CNBV Fines Banco Ve por Más 27.3 Million Pesos for Deficiencies in Anti-Money Laundering Controls
The National Banking and Securities Commission (CNBV) imposed 21 fines on Banco Ve por Más (Bx+) for shortcomings in its anti-money laundering and counter-terrorism financing mechanisms, mainly identified in 2021. The total amount reaches 27.3 million pesos, of which the institution has already paid 8.94 million, according to public information provided by the authorities.
The irregularities cited include failing to retain identification data and documents for a customer for more than 10 years, lacking an automated system to consolidate all accounts of a single user into one database, and not having certified copies verifying the establishment of three trusts. Additional penalties were issued for currency handling, failing to report unusual transactions, and, in January 2022, failing to submit a report for each transfer over $1,000 sent to the United States—an infraction resulting in a 2.68 million peso fine that has already been settled.
These actions are grounded in Article 115 of the Credit Institutions Law and general regulations for the prevention of money laundering and terrorism financing, which require banks to implement robust customer due diligence processes, transaction monitoring, and proper record-keeping. The publication of these sanctions coincides with a change in the CNBV chairmanship, from Jesús de la Fuente to Ángel Cabrera Mendoza as of September 1, serving as a reminder that supervisory processes often mature over several months before becoming public.
The Bx+ case is not isolated: the regulator has increased scrutiny and fined various institutions in recent years for administrative failures related to anti-money laundering regulations. This trend reflects Mexico’s commitments to the standards of the Financial Action Task Force (FATF) and a more dynamic financial ecosystem featuring greater digitalization, cross-border flows, and record-high remittances, all of which raise the need for automated controls, traceability, and effective data governance.
For the bank, these fines mean it must strengthen its monitoring systems, improve case file integration and retention, and continually train its staff. Financially, the total amount is manageable for a mid-sized institution focused on corporate and wealth banking; however, reputational costs and the risk of more stringent reviews require operational and technological adjustments to ensure ongoing compliance.
Looking ahead, the combination of increased investment related to nearshoring, a high-interest-rate environment, and a reconfiguration of lending portfolios will require banks to fine-tune their risk models and automate KYC and monitoring processes. It is likely that the CNBV will maintain targeted inspections and promote improvements in the reporting of relevant, unusual, and suspicious internal transactions—with special attention to international transfers and structures like trusts.
In summary, the fines imposed on Bx+ reinforce the message that anti-money laundering compliance is a strategic priority. The sector operates with solid capitalization, but the growing sophistication of financial flows requires regulatory discipline, technological investment, and transparency in order to preserve the integrity of the financial system.
