A Mexican bank recently sanctioned by the Trump administration is liquidating after losing its license to operate.
CIBanco is one of the three Mexican financial institutions the Trump administration accused of providing services to, and laundering money for, drug cartels.
Now, Mexico’s banking and securities commission is revoking its federal license, and the bank is beginning the liquidation process.
The Trump administration’s Treasury Department initiated the sanctions over the summer — prohibiting certain transactions with the three financial institutions.
In a statement, the department said these sanctions were the first action under a recently passed law that widens the authority of their Financial Crimes Enforcement Network to target financial organizations associated with fentanyl smuggling.
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The complaints come at the same time as Mexican President Claudia Sheinbaum navigates delicate negotiations with the Trump administration, one analyst says. -
U.S. Secretary of Agriculture Brooke Rollins met with Mexico’s president last week to discuss the spread of the parasite. She also led a trade delegation to discuss agribusiness ahead of the 2026 review of USMCA. -
The move comes at the same time as sanctions to individuals and businesses accused of laundering money for criminal organizations. -
The casinos are located across Mexico, including the state of Sonora. -
State officials say a store that caught fire this month in Mexico was operating without state safety protocols in place. The tragedy came 16 years after a day care fire that killed 49 children in Hermosillo.
