Money laundering accusations surrounding Intercam: What foreign residents need to be aware of
Intercam, a Mexican bank known for its services catering to foreigners, is currently under U.S. sanctions for alleged money laundering activities related to drug cartels. The U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) designated Intercam as a "primary money laundering concern" linked to illicit opioid trafficking, extending prohibitions on fund transfers involving Intercam until at least October 20, 2025.
The designation means that transactions involving Intercam are subject to strict scrutiny, and U.S.-linked financial institutions are prohibited from transmitting funds to or from Intercam directly or indirectly. The bank’s operations are currently under temporary intervention by Mexican financial authorities to ensure regulatory compliance and to protect customers during the transition.
Foreign account holders may face disruptions or increased difficulty in accessing U.S. financial services linked to Intercam accounts, as access to the U.S. financial system is effectively blocked until the sanctions are fully resolved. Intercam’s sale to Kapital Bank is intended to maintain continuity of service and protect customers’ interests going forward.
The investigation and sanctions significantly impact any foreign clients banking with Intercam in Mexico. Foreign account holders should monitor developments closely and consider consulting financial or legal advisors to manage compliance and operational risks.
The designation by the U.S. Treasury is part of an effort to disrupt financing used by Mexican drug cartels involved in opioid trafficking. The allegations against Intercam came to light in June 2025, and investigations are currently underway.
Intercam, which has been in operation for over 25 years, operates across 69 branches in 28 states and has regional offices in Miami and Puerto Rico. Despite the allegations, Intercam has been recommended by many expats due to its friendly service and English-speaking staff. Notably, Intercam is the only bank in Mexico that allows people on a tourist visa/ FMM to open an account.
It is important to note that Intercam, along with CIBanco and Vector Casa de Bolsa, was designated as a "significant concern" by the U.S. Treasury on June 25, 2025. Intercam executives have vehemently denied the money laundering allegations made by the U.S. government. An estimate of more than $1.9m was moved from shell companies and cash mules to launder money through Intercam, according to investigations.
In 2022, Intercam executives were reported to have met with members of the Jalisco New Generation Cartel (CJNG) to coordinate illicit schemes. The bank's marketing slogan, "the bank for foreigners," has not deterred the U.S. government from taking action against it.
As the situation unfolds, it is crucial for foreign clients banking with Intercam to stay informed and seek professional advice to navigate this challenging period.
- The U.S. Treasury's designation of Intercam as a "primary money laundering concern" has implications for the banking-and-insurance industry, as it extends prohibitions on fund transfers involving Intercam until October 2025.
- In the general news, the investigation and sanctions against Intercam, a Mexican bank known for its services catering to foreigners, are part of an effort to disrupt financing used by Mexican drug cartels involved in opioid trafficking.
- Crime-and-justice reports indicate that foreign clients banking with Intercam may face disruptions or increased difficulty in accessing U.S. financial services due to the U.S. sanctions, and it is important for them to monitor developments closely and consider seeking financial or legal advice to manage compliance and operational risks.
