Vector Casa de Bolsa Transfers Assets to Finamex Amidst US Scrutiny
Vector Casa de Bolsa, a Mexican brokerage firm, has initiated a transfer of its client portfolio and assets to Finamex Casa de Bolsa. This move comes after Vector was flagged by the U.S. Department of the Treasury over alleged money laundering concerns linked to drug cartels.
Background and Rationale
The transfer is intended to ensure the continuity, stability, and security of client investments. According to statements from both Finamex and Vector, the assets will remain secure, under the custody of Indeval (Instituto para el Depósito de Valores) and protected by Mexican regulations. The firms emphasized that this is not a merger, acquisition of a license, or acquisition of the company itself.
The Transfer Agreement
Vector has stated that after a "rigorous and responsible process of analyzing strategic options," it determined that the transfer to Finamex was the best way to protect its clients' interests. The agreement involves transferring investment accounts of clients who meet pre-established eligibility criteria, adhering to "know your customer" and anti-money laundering regulations. Furthermore, Finamex will also acquire positions in investment funds managed by Vector Fondos.
Personnel Integration and Regulatory Compliance
As part of the agreement, promoters and advisors from Vector will join Finamex to maintain the level of service. Finamex indicated that the transaction is subject to regulatory approvals. Clients can contact their existing advisors with any questions about the transfer.
US Allegations and Mexican Response
The U.S. Department of the Treasury, through its Financial Crimes Enforcement Network (FinCEN), issued orders designating Vector Casa de Bolsa, along with CI Banco and Intercam, as institutions of primary money laundering concern connected to illicit opioid trafficking, particularly fentanyl. These orders, issued under the Fentanyl Sanctions Act and the FEND Off Fentanyl Act, prevent these institutions from transacting with U.S. financial entities after October 20th, 2025. The Mexican government claims that FinCEN has not provided conclusive evidence to support these accusations.
Financial Impact and Previous Actions
The Mexican Secretariat of Finance and Public Credit (Secretaría de Hacienda y Crédito Público) intervened in the management of the banks and Vector following the U.S. allegations. While this intervention aimed to protect clients, it also appears to have accelerated the deterioration of these institutions, impacting their reputations. Prior to this transfer, CI Banco sold its fiduciary business to Multiva and its automotive portfolio to Bancoppel. Intercam sold most of its assets to Kapital Bank.
Ongoing Investigations
Additionally, Vector Casa de Bolsa is reportedly under investigation by the Fiscalía General de la República (FGR) for alleged involvement in money laundering and illegal fuel trafficking, known as "huachicol fiscal."
The Larger Context
The transfer of assets to Finamex occurs amidst challenging circumstances for Vector, CI Banco, and Intercam, all of which face scrutiny from U.S. authorities and intervention from Mexican regulators. While the exact nature of the alleged offenses remains undisclosed to the public, these institutions are undergoing significant changes to protect their clients and assets.
