bolsa as primary money laundering concerns linked to opioid trafficking. These actions, under the Fentanyl Sanctions Act and FEND Off Fentanyl Act, prohibit U.S. financial institutions from transacting with these Mexico-based entities. The orders cite anti-money laundering and counter-financing of terrorism control failings and connections to Mexico-based cartels and precursor chemical procurement from China.