Mexico Takes Over Two Small Local Banks Sanctioned by Washington
MEXICO CITY—Mexican financial authorities said Thursday that they are taking over two small local banks that were identified by the U.S. Treasury Department as being involved in money laundering and facilitating payments for precursors used to make fentanyl.
Mexico's Banking and Securities Commission decreed temporary management intervention in CIBanco and Intercam Banco to prevent a run on deposits. The commission said that the measures aim to protect the interests of savers and creditors given the implications that the measures announced by the U.S. Treasury could have for these banks.
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