Reported by MBN Staff

(Excerpt shown below. To read full report, go to: https://mexicobusiness.news/finance/news/mexican-banks-tighten-checks-after-us-money-laundering-claims)

Major Mexican banks are intensifying efforts to review and filter client portfolios following US accusations of money laundering against CIBanco, Intercam, and Vector, as well as the designation of Mexican drug cartels as terrorist organizations earlier this year.

These actions reflect a growing trend known as “de-risking,” which involves removing clients or businesses that pose financial, legal, or reputational risks. According to José Antonio Quesada Palacios, former vice president of regulatory policy at the National Banking and Securities Commission (CNBV) and current member of the Mexican Institute of Finance Executives (IMEF), this practice is already underway at several systemically important financial institutions.

“De-risking is happening. I have seen it in at least three systemic institutions, and I would not be surprised if it spreads to others of various sizes,” Quesada said in an interview with Reforma. “We are seeing client filtering and risk recalibration.”

The banks most actively engaged in de-risking include BBVA, Banorte, Santander, Banamex, Scotiabank, Citi Mexico, HSBC, and Inbursa.