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Associated Press
04-07-2025
- Business
- Associated Press
Police in Brazil arrest suspect over $100M banking hack
SAO PAULO (AP) — Police in Brazil have arrested a suspect in connection with a cyberattack that diverted more than 540 million Brazilian reais (about $100 million) from the country's banking systems, authorities said Friday. The breach affected Brazil's widely used instant payment system — known as PIX — which is used by 76.4% of the population. Hackers targeted C&M, a software company that connects financial institutions to the Central Bank to enable PIX transactions. Police in Sao Paulo said the man, whose identity was not released, worked in information technology at the company and allegedly helped others gain unauthorized access to PIX systems. Officials said they blocked 270 million Brazilian reais from an account used in the scheme. Brazil's Central Bank said Thursday that it suspended part of C&M's operations after the company took measures to reduce the risk of further attacks. C&M said in a statement published by local media that it is cooperating with authorities and that preliminary evidence indicates the breach stemmed from unauthorized access to security credentials through social engineering, not from flaws in its systems. ____ Follow AP's coverage of Latin America and the Caribbean at
Globe and Mail
01-07-2025
- Business
- Globe and Mail
Mexican banks face cascading consequences following US sanctions
Mexico City (AP) — Three Mexican financial institutions sanctioned by the Trump administration last week have felt a cascade of economic consequences following the allegations that they helped launder millions of dollars for drug cartels. It comes after the U.S. Treasury Department announced that it was blocking transactions between American banks and Mexican branches of CIBanco and Intercam Banco, as well as the brokering firm Vector Casa de Bolsa. In presenting the sanctions on June 25, officials provided no evidence to back their claims, fueling criticism from Mexican President Claudia Sheinbaum. Shortly after, Mexico's banking authority announced that it was temporarily taking over management of CIBanco and Intercam Banco to protect creditors. Sheinbaum said on Tuesday that the Mexican government is doing everything within it's power to ensure that creditors aren't affected, but said they were well 'within their right' to pull their money from the banks. The U.S. Treasury Department said that the sanctions would go into effect 21 days after the announcement. All three companies have fiercely rejected those claims. Despite that, the financial institutions have been dealt economic blows following the announcement, which are set to have stretching impacts on the companies. Days after the announcement Fitch Rating downgraded the three institutions and other affiliates, citing 'anti-money laundering concerns' and saying the drop 'reflects the imminent negative impact' that the sanctions could have. 'The new ratings reflect the significantly more vulnerable credit profile of these entities in response to the aforementioned warnings, given the potential impact on their ability to meet their financial obligations,' the credit rating agency wrote in a statement. On Monday, CI Banco announced that Visa Inc. had announced to them with little warning that it had 'unilaterally decided to disconnect its platform for all international transactions' through CIBanco. The bank accused Visa of not complying with the 21-day grace period laid out by the U.S. Treasury Department sanctions. "We would like to reiterate that your funds are safe and can be reimbursed through our branch network," the bank wrote. 'We reiterate to our customers that this was a decision beyond CIBanco's control.'
Washington Post
01-07-2025
- Business
- Washington Post
Mexican banks face cascading consequences following US sanctions
Mexico City — Three Mexican financial institutions sanctioned by the Trump administration last week have felt a cascade of economic consequences following the allegations that they helped launder millions of dollars for drug cartels. It comes after the U.S. Treasury Department announced that it was blocking transactions between American banks and Mexican branches of CIBanco and Intercam Banco, as well as the brokering firm Vector Casa de Bolsa.
Associated Press
01-07-2025
- Business
- Associated Press
Mexican banks face cascading consequences following US sanctions
Mexico City (AP) — Three Mexican financial institutions sanctioned by the Trump administration last week have felt a cascade of economic consequences following the allegations that they helped launder millions of dollars for drug cartels. It comes after the U.S. Treasury Department announced that it was blocking transactions between American banks and Mexican branches of CIBanco and Intercam Banco, as well as the brokering firm Vector Casa de Bolsa. In presenting the sanctions on June 25, officials provided no evidence to back their claims, fueling criticism from Mexican President Claudia Sheinbaum. Shortly after, Mexico's banking authority announced that it was temporarily taking over management of CIBanco and Intercam Banco to protect creditors. Sheinbaum said on Tuesday that the Mexican government is doing everything within it's power to ensure that creditors aren't affected, but said they were well 'within their right' to pull their money from the banks. The U.S. Treasury Department said that the sanctions would go into effect 21 days after the announcement. All three companies have fiercely rejected those claims. Despite that, the financial institutions have been dealt economic blows following the announcement, which are set to have stretching impacts on the companies. Days after the announcement Fitch Rating downgraded the three institutions and other affiliates, citing 'anti-money laundering concerns' and saying the drop 'reflects the imminent negative impact' that the sanctions could have. 'The new ratings reflect the significantly more vulnerable credit profile of these entities in response to the aforementioned warnings, given the potential impact on their ability to meet their financial obligations,' the credit rating agency wrote in a statement. On Monday, CI Banco announced that Visa Inc. had announced to them with little warning that it had 'unilaterally decided to disconnect its platform for all international transactions' through CIBanco. The bank accused Visa of not complying with the 21-day grace period laid out by the U.S. Treasury Department sanctions. 'We would like to reiterate that your funds are safe and can be reimbursed through our branch network,' the bank wrote. 'We reiterate to our customers that this was a decision beyond CIBanco's control.' S&P Ratings also withdrew CI Banco from its ratings index, saying that it was because it had terminated its contracts with the bank following the U.S. Treasury announcement.
South China Morning Post
29-06-2025
- Politics
- South China Morning Post
Backers of Brazil's ex-president Bolsonaro hold mass protest in Sao Paulo
Thousands of people streamed into central Sao Paulo for a demonstration on Sunday called by Brazil's ex-president Jair Bolsonaro, who is seeking 'justice' as he faces decades in prison for allegedly attempting a coup after losing the 2022 election. Brazil needs all of us. It's for freedom, for justice,' the far-right Bolsonaro said on social media, urging his backers to march along Sao Paulo's Paulista Avenue, a key thoroughfare of Latin America's largest metropolis. By mid-day on Sunday he posted the phrases 'Brazil above all! God above all!' along with a photograph showing Bolsonaro before a throng of people clad in green and yellow, the colours of the Brazilian flag. The demonstration follows a hectic several weeks for the embattled ex-leader. During a key phase in his Supreme Court trial earlier this month, he denied involvement in an alleged coup plot to wrest back power after leftist Luiz Inácio Lula da Silva narrowly beat Bolsonaro at the ballot box in October 2022. The prosecutor's office said the plot, which envisaged the assassination of Lula and other authorities, failed to materialise due to lack of support from the senior military command.
