Mexican Banks Maintain Stability Despite 7.4 Million Peso Fine, Money Laundering Allegations Involving Vector and García Luna Funds

Mexican banking authorities and officials have affirmed the stability and solidity of the national banking system despite recent controversies involving CI Banco, Intercam, and Vector Casa de Bolsa. Claudia Sheinbaum, Mexico City’s president, stated that these issues do not affect the payment system's stability and emphasized confidence in the peso. The Mexican Banking Association reiterated the robustness of the financial sector following reports of sanctions and money laundering allegations. Intercam has been fined 7.4 million pesos for deficiencies in anti-money laundering controls, while CI Banco and Vector Casa de Bolsa have prior regulatory issues. Vector Casa de Bolsa, linked to Alfonso Romo, a former adviser to President Andrés Manuel López Obrador, has been implicated in handling $47 million associated with Genaro García Luna, with U.S. authorities imposing measures against it and two other financial institutions for alleged money laundering activities connected to drug cartels. These developments have drawn scrutiny due to Vector's ties to the presidential office.