Institutions Accused of Money Laundering Account for Nearly 10% of Mexico’s Brokerage Firm Market
The recent allegations of money laundering and suspected links to drug trafficking involving three Mexican financial institutions have raised concerns in the sector. According to data from the National Banking and Securities Commission (CNBV), Vector, Intercam, and CI Banco hold assets totaling 113.585 billion pesos in their role as brokerage firms, which amounts to 9.4% of the total market share in this segment.
According to the CNBV, Intercam ranks as the sixth largest brokerage firm by volume of assets, with 60.143 billion pesos; Vector is in seventh place with 45.006 billion, and CI Banco stands at twenty-first with 8.436 billion. In their roles as banks, Intercam and CI Banco together have approximately 248.975 billion pesos in assets, representing 1.6% of the total assets of the national banking sector, which amounts to 15.2 trillion pesos. Vector, on the other hand, does not operate with a banking license in Mexico.
Finance Secretary Édgar Amador stated last week that these institutions have recently faced challenges regarding financing, although he clarified that, in their capacity as banks, they do not represent even 1% of total system deposits. Amador emphasized that client funds remain secure and, so far, ruled out the existence of other financial institutions currently under investigation for similar offenses. The announcement aims to reassure investors and users of the financial system.
When it comes to investment management, Vector, Intercam, and CI Banco together concentrate 12.9% of the financial instruments managed by brokerage firms, which amounts to 93.241 billion pesos. Among these three, Intercam stands out as the entity with the largest share in this category. In terms of custody operations—that is, the management of stocks, bonds, and investment funds—CI Banco is notable, handling 565.765 billion pesos. Together, these three institutions control 900.581 billion pesos, representing 8.6% of the total assets managed by brokerage firms in Mexico.
The fiduciary business represents a particularly sensitive area. CI Banco has become the leader in this segment following its acquisition of Deutsche Bank’s assets in 2021, which included around 900 trusts. These legal and financial instruments are used in a variety of estate, real estate, public sector, and educational transactions. Following the allegations, CI Banco announced that it is reassessing the future of certain trusts, while others have already been transferred to institutions such as Vector or BBVA Mexico. Analysts like Álvaro Vértiz of Dentons Global Advisors believe that the assets within these trusts should not be at risk, although they warn that the institution has a limited window to take action in accordance with U.S. Treasury Department rules.
In lending operations, Intercam stands out for its involvement in financing for companies and government entities, with 23.714 billion pesos in outstanding loans. CI Banco, meanwhile, has established itself in consumer lending, especially in auto financing, where it is one of the country’s main players, with a portfolio of 8.519 billion pesos in this segment and 749 million in mortgage financing, according to figures from the first quarter of 2025.
International attention on these institutions underscores the importance of strengthening compliance and transparency frameworks within Mexico’s financial system. Even though systemic risks appear limited for now and customers’ funds are protected, the situation highlights the need for enhanced oversight and regulation of financial operations, particularly given the potential for shaken confidence among investors and the general public.
In summary, this episode reveals the importance of monitoring money laundering activities and the need to strengthen internal controls. While the current impact seems contained, how the case unfolds and what regulatory actions are taken will be key factors in consolidating trust in Mexico’s financial market going forward.
