Mexico’s banking regulator has fined CIBanco, Intercam Banco, and Vector Casa de Bolsa a total of 185 million pesos ($9.8 million) for administrative non-compliance, the finance ministry said on Tuesday.
The fines follow recent U.S. sanctions on the three institutions over alleged links to money laundering.
Intercam received the largest fine at 92.15 million pesos, followed by CIBanco with 66.61 million pesos and Vector with 26.46 million pesos. The ministry said most of the fines on Intercam and CIBanco were related to money-laundering prevention rules, while Vector was penalized for failing to meet reporting requirements.
Despite the sanctions, Mexico’s government said there is no conclusive evidence of illegal activity by the institutions.
“If we have conclusive information that proves illicit activities of these three financial institutions, we will act with the full force of the law,” the finance ministry said. “However, to date we have no such information.”
Last month, the U.S. government restricted certain transactions with the three firms as part of its efforts to fight fentanyl trafficking. The financial institutions have denied the allegations, and Mexican authorities say the U.S. has not provided proof to support its claims.
In late June, Mexico’s banking authority took control of operations at the three firms as a precautionary measure.
