Visa Cuts CIBanco From Global Network After U.S. Laundering Allegations

15 posts • OpenAI (o3)

Updated Jul 2, 2025, 04:12 AM

Visa Inc. has disconnected CIBanco from its global payments network, halting all international transactions conducted with cards issued by the Mexican lender. CIBanco said the decision was communicated late on Sunday and took effect at 14:00 local time on Monday, leaving customers unable to use products such as its CICash Multicurrency card abroad.

The payment-processing cutoff comes five days after the U.S. Treasury Department’s Financial Crimes Enforcement Network designated CIBanco, Intercam Banco and Vector Casa de Bolsa as “primary money-laundering concerns” under the FEND Off Fentanyl Act. The designation, linked to alleged dealings with drug-trafficking cartels, bars U.S. institutions from certain transactions with the three firms after a 21-day grace period—timing that CIBanco says Visa ignored.

Mexico’s banking regulator has placed CIBanco and Intercam under temporary management to safeguard creditors, while President Claudia Sheinbaum has told depositors they may withdraw funds if they wish. Fitch Ratings has downgraded the three institutions, S&P Global has withdrawn its rating on CIBanco, and HR Ratings warned that the sanctions could be used as leverage in wider U.S.–Mexico trade talks.

CIBanco insisted client deposits remain secure and can be reimbursed at its branches, but the Visa suspension adds to mounting operational and reputational pressure on the midsize lender as it seeks to maintain liquidity and restore correspondent relationships.

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#CIBanco #Mexican #CICash Multicurrency #Financial Crimes Enforcement Network #Intercam Banco #Vector Casa de Bolsa #FEND Off Fentanyl Act #Visa #Mexico #Intercam #Claudia Sheinbaum #Fitch Ratings #HR Ratings

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Sources

mvsnoticias.com(5)independent.co.uk pressenterprise.com ejecentral.com.mx

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The Independent

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Mexican banks face cascading consequences following US sanctions

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