June 25, 2025
Treasury cuts three Mexican banks from U.S. financial system
FinCEN uses new fentanyl law to blacklist CIBanco, Intercam, Vector
🛡️National Security🌍Foreign Policy💰Economy
On June 25, 2025, FinCEN issued its first orders under the FEND Off Fentanyl Act (FOFA), designating CIBanco, Intercam Banco, and Vector Casa de Bolsa as institutions of primary money laundering concern. The orders prohibit U.S. financial institutions from transmitting funds to or from these Mexican banks.
A CIBanco employee knowingly facilitated the creation of an account to launder $10 million on behalf of a Gulf Cartel member in 2023. From 2021 through 2024, CIBanco processed over $2.1 million in payments to China-based companies that shipped fentanyl precursor chemicals to Mexico.
CIBanco is Mexico's 20th largest financial institution with approximately $7.04 billion in total assets as of December 2024. It is one of 51 registered banking institutions in Mexico according to Mexico's National Banking Securities Commission.
FinCEN determined CIBanco had a long-standing pattern of associations, transactions, and provision of financial services that facilitated illicit opioid trafficking by the Beltran-Leyva Cartel, Jalisco New Generation Cartel, and Gulf Cartel.
Mexico's Finance Ministry said it was notified of FinCEN's intent to issue orders but received no conclusive information in response to its request for evidence of illicit activity. Almost immediately after the orders, Mexico's banking regulator announced it would temporarily manage CIBanco and Intercam.
FinCEN extended the effective dates, giving U.S. financial institutions until Oct. 20, 2025 to implement the orders prohibiting transmittals of funds involving the three Mexican institutions. The original effective date would have been sooner.
The FEND Off Fentanyl Act was passed in 2024 and provides Treasury with additional authorities to target money laundering associated with fentanyl and other synthetic opioid trafficking, including by cartels. These are the first orders under this new authority.
Covered financial institutions are prohibited from engaging in transmittals of funds from or to the three banks, or from or to any account or convertible virtual currency address administered by or on behalf of these institutions.
🛡️National Security🌍Foreign Policy💰Economy
Test Your Knowledge
10
Q1
Which three Mexican banks did Treasury blacklist under the FEND Off Fentanyl Act?
Q2
How much do Mexican-Americans send annually to family members in Mexico?
Q3
What retaliatory measures is Mexico considering against these sanctions?
Q4
How do these sanctions affect small businesses that trade between the U.S. and Mexico?
Q5
How does cutting Mexican banks from dollar systems affect legitimate U.S.-Mexico trade?
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Start QuizPeople, bills, and sources
Financial Crimes Enforcement Network (FinCEN)
Treasury Department Bureau
CIBanco
Mexican Bank (20th Largest)
Intercam Banco
Mexican Bank
Vector Casa de Bolsa
Mexican Brokerage
Mexico's Finance Ministry
Mexican Government
Mexico's National Banking Securities Commission (CNBV)
Mexican Banking Regulator
What you can do
1
personal protection
Check if your bank uses these institutions
If you send money to Mexico regularly, ask your bank or money transfer service whether they route transactions through CIBanco, Intercam, or Vector. They must comply with the FinCEN order by Oct. 20, 2025.
2
research monitoring
Monitor remittance costs to Mexico
Track fees for sending money to Mexico over the coming months. When banks get cut off, remaining options often raise prices. Compare costs across multiple services before sending.
3
research monitoring
Follow FinCEN announcements
FinCEN publishes all special measures orders on fincen.gov. Subscribe to their news releases to learn about future designations that could affect cross-border transactions.
4
direct advocacy
Contact your representative about due process
If you're concerned about sanctions without criminal conviction, call the Capitol switchboard at 202-224-3121. Ask your representative whether these powers have adequate oversight and appeal processes.