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Hey there, folks! Hope you’re all doing well today! So let’s dive into some banking news that just might shake things up a bit.
Recently, two banks in Mexico, Intercam and CIBanco, have been in the spotlight — and not for the right reasons. The U.S. Treasury Department has labeled them as potential enablers for money laundering activities linked to criminal organizations. Yikes! Now, before you start panicking, the good folks over at the Association of Banks of Mexico (ABM) have shared some news that should put your mind at ease.
The ABM announced that both Intercam and CIBanco can continue to conduct transactions with individuals, businesses, and trusts right here in Mexico. In fact, they don’t have any restrictions when it comes to operating with local financial institutions or even with people like you and me. In a meeting with various authorities, including the Treasury, it was confirmed that these banks can keep their usual business going, even beyond the July 21 deadline set by the U.S.
So what’s the scoop here? Basically, the ABM said there’s no ban on working with Mexican banks or trusts, and they can continue as usual with their day-to-day operations. This means you can keep writing those checks or clicking through online payments without any worries about them disappearing into a black hole.
However, it’s worth noting that starting July 21, these banks won’t be able to do business with financial entities across the border in the USA. This would also apply to any money services businesses, which are companies that handle cash transfers, like Western Union and MoneyGram. Essentially, they’re taking a timeout from their American friends.
In light of all this, the authorities made it crystal clear that customers still need to meet their obligations — yes, that means you still have to pay your loans and credit cards. The banks’ ongoing operations aim to provide a smooth experience for their clients and ensure that everyone’s wallets remain at ease.
So, with the dust settling around these banking hiccups, the ABM assured that the Mexican banking system is strong and secure. They’re in close contact with both national and international authorities to keep everything under control. And let’s be honest, who doesn’t want a solid banking system, right?
To wrap things up, you can breathe a sigh of relief — at least when it comes to conducting business with Intercam and CIBanco. Just keep in mind that come July 21, these banks will be flying solo in terms of U.S. transactions. Feel free to share your thoughts on this news below! Until next time, folks! Stay safe and happy banking!